Category Archives: Ecoin

Nobody owns open ecoin network much like no one owns the technology behind email. Being open means that they are controlled by all users around the world. Similar to other open source projects like Linux, developers are always working on adding services and improving the core software, but change only happens when users adopt improvements – not when a central group decides to release a new version.  In order to stay compatible with each other, all users need to use software complying with the same rules.  Open ecoins work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

Every ecoin or fraction of an ecoin starts life the same way – as a hidden number that must be “found” by a computer that is mining (doing calculations) to find the ecoins.  Once an ecoin is found it is placed in a digital “wallet”.   It stays in the digital wallet.  If the owner wants to sell, give or trade the ecoin (or fraction of the ecoin), they will send the number of ecoins to the recipient’s ecoin wallet address (likely a long string of numbers and digits).

There are many reasons cited as benefits for buying and selling with ecoins rather than currency or credit.  Some of the most popular are:

(1)  The buyer can remain anonymous to the seller.  In the “real” world you can walk into a store, buy something with cash and remain anonymous.  This is not really an option online since almost all transactions you to create an account and use a credit card or bank account.  Ecoins and other crypto currencies allow the buyer to pay for goods and services online without revealing his or her identity to the seller.

(2) Transaction fees are typically less than other digital or credit options.  Credit card and debit transactions fees can range from 2% to 10% of the actual purchase.  Ecoins transaction fees are typically less than 1%.  Many are as low as .02%.  Basically ecoins cut out the banks in the middle and the transaction fees that come with them.

(3) It is extremely (if not impossible) to counterfeit ecoins because validity requires over 50% of all the computers on the peer to peer network to agree that the ecoin is real.  That is like waking into your local store, paying with a $100 bill and having every person in the U.S. look at the bill and only if a majority agree will it be considered a “real” $100 dollar.

 

An Ecoin is an electronic currency.  It is also referred to as E-currency or crypto currency.  It is pretty much like cash for the Internet. Ecoins come in two types, closed network ecoins and open network ecoins.  Examples of closed network ecoin networks are the types of ecoins used for virtual goods for games or on social networks.  In game currency like Facebook credits and Gold for World of Warcraft are examples of closed network ecoins.  The other major type of ecurrency is open network systems.  Bitcoins and litecoins are two types of peer to peer, open network crypto currencies.  Bitcoin is the grandfather of these types of ecoins.  Litecoin is the up and comer.

Open ecoin networks are called peer to peer because all the computers that are mining for crypto currency are in a peer to peer network which allows them to easily talk to one another.  This tool is used to validate transactions.  It is called crypto currency (cc) because of how it is acquired.

Crypto currency in an open network is originally acquired by having very powerful computers solve match problems.  Crypto currency can be compared to minerals like gold, copper silver etc.  The way you mine gold is my digging in the ground, looking for something shiny, then testing to make sure that it is gold.  To mine crypto currency your shovel is a computer that can add/subtract/multiple and divide and your testing kit is an internet connection so that your computer can talk to all the other computers that are also mining in the peer to peer network.    Instead of digging in the dirt to find something that looks like a ecoin, your computer tries to solve a pretty difficult math problem that has many correct but not an infinite number of correct answers.  Since there is a finite number of correct answers, every ecoin that is found means there is one less ecoin to find.  Over time this creates a decrease in supply and also makes it harder to find the remaining ecoins.   If demand for an ecoin increases overtime, the value of the ecoins may increase because supply of new ecoins will decrease by design.

Once your computer thinks that it has found a correct answer, it will ask all the other computers that are also mining in the peer to peer network to confirm that it has found a correct answer to the math problem.  When 51% of the mining computers agree that an answer is correct, the mining computer is awarded an ecoin by the network.  Once validated, every individual transaction is permanently recorded in a public ledger known as the blockchain.

Here is an example.  Let’s say that the correct answer to match question to be awarded a ecoin is “What is a whole number between 1-99 that ends in a zero.”  The correct answers would be 10,20,30,40,50,60,70,80,90.  If our computer started mining, in this case counting from 1-99, when it hit 10 it would realize that it found a correct answer.  It would then ask all the other computers that are mining in the peer to peer network if 10 is a correct answer.  Once a majority of those computers agree that 10 is a correct answer, your computer would get a ecoin and no other computer could ever be awarded a ecoin for finding 10.

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What is Dogecoin

Dogecoin is an open source peer-to-peer cryptocurrency, favored by Shiba Inus worldwide. This Ecoin is gaining popularity quickly especially on popular forums like Reddit. It was born and made for the Internet and is based on a popular ‘doge’ internet phenomenon and memes often shared on 4chan and Reddit.  It is sometimes referred to as it the first currency to be based upon an Internet meme.

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