EarthCoin uses a 365 day period. It will start with 10,000 coins per block, and it varies in a sine curve with amplitude of 2,000, with a period of one year (like the Earth moving around the Sun).
This means that you start with 10,000 coins, and it adjusts at each block, reaches a maximum of 12,000 coins per block after about 3 months, then it will descend gradually to approx 10,000 coins per block again at about 6 months. Then a new minimum of 8000 coins per block at about 9 months.
Then we reverse that – to climb and return to 10,000 coins per block at one year, before finally cutting the payout in half.
Release celebration days 1 – 3. These are special super rewards days to celebrate the launch of the coin, and provide incentive to the early adopters. (As the EarthCoin was released on 20 December 2013, these celebration bonus days have already occurred)
- Day 1: X5 payout
- Day 2: X3 payout
- Day 3: X2 payout
Regular bonus days
- Every 14 days there will be one day with X2 payout.
- Every 31 days there will be one day with X5 payout.
Check here for Countdown Calendar Bonus Payout Days: http://eac.coinpoint.org
Please have a look at the picture below to see a graphical representation of the EarthCoins coin release schema.
2% of all EarthCoins have already been mined before the EarthCoin was released to the main public. These coins are being held and used for promotions, giveaway, bounties, dev and long term support.
For any launch of a new coin, the development team is faced with a choice regarding the costs of running any service for a coin. One of the first things required for any coin is for example a central website but also getting the community involved. To avoid a single point of failure, the development team is then challenged with the problem: if they fail, the entire coin will fail. So it is in the best interest of any coin to find other people willing to spend time and resources building the foundation of a coin. EarthCoin chose to use a premine of 2% where the amount of coins is being used for donations and incentives along with covering running costs for current and new developments. Not just for a short period of time but atleast for a few years period.
Unfortunately, withing the cryptocurrency world, other developers promoted similar ideas but had the original intention to pump the coin to a high value once it hits an exchange and than sell off their premine as fast as possible flooding the market and basically killing the cryptocoin. This is also being referred to as a Pump-and-Dump scheme. Fortunately, till this date, no sign is visible that EarthCoin is following such a Pump-and-Dump scheme.
- 60 seconds block target
- Diff retargets each block
- Total coins will be 13.5 billion coins
- 5 confirmations for transaction
- 50 confirmations for minted blocks
- Support transaction message
- Normal block on average 10000 coins per block, varies seasonly
- The block payout will be halved every year, minimum payout 1 coin per block
- The default ports are 15677 (Connect) and 15678 (RPC)
60 seconds block target?
This means that the release of a block of coins is targeted to release to the public every 60 seconds. So approx. every 60 seconds someone will find a block of EarthCoins containing approx. 10,000 EarthCoins (this amount will half after every 365 days)
Diff re-targets each block?
This means that the difficulty to find a new block of EarthCoins will possibly change after every block which is found (so basically can change every 60 seconds). This mechanism is implemented to deal with large fluctuations of miners in a short period. Some mining pools set up a strategy to target all their miners to the most profitable coin to mine at that moment. This means that the amount of people mining EarthCoin can increase by 3 or 4 times in a matter of seconds. And as the difficulty to find a coin is then too simple for that amount of people, the amount of coins released would not be 60 seconds but like 15-20 seconds until the difficulty is correctly adjusted. So basically the fast block re-targeting is done as a protection mechanism against such large fluctuations.
Total coins will be 13.5 billion coins?
The amount of EarthCoins to be released is 13.5 billion. So in it’s entire life span of EarthCoin, there will never be more EarthCoins than that number. This does not mean that once all coins have been found, people cannot mine for EarthCoins anymore. This has to do with the transactions fees. Any transaction will cost a small amount of EarthCoin (see it as a security purpose) which will “get lost”. These lost coins can be mined after the 13.5 billion EarthCoins have been found allowing the technology to live even after losing coins.
5 confirmations for transaction?
For any transaction the network needs to validity whether it is a legitimate transaction and amount of coins. Therefore the transaction is submitted to the peer-to-peer network and to be allowed by other computers to check.
Minted blocks are blocks of EarthCoins which have just been discovered. So miners will have to wait 50 Transaction before A block is validated while and other transaction using these EarthCoins will take 5 after.
Support transaction message?
Once the development team changes any feature on the EarthCoin (i.e. they can change the re-target time for example), they are able to notify any wallet or client using EarthCoin directly.
Once a change has been made to the EarthCoin code, this will be regarded as a fork. A fork can consist on copying the entire EarthCoin algorithm and start fresh (this is how new cryptocoins get born) or making a small adjustment and continue on the updated blockchain. The disadvantage of forking comes when people do not update their clients in time resulting in transactions which will not be taken onboard by the new block chain which means, your coins/transactions will be lost. So make sure to update to the new client when there is one available.
The default ports?
As mentioned, the difficulty of finding a EarthCoin block is based on the difficulty setting of the EarthCoin. When there are only a very few people mining, the chance of finding a coin is very high. Therefore people can solo mine (not using a pool). But once the difficulty rises, the amount of computer power required to find coins will also rise making it harder for people to find coins solo and therefore will join pools. But either choice made, to connect to the EarthCoin peer-to-peer network requires the default ports for mining.
Do cryptocurrencies have weaknesses?
Yes they do, please have a look at the following website regarding technical weaknesses: https://en.bitcoin.it/wiki/Weaknesses
If you are looking for an investment type of decision strength/weaknesses, please visit: http://earthcointalk.org/wiki/strength-and-weaknesses/