A cryptocurrency is a (digital) asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Bitcoin became the first decentralized cryptocurrency in 2009.Since then, other cryptocurrencies have been created worldwide.
Ethereum is a framework, or distributed computing platform based on the idea of blockchains. Based on a decentralized network of nodes, this construction allows for all kinds of transactions to be computed and verified around the world. The network becomes a programmable entity that provides a blockchain for keeping track of and verifying all kinds of objects, individuals and agreements. An internal currency, Ether, allows for compensation of device owners who participate in the network by contributing compute power and bandwidth. Ethereum promises to be a sort of hivemind upon which all kinds of trade and organization can securely take place.
The limitations of bitcoin drove individuals to experiment with new kinds of uses for the fundamental principles of cryptocurrencies. While extremely useful, bitcoin is a first-generation technology that limits itself to function as a deflatory currency based on proof of work. Even for this very purpose, bitcoin has inherent limitations. For example,verifying transactions was becoming slow and computationally heavy. Some people are addressing this in their work on altcoins. These new developments in the field are often referred to as altcoins by the community. . New developments in the field seek to solve issues like these.
Thats a loaded question. It can be everyone and no one at the same time - binary. The concept of blockchain in a nutshell aims to decentralize information/control and spread it around. This relies on individuals/nodes who are in turn charged with confirming and yet not owning the entire ecosystem. In a sense, without all these distributed nodes each maintaining a replica of the system, there would be no system. A node can also get off the system and switch with a different node that will accept and take over confirming the existing system. Thats just the beginning...
There is still no conclusive proof of even who the original person was that came up with the idea of the system. He just created it left an alias called Satoshi Nakamoto - and wrote a whitepaper for the world - and the tradition has continued with others picking up the torch and carrying it forward with their regional versions of the blockchain. Think of it like life. There is no concrete proof of who created it, yet that doesnt stop people from living it and passing life on.
EACOIN is an Ethererum based ERC-20 compliant world class crypto currency. It has been built specifically with features for the Eastern Africa Community and aims to be a truly communal effort by first seeking its funding/staking via crowdsale ownership and focusing on indigenous peoples' transactions . The primary goal of EACOIN is to enable its groups of individuals such as entrepreneurs, software developers, traders, journalists, artists, students, loan lenders, farmers, refugees or basically anyone who is online/transacting to conduct their business transactions in a cheap, efficient, safe and corrupt-free manner.
Why?. Because we are aware of the limitations of the status-quo and its inability to deliver in a scale that makes a significant difference. We want to offer an alternative that can unlock the potential for millions of Eastern African peoples, who will then create stable communities, businesses, corrupt free transactions, low costs and accountable leadership, as well as use the technology to further the societal, environmental and sustainable communal good.
NO. The Eastern Africa Community (EACOM) is not the same as East African Community -EAC (Note the spelling- we are Eastern). We are a conglemeration of indigenous communities that pre-date the EAC, COMESA, etc. EAC was first formed by colonial statute, abandoned for decades and later revived by states in their desire to combine current STATE resources. EACOIN is based on traditional grassroots, decentralized and non -partisan or national affiliation. It is a connection that aims to directly impact its members and users vs use a centralized, representative model of governance. Finally the EACOIN is based on eastern african communities that stretch further out than the EAC in population size and territory .
The time has come simply put. Rather than sit around and wait for airdrops, watching helplessly as mismanagement of environmental, human and trade resources occur, we decided to rollup our sleeves and build to join the other continents' communities who are already in this. There are similar ties and traits to distinct regions of the continent too with general acceptance of five geo-political regions of Africa. EACOIN builds upon the common experiences shared by the indigenous eastern grouping that co-existed for thousands of years. There is also a strong need and desire in many communities here in taking back and reaffirming their own identity first as Eastern Africans from pre-historic times, then members of other groupings - religions, ideas, principles etc. So it provides an alternative to many who are ready to embrace the next generation of economic activity, that closely resemble the pre-colonial practices that enabled a flourishing ecosystem for tens of thousands of years. Taking the people to the global economic stage in a vehicle that can get there and back with its payload is our moon-mission. The alternative is more refugees, IDPs and waves of migrants washing ashore burdening others in far away lands.
Smart contracts sound like a high-flying, complicated concept. While the techy details can be mind-bending, the essentials are not. Smart contracts are programmatic logic built into blockchains. Transactions trigger events and conditions, which when fulfilled, go into the cryptographically verified ledgers. That is, blockchains with built-in apps. The truth, as verified by the blockchain, becomes a shared interest by all honest participants on the network. With this comes the possibility to simplify and speed up complicated transactions, everything from getting a car ride, purchasing things online or getting a house on a mortgage. Not to mention other parts of the human condition, such as sharing assets in communal groups, education, direct donations, inheritance, communal land registries or handling super complex corporate mergers. The online identity of everyone signing off and history of items being traded become extremely verifiable, including handling reputation and credit.
There will be four ways to buy EACOIN. We are now on PRE-ICO stage so the process is limited and depends on the choice of staking. See below and select according to your preference.
Thank you for your enthusiasm! These are very exciting times. At the time, we have just opened our BETA phase test sale. If you want to interact with the crypto world, you can start with 10% discounted class assets and shortly after be free to explore and benefit from the border-less transactions that lie ahead. We shall deploy the peer to peer, asset storage and exchange use Cases then.
Yes. Purchase discounted EACO during the prototype phase, and send to family, friends and colleagues and start shaping the future. The future you create is up to the actions you do now. Details and guides to follow.
We are happy to work with software developers, merchants, marketers and community groups who are ready to join in this effort of taking EACOIN and decentralized crypto to the Eastern Africa masses. Its time to return back to traditional ways and make our great continent flourish like it did with simpe tribal communal governance. We understand that widespread adoption of new ways of dealing is only possible with a dedicated support group and active partners throughout Eastern Africa, so we aim to build capacity to sustain rapid adoption. We provide great returns and highly equitable rates in a transparent manner that is above all else governed by smart contracts, so you can be assured that we talk the talk and walk the walk. For DEVS, we will provide our APIs soon, merchants please read our openings for opportunities during our prototype phase. We use a first come, first served basis to reward those who stake for us early in their territory, except where communal representation would allow otherwise under the FAIR policy.
There are 300,000 EACO shares that will be distributed in the first phase of the PRE-ICO. This is available in the WAVES platform where one can buy with either Ethereum or Bitcoin. In order to buy, you will need to download the WAVES client, node or just web/mobile version and access the EACOINS/ETHEREUM or EACOINS/BITCOIN trade pairs. Here is the WAVES official guide.
Keep your WAVES address safe as it will be used to redeem your 20% EACO at ICO time. This class of assets is the highest rewarding so more riskier as it counts on minimum floor levels of 1Million EACOs at ICO to mature. If unreached, holders of WAVES will obtain proportional payback based on ICO funding raised. So if it is 800,000 level, then the 20% reward narrows to 16% (20 x 800,000/1,000,000). This way all investors are assured an equitable return that reflects real market risk. These funds will be used to compensate our early staff who toiled rapidly these past months by faith alone and also get liquidity to keep other contractors (Devs, translators,interns, researchers, auditors and legal counsel) for the next following months till next year.
The 10% class asset
will be is now available in 700,000 shares.
The EACOIN price is discounted based on 10% off the fiat value until the ICO period. (10% off US$, equivalent on 0.7 share) This phase will be active until fulfilled or BEFORE ICO period begins in February 2018. No more EACOs will be issued at this discount past this timeline and the price discount will end once all shares are purchased. At that point, market forces will prevail for price points. All of these shares are now instantly available for trading in decentralized exchanges and the coin is fungible and can be sent or transferred to others or shared among other users.
Be diligent and safeguard your EACOIN they will be very valuable someday. Treat them as the treasures they are. Inflation-proof, private and indigenous assets designed and built with love, hard work and courage by your fellow men just for you!
For those that participated in our PRE-ICO bounty program, thank you for advocating and passing the word. As promised you should have now all received your bounty.
Our ICO bounty program will begin on November 30, 2017, before our ICO period begins.
If you want to join our bounty program, we will be happy to relay to you our program. Please stay tuned or go to the bounty program for details
The EACOIN ICO is planned in early 2018. Please stay tuned as we develop more features and build in more functionality. Updates will be made on ICO details as we near that timeframe.