There is great increase to the number of cryptocurrency on earth today after the invention of the first in 2009 which happens to be Bitcoin allowing large number of people in the cyberspace carry out their activity with no central control system through their blockchain. But there is a considerable number of weaknesses that Bitcoin possess which serves as a hindrance to be accepted by all. The EcoVerse team is working very hard to solve this problem, building the first ever self-sustainable ecosystem that is based on a developed blockchain network. But to achieve this great feat the problem will be tackled from three different angle which is (1) technical (2) economical and (3) philosophical.
TECHNICAL
For a cryptocurrency to be self-sustainable technically speaking universal applicability and daily usability which entail that an ordinary individual should be able to use the cryptocurrency for his daily activity needs to be met. And for this to be possible problems such as security, volatility, scalability and privacy protection compliance needs to be solved. Due to much people carrying out transaction on a daily basis it is difficult sometimes for some blockchain platforms to efficiently handle these millions of transaction per second so the scalability problem becomes an issue that needs to be addressed. Also is the volatility problem where the price of many cryptocurrencies fluctuates due to market situation or political situation making payments difficult and resulting in bad investments for many. Privacy protection is also another key issue as crypto users possess the right to know how their personal information is being processed and used according to the General Data Protection Regulation (GDPR). But due to many databases that stores these information it now becomes difficult for them to provide these information immediately on request by individuals. But for it to be used daily by people privacy protection must be provided also with the compliance of the anti-money laundering (AML) and know your customer (KYC) regulations. Finally security is one big issue that needs to be addressed when it comes to daily usability because many blockchain based cryptocurrencies arevulnerable to attack by hackers and selfish miners. Protection from these attacks has been the most important concern of the crypto community since its inception. The universal applicability entails that the cryptocurrency must be widely accepted and used. But for it to achieve that aim it should be easy to used just as credit cards both online and offline.
ECONOMIC
The rich get richer scheme is one big problem the world in general is facing and this has crept into the crypto community because of unequal wealth distribution which will seriously threaten its sustainability because once the ordinary investor sees that he is getting nothing out of his investments he is sure to leave and never return. It is noted that Ethereum is more partial than bitcoin in their asset distribution and even worse is that the recent cryptocurrencies have followed that path and even increase it, where only very few people takes the bulk of the wealth.
PHILOSOPHICAL
The use of a third party was eliminated when cryptographic encrypted technology was brought into play and this reduced the unnecessary amount spent on that yet it paved the way for hackers to attack transactions because can now trade anonymously without knowing who they are trading with as long as they both are making use of the same coin. To show how bad this has gotten to now firms are being setup just for the purpose of hacking and attacking cryptocurrencies, little wonder it was gathered that from 2009 to 2015 one third of the transactions were attacked and half of them closed.
EcoVerse Solution
For daily use the EcoVerse have produced EcoVerse-X (ECX) coin that is attached to a fiat currency while for cryptocurrency trading the EcoVerse-R (ECR) will be used. To make ECX a stable means of transaction and reduce it price volatility when ECX and ECR are exchanged the foundation deposits the same value of the fiat currency as the value of ECR in a designated bank,while ECR will be the medium for cryptocurrency exchanges. Using the triple shield for triple protection (TSTP) system incentive compatibility will be provided for users in the system so inner members cannot attack the system because it is unreasonable for a thief to steal form his own pocket. And for ordinary people to be able to us this service EcoVerse platform will reach out to the point-of-sale terminal devices located in small shops, with the ECX being used as convenient as the use of credit cards. To prevent inequality when it comes to wealth distribution EcoVerse will make use artificial intelligence-supported delegated proof of contribution (AI-DPoC) that will appropriately and quickly respond to the problems that may arise during operation of each node.
TOKEN DISTRIBUTION
Out of the 2.5 billion tokens being produced by the EcoVerse foundation 30% that is 750,000,000 tokens will sales during the initial coin offering and another 30% meaning the same 750,000,000 will be the maximum issuance over the next 20 years and 20% which sums up to 500,000,000 tokens will be for the team and advisors also 10% translating to 250,000,000 tokens will reserved for business and partners and finally the EcoVerse Pool will take care of the remaining 10% which sums up to be 250,000,000. A more insight to this can be seen on the diagram below.
CONCLUSION
The reasons most persons invest in cryptocurrencies is that they see as a medium to make profit and a good investment opportunity but this has proved false to so many that have lost their hard time savings to it. Some have fall to the hands of hackers and have been miserably dealt with while some have benefited very little if not nothing for their investments. This brings about the real need for a blockchain platform that is sustainable and universally accepted and used. This is where EcoVerse have its highest strength against others and stands out unique in the world of cryptocurrencies because it is designed to be first self-sustainable platform, operating with one of the highest technology that makes transactions faster and safer. It is quite reasonable that whenever you want to invest in cryptocurrency and make profit no matter the form you are investing with, EcoVerse will be one of the best platforms you can presently without the fear of the unequal distribution of wealth prevalent in many other platforms. Read through this article carefully please and see the benefits you will gain when you invest with EcoVerse.
REFERENCES
Website: http://delightchain.io/
Whitepaper: https://ecoverseglobal.io/17
Twitter: https://twitter.com/ecoverseglobal
Facebook: https://www.facebook.com/ecoverseglobal/
Telegram: https://t.me/ecoverseglobal
Reddit: https://www.reddit.com/user/ecoverse_official
Published by Cryptowin1
Profile link: https://bitcointalk.org/index.php?action=profile;u=2068163