Introduction
EtherInc which is also referred to as eInc for short is bringing DAOs to existence. Just like Bitcoin, eInc is borderless and decentralized thus, not allowing geographies, intermediaries and other such artificial restrictions to limit it. The idea of distributed teams combining from all over the world has gotten a massive boost over the past few years and it gives rise to new possibilities and avenues. The current organizational system operates fairly when all the parties are part of and controlled by a common organizational framework which is supervised by governing bodies of one jurisdiction, and are located in one jurisdiction.
There are more than 300 million entrepreneurs launching 150 million start-ups globally each year according to a report published by Global Entrepreneurship Monitor. This number may seem quite fascinating but the fact is only a third of these start-ups i.e. 50 million really materializes and benefits the society in one or more ways. Looking into the causes of failure in these new organizations, inadequate capital seems to stand out as the most visible factor. These organizations just don’t have enough capital to carry them for six months.
The common roadblocks faced by these new age organizations are:
Different country specific compliances and regulations create friction
Frequently, compliances and regulations changes and these compliances and regulations must be followed if you wish to elude penalties which can scale up to as much as $50,000 in establishing your organization. The regulations tend to cause significant friction for start-ups and discourage intelligent minds from all across the globe from combining. Take for instance you have a friend from Australia and you are from Ukraine, and you both wish to collaborate and begin a company together, then there are numerous documentations and country specific regulations to abide by before this can happen. You will also get the service of a legal practitioner who will charge enormous amounts for the documentation of contracts, payrolls etc not including bank charges and other transfer fees which you will encounter during the running time of your organization.
Heavy incorporation costs, prohibitive legal fees, high transaction charges, etc.
There’s a lot of paperwork to be done when it comes to incorporating an organization as well as legal back and forth which is a stress on start-ups that haven’t even started getting revenue. For example, to incorporate a company in the U.S, there are is an incorporation cost EIN number costs, state taxes, tax filing charges, insurance etc which has been estimated to cost a start-up of about $7500, and this is just the cost encountered by organizations who have citizens of the U.S as founders. The cost can even go up for founders from other countries.
Costs involved in updating, managing and safeguarding company finances
The cost of establishing a financial management system with a financial consultant or a CFO heading all operations keeps going up. A chartered accountant for handling your ledger, calculating income, reducing costs and disturbing funds when and where required.
Difficult procedure of conflict resolution
A company in its beginning stages come across many dispute and contest among its founders. There will be times when their ideas will not correspond. Differences in vision might get settled before company incorporation, there are other issues that arise as friction between founders with respect to resource usage or how to go forward.. In such a situation a conflict resolution system is needed to ensure that a company’s future is not put in danger.
Complicated process of partner inclusion or exclusion
When working in a newly established organization, one is always likely to face arguments which ultimately leads to one of the partners or stakeholders to repudiate and thus, putting the future of the company and other partners in jeopardy. Legal documentation and regulation-compliance take years to put in place and effect stability back to the organization, giving stakeholders an opportunity to find errors within the system, which they can capitalize on for their singular benefit.
Angel Investors and VC’s have become discerning, while mechanisms like Crowd-funding and ICOs have earned a bad name due to numerous scams
Investors are now skeptical to projects they invest in after witnessing the major market-crash at the end of dotcom boom. Now the chances of a start-up procuring funds from a VC or an Angel Investor is 1 to 400. Although there are other ways of acquiring funds like crowd-funding, ICOs, etc. These methods of raising funds have gotten bad names because of multiple scams happening across the globe which leaves the investors at huge risk. In other words, start-ups face trust issues due to the enormous cost of setting up a multi-national organization which might not be financially viable during the early stages of the project.
Looking at the roadblocks listed above, there is a need to:
Restructure the start-up sector which presently has more than 305 million companies registered and is increasing at a rate of 100 million companies globally per year.
Support almost 100 million start-ups which shut down yearly due to any of the reasons outlined above; insufficient finance reserves which is the second highest reason.
To encourage more than 5 million entrepreneurs, who are not funded by VCs and Angel Investors, to take their ideas off the drawing board by helping them raise funds via crowdsale with confidence.
To create a world where people around the globe can work together, as a single organization, based on cryptographic proof instead of trust, and operate borderless, democratically, and transparently, with the consensus of its shareholders, without the need of a trusted third party and/or costly intermediaries
How eInc started
On the blockchain of Ethereum that was where eInc began, as a dApp. Following the launch, the eInc platform received several feedbacks, which showed the incompetence of the existing Ethereum framework more than that of the eInc dApp. When it came to mass adoption, there were issues such as the speed of transactions on ethereum was extremely slow, the price of gas being too high etc., for all dApps in general on the Ethereum blockchain. Furthermore, the scalability solutions that purported themselves where made available as alternatives at a cost of decreased decentralization. This made eInc to assess other trusted Blockchains which included Ethereum Classic and NEO among others, but a wide range Blockchain was needed to allow users interact with the eInc dApp effortlessly and the developers can contribute to the eInc governance ecosystem. However, NEO Blockchain functions on Proof-of-Stake (PoS) consensus mechanism which uses Delegated Byzantine Fault Tolerance (DBFT) that isn’t decentralized when equated to the Bitcoin and Ethereum Blockchains. The absence of an absolutely decentralized architecture where organizations can operate and excel without involving a mediator led eInc to begin the EtherInc Blockchain.
EtherInc dApps
EtherInc Blockchain-based dApps will be the same as Ethereum-based dApps and any Ethereum dApp can be deployed on the EtherInc Blockchain. We have created the eInc dApp which is the core dApp for all eInc organisations. EInc dApp is a smart contract with inbuilt protocols to run a organization. Every eInc organization is actually a smart contract on EtherInc Blockchain.
EInc Name Service (eIncNS)
EIncNS works exactly the same way the WHOIS works, where every eInc organization will be registered with their contract address and other metadata of that eInc organization. The ultimate purpose of eIncNS is to make eInc organizations much more decentralized so that unconvinced systems can truly be built in lieu of the EtherInc Company acting as the trust company.
How does eIncNS work?
EIncNS is a singular smart contract which contains the eInc organization's metadata like: eInc organization name, contract address, renewal data, registrar etc. where people can register as registrar and can register new eInc or renew eInc on eIncNS by sending transactions to eIncNS smart contract.
What is the need of eIncNS?
No one wants to have to trust a single entity in a world of decentralized applications. Considering the fact that eInc organizations name will be unique all over the world and the need for a process of registering and renew eInc transparent we began building eIncNS smart contract which will permit anyone to check eInc organizations and because all information’s will be in Blockchain so that even EtherInc cannot change any data.
EInc WorkFlow
In eInc organisation everything is proposal-based. If you need to send ETI to another address, you need to create a proposal, which when passed, automatically transfers the to the beneficiary's ETI wallet address.
EInc Marketplace
The Marketplace for eInc will contain dApps which will provide eInc organizations with a wide range of application to run their eInc the way they want. Payroll dApp is an example of the Marketplace dApp and it will allow eInc owners to handle their employees and pay their salaries automatically without the need of passing numerous proposals.
EtherInc Layers
The different layers of the eInc Platform
EtherInc Blockchain
EtherInc Blockchain was created as a fork of Ethereum on block 5078585. ETI (EtherInc) Coins are the driving facilitators of EtherInc, and are used to pay transaction fees.
EtherInc Protocol
Peer-to-peer communications between nodes running eInc clients run using the underlying eInc Protocol.
EInc dOrg + Utility dApps
EInc dOrg lets you create and implement DAOs on the “eInc framework”. One can use other utility dApps or create their own dApps on top of it, for example, HR Bot dApp, Payroll dApp, etc.
Web3.js
Web3.js is a collection of libraries which allows one to interact with a local or remote eInc Blockchain node.
EInc UI
EInc Organization Explorer (etherinc.org) lets a user manage eInc, create proposals, take actions on the eInc Organization, and keep a record of all the transactions.
Wallet
Two wallet options is offered by eInc and it is done by forking existing open-source code of MEW (MyEtherWallet) and MetraMask. A web wallet will be launched (https://wallet.einc.io) and an EtherInc Blockchain configuration, implemented with a chrome-based browser extension which is eIncMeta (https://chrome.google.com/webstore/detail/eincmeta/lghmfnfghfcjoblchpmlghkigcgakoag).
EInc chose to use the open source code of MEW and Metamask because users already know how to interact with MEW and MetaMask and they do not need to get accustomed to new software in order to send/receive ETI.
Conclusion
Einc strengthens and energizes teams around the world not only to create but to also manage and work with decentralized democratic organizations that are more tough and trusted. This permits productive creation of value without borders, barriers and costly mediators. This is something related to what Bitcoin achieved in the payment space. EInc Organizations that run with the consensus of its shareholders and operate democratically will protect the interests of the majority of the shareholders and boost investor confidence. EInc Blockchain was created as a fork of the Ethereum Blockchain, with replay protection, and has all the capabilities of the Ethereum Blockchain with some of our own enhancements, and powerful inbuilt dApps that run on this Blockchain.
For more information visit:
Website – https://einc.io/
Whitepaper – https://cdn.einc.io/assets/files/einc_whitepaper.pdf
Telegram - https://t.me/eincHQ
Published by Delightme
Bitcoin Profile: https://bitcointalk.org/index.php?action=profile;u=1860734