LOL
So, instead you instamine and sell the coins, you want people to pay you and you mine the coins?
Surely I'm not explaining myself...I will try to do it better:
ECU is NOT A CRYPTOCURRENCY. Crytocoins need that you have to buy CPU and GPU, ASIC, pay electricity bills, etc. that is, you have COSTS to "mine" the coins.
As long as ECU is NOT a cryptocurrency, there is an innovative way to "mine" (create) the coins: instead of investing in hardware, software and electricity, you have to invest to buy a "Mining Right" (like if were a real mining rights paid to the Estate) to our company (as long as we have created and administer the coin. I repeat: instead of paying to the hardware company and the electric company, yopu pay to our company).
It's a way to reflect the actual costs involved in mining cryptocurrencies, so mining ECU also is not for free, but have costs (in this case, to buy us a "righ" to mine). The total amount of Mining Rights are limited (always the same number), as long as each right "mines" a FIXED number of coins per day (like in cryptocurrencies the computers mine blocks, but you do not receive always a fixed amount due to the difficulty,etc. ECU is easier: you pay a right to mine, you receive a fixed amount of coins)
In this case, it's regulated that each Mining Right will "mine" (i.e. the miner will receive, not us) 5 Ê/day, ie. 1825 Ê/year. The total Mining Rights are 1972, so each year,
IF all the Mining Rights are bought each year, there will be 3,598,900 Ê newly created, so,
in the best case, in around 5 years all the ECU (18 millions over 20 millions, as long as 2 millions are already premined) could be "mined" and in circulation.
As long as only 1972 Mining Rights exist, and to reflect the costs that the mining activity takes in cryptocurrencies (each year buy new and more hardware & software, electricity bills, etc), the mining rights will last ONE YEAR, so EACH YEAR the 1972 mining rights will be offered again to the public to be bought (by the same or new miners). Rules will be made to regulate this competitive offer to buy the rights if the demand is higher than the offer, miners of previous year will have priority to renew their Mining Rights, regulate pools to avoid monopolistic or oligopolistic positions, etc but
they are not yet written.
No public offer to buy Mining Rights has been done as long as the rules has not yet being written. A deadline to request to buy one or more rights and become a miner will be established, and mining will begin the same day (and for a year) once a enough number of Mining Rights has been requested. Everything regarding this offer of mining rights will be advised and posted in the web and made public.
I hope I have explained better what the mining rights are, how they work and how they substitute the actual price of buying hardware, electricity bills, etc to mine cryptocoins.
Regards
