[ANN][NCTR] Encointer:An Ecological, Egalitarian and Private Cryptocurrency

[brenzi]

Encointer

An Ecological, Egalitarian and Private
Cryptocurrency and Self-Sovereign Identity System

encointer proposes a new blockchain based cryptocurrency with an ecological consensus mechanism using trusted execution environments and an egalitarian money supply policy. Money issuance is done through a universal basic income subject to a proof-of-personhood. Individuals attending randomized pseudonym key signing events obtain such proofs. encointer also features scalable private transactions and trustless off-chain smart contracts.

Links:

• Project Homepage: https://encointer.org
• High-Level Article about Encointer's goals and approaches
• PoC1 proof of personhood demo
• Presentation at Sub0.1
• Interview on relaychain.fm podcast
• Whitepaper https://github.com/encointer/whitepaper
• node source code: https://github.com/encointer/encointer-node
• app source code: https://github.com/encointer/encointer-app
• Riot chat

Quick Facts:

consensus		democratic, unpermissioned proof-of-elapsed-time (dPoET). One person (max) one vote
democratic?		proof-of-personhood (PoP) by means of randomized pseudonym key signing events
ecological?		no PoW mining
egalitarian?		uncapped issuance of universal basic income of one NCTR for each PoP. Money supply follows adoption. No early-adopter bonus. no premine. no ICO
native token		encointer [NCTR]
tx fees		0.1% of tx value, enabling microtransactions
privacy		guaranteed by trusted execution environments (TEEs)
smart contracts		yes, off-chain in TEEs
original publishing date		Nov. 18th, 2018, concept whitepaper
governance		to be lead by not-for-profit cooperative under Swiss law. Community referendums with 2/3 majority against cooperative decisions

Development Status:
A first mobile phone app PoC has been developed to take out meetups. Also, confidential transactions are implemented with substraTEE based on substrate blockchain technology.

Testnets:

• Gesell: Launched on April 9th 2020
• Cantillon: (adding privacy enhancements with substraTEE) to launch mid 2020

Mainnet: No dates promised. Not before go-live of Polkadot

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[coincasanova]

Hi, do we have a discord channel to talk and share about development? Looking forward to contribute once have a better understand.

[tk808]

The biggest concern with projects such as this, is funding and how committed the team or yourself is to fulfilling every fundamental in building a framework. Egalitarian is a trigger word for me, as i've been around since the NEM days, the philosophy behind this all is really dear to my heart.

We are in an age, where coins such as this, will never be enormous due to the entry-barrier, in thousands/tens even hundreds of thousands in private investments are needed to successfully launch and grow a crypto.

 

[iTradeChips]

Just read the description and I would say, I mean in my mind, the first impression that I have with this coin is that it is very interesting indeed to have this and it seems that you do have the means or the know how to be able to pull this off. Is there any plans for this to have something like ecommerce integration where we can use it in purchasing of goods and services?

[brenzi]

Hi, do we have a discord channel to talk and share about development? Looking forward to contribute once have a better understand.

I've added a discord invite link to the OP. Looking forward to sharing ideas

[brenzi]

The biggest concern with projects such as this, is funding and how committed the team or yourself is to fulfilling every fundamental in building a framework. Egalitarian is a trigger word for me, as i've been around since the NEM days, the philosophy behind this all is really dear to my heart.

We are in an age, where coins such as this, will never be enormous due to the entry-barrier, in thousands/tens even hundreds of thousands in private investments are needed to successfully launch and grow a crypto.

I think encointer needs a proof of concept running code before looking for funding. That will take some time.

[brenzi]

Is there any plans for this to have something like ecommerce integration where we can use it in purchasing of goods and services?

There will have to be everyday usability for NCTR for it to serve its purpose. As it is not designed as a speculative asset, hodling won't be very attractive.

Scaling to everyday purchases will not be possible onchain. As NCTR will be based on TEEs, second layer scaling is expected to be easier to do than i.e bitcoin lightning. See for example Teechan. Also, approaches like liquidity.network would benefit from TEEs and fit well to encointer.
But first things first....

[danieldaniel10]

hi good token

[brenzi]

Check out our new introductory video and pimped updated homepage

[brkncliks]

Check out our new introductory video and pimped updated homepage

Your website is powered by WordPress. Are you going to have a more safe and secure framework in the future?

[brenzi]

Your website is powered by WordPress. Are you going to have a more safe and secure framework in the future?

This homepage is a quick and dirty solution. I think it's fine for now. I'd rather focus on our first PoC testnet right now.
But thanks for the hint. We'll look into this.

[brkncliks]

Your website is powered by WordPress. Are you going to have a more safe and secure framework in the future?

This homepage is a quick and dirty solution. I think it's fine for now. I'd rather focus on our first PoC testnet right now.
But thanks for the hint. We'll look into this.

After my post here, no one bothered to disturb your peaceful life? 

[MXshineTrading]

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[mig6r]

As this is also described as an identity system I don't see at first glance how identity is going to be done with just this coin. There are a lot of problems for digital identity. How will you solve this?

[brenzi]

As this is also described as an identity system I don't see at first glance how identity is going to be done with just this coin. There are a lot of problems for digital identity. How will you solve this?

The main problem that encointer solves is ensuring that every person can get exactly one id, none more. Physical attendance to regular key-signing events with randomized groups of people is required in order to maintain one's id.

Privacy measures are discussed in the whitepaper as well.

Of course there are other aspects to an id system, not discussed in the whitepaper. What would you like to know more about?

[brenzi]

A quick update on what is happening:

My team is currently working on substraTEE, an off-chain worker running in a trusted execution environment, namely Intel SGX. This project will hugely benefit the development of encointer as it basically solves the confidentiality and scalability part of the encointer idea. We'd like to thank the web3 foundation for supporting this development with a grant.

On the other hand, we've built a first PoC of a mobile phone app to take out ceremony meetups for Proof-of-Personhood. Thanks to Noa for writing his thesis on encointer.

I can't promise anything, but the plan is to have a first alpha-testnet ready by the end of the year.

stay tuned!

[brenzi]

Pleased to announce PoC1:
https://youtu.be/vmLV00uaRC0

This video demonstrates how proof of personhood is going to work on encointer. The PoC is based on parity substrate and an android app.

[brenzi]

We're proud to announce the launch of our first testnet "Gesell"

https://encointer.org/testnet/

[brenzi]

Our latest article gives a high-level overview:

https://link.medium.com/9JLTcdnQT5