eMunie (EMU) Announcement
Production launch: 21st June 2013
Beta (test) launch: ~14th June 2013 (slipped)
Before moving on I would like to make it clear that eMunie is NOT a fork of the BitCoin code, or any alt-coin that has been derived from the BitCoin release by Satoshi. eMunie is a decentralized, cryptographic currency, which is planned for launch in June 2013 and includes a number of innovations which will push crypto-currencies to the next stage.
It is a secure, energy efficient system, which is self regulating and discourages "hoarding" as a whole, the aim of which to enable a more stable, reliable currency and value store.
We have a "closed beta" launch date on our test network due around the 7th of June, and I would like to call upon any interested party that would like to assist us, to get in touch with me. I'll provide more details on this later in the post.
So whats differenteMunie has similarities to current crypto-currencies by way of a public ledger, blocks and transactions. These however, are where the similarities end and innovation for a better system comes into action.
The network is composed of clients, seeders and hatchers, the functions of which will be explained in this announcement. Any node can take task in one, or any combination of these roles dependent on the users wishes.
The network is resiliant to any type of "51%" attack, as the models required to perform such an attack are not present.
Currency generation within the network is a collaborative effort, and created currency is distributed according to a set of requirements. This distribution should help to ward against hoarding, which can further lead to volatility of the currency.
The network performs extensive verification of itself, more so than the BitCoin algorithms, to ensure that all participants are honest nodes and for additional security overall.
A secure, anonymous peer 2 peer messaging system is built into the network, allowing secure, untraceable communications between 2 or more parties.
How it worksTransactions are similar in nature to BitCoin, each transaction has inputs and outputs which are signed. Once a transaction is created, a "hatching" node is discovered, a verification request is sent, and if accepted, the transaction is forwarded to that node for verification. At this point the hatching node, which has an entire, complete copy of all network transactions, performs verification of the submitted transaction (more about this later). Once verified, the hatching node includes the transaction in the next block created, signs the block and hands that block to an additional hatching node. This secondary hatching node performs the same verification with the newly created block, and if verified, signs it also, and broadcasts the new block into the network.
Hatching nodes have a copy of all transactions and all public keys involved in these transactions. Upon receiving a new transaction, the hatcher performs a full verification of the entire transaction chain backwards to the genesis block, and forward from the genesis block, simulating all the historic transactions and ensuring that 2 true, identical paths are always found.
Hatchers" can assign minimum fee's for this service to generate additional income, and any transaction verification request that does not fulfill the minimum set fee is ignored. Of course, transactions can be processed for free as this has additional benefits as explained below.
The delay time for a transaction to be included within a new, verified block should be nominal.
Currency generation is a collaborative effort between n-client nodes and a hatching node. Each node in the system will cast a vote to a random hatching node to whether to create a currency unit (EMU). Creation volume of currency over time is confined to a specified target interval to maintain a steady flow of new EMU's. As the hatching nodes have the information available of all newly created EMU's, they are able to select the correct vote threshold for the generation of new EMU's. If the collective vote is a success a number of EMU units are created and are distributed around the system in the following manner:
- As all hatching nodes have a complete transaction history, they are able to determine the hatching nodes that have done the most work in the system, 80% of the generated units are distributed to all hatching nodes in the system proportional to the amount of work they have done verifying transactions.
- The remaining 20% of generated units are distributed around the system to all clients, the percentage of which will be proportional to the amount of EMU units within that account, this is similar to interest.
Generated units are signed collectively by the nodes that voted for its creation, and also by the hatching nodes that co-verified it. These signatures can then be checked by successive hatching nodes upon receiving the new block to ensure that the EMU unit generation is legitimate.
BenefitsSome benefits of eMunie may be obvious, other may not, so allow me to provide a simple breakdown.
- High security
- Fast transaction times
- Energy efficient
- "Fairer" system, all participants receive reward for work & adoption
- Difficult to crash value through hoarding then dumping
- More stability (we hope)
- Secure messaging[/il]
Other thoughtsCurrently we are exploring the option of backing eMunie with USD, current proposals are a pre-allocation of 100k EMU units, backed by an as yet undecided amount of USD currency in the region of $50k-100k+ To complement this, we will either produce an exchange where individuals can trade EMU's for USD quickly and easily, or via a partnership with a current exchange. If any current exchanges would like to discuss this possibility, please do feel free to get in touch with me.
FinallyWe are looking for interested parties that would be willing to help us with our closed beta. This is to enable us to do full stress testing of the system on a test network to ensure that any major lurking issues are caught and resolved before our production launch of 21st June. Any person that participates will be awarded an allocation of EMU's upon launch, and will be privy to a mention of their choosing (real or pseudonym) on our website when launched and within the default client.
Of course this small post does not answer all questions, nor give all details on the eMunie system. We are drafting our final paper on our algorithms and implementation currently and this will be released in the near future.
Thanks for reading, hopefully I've covered enough points to provide a complete idea how eMunie will work and I look forward to feedback and questions.
EDIT: So we took everyone's advice and suggestions, had a sit down brainstorm and decided upon a new name, eMunie. Surprisingly all domains were available also, so we're now on a buying spree
EDIT 2: Added beta sign up page on
http://emunie.com Currently nothing there other than a coming soon page and a way to register your interest, sorry folks.
EDIT 3: eMunie forums are up, any beta testers or other interested parties please discuss eMunie there. It's obviously blank at the moment, so get a bunch of "firsts" posts in for bragging rights when eMunie is a success
