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Author Topic: ANN - Epic Private Internet Cash (Epic). Link to new Ann inside  (Read 936 times)
maxfreeman4
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February 20, 2019, 04:55:38 AM
Last edit: July 11, 2019, 03:42:44 AM by maxfreeman4
 #1

July 10th, 2019 update:

Our new Ann is now live and viewable at:
https://bitcointalk.org/index.php?topic=5163970.0

________________

Epic Private Internet Cash (Epic)

Epic is decentralized and private hard money that can be mined by anyone with a CPU, GPU or ASIC, through corresponding consensus algorithms.  

Epic started as a free open source community software project undertaken by a passionate global team of cryptocurrency enthusiasts who have been working together since 2017.  

For Investors:
Epic encourages private investment capital formation by faithfully following the proven monetary policy of Bitcoin. As such, Epic will have a maximum supply of 21 million in 2140, just as will Bitcoin. In only 9 years Epic’s circulating supply will synchronize with Bitcoin’s, at which point Epic will achieve annual inflation of 0.9%. Future inflation, like with Bitcoin, is known with certainty: 0.45% in 2032, 0.22% in 2036 and so on.

The Genesis Event (the beginning of Epic emission) has been carefully designed for compatibility within existing US regulations. Under even the most extreme interpretations of the Howey Test, there is little basis to assert that Epic is a security. That is because:
No financing was raised to ship the code.
There is no corporation or key individual that controls the network.
There will be no ICO, premine, instamine, or other types of unfair early mining.

Despite tremendous institutional backpressure, responsible fiduciaries are prevented from investing in cryptocurrencies for a variety of reasons, including fungibility. Because the transaction history of every Bitcoin is known, it is possible for legally obtained coins to have come from a hack or theft and therefore be illegal to own. Courts extend claims based on UTXOs and it’s possible to have assets tied up for years in situations such as Mt. Gox or BTC-e. Epic solves this problem for investors by adopting features of the Mimblewimble protocol which mix every transaction together and discard intermediate data from the blockchain through a process known as “Cut-Through.” By doing so, every Epic currency unit is indistinguishable from any other, achieving the same fungibility as physical cash. Epic is a globally accepted trustless bearer instrument without counterparty risk.

Especially for investors in jurisdictions with weak rule of law and untrustworthy institutions, Epic enables the protection of wealth from unjust seizure. As a self-sovereign currency that does not pay interest to anyone, even inflation itself is no longer a concern. Bitcoin has demonstrated orders of magnitude returns to investors across a variety of market environments for over a decade. With the integration of Mimblewimble, Epic is the next logical step for decentralized digital wealth storage. Transactions are faster, cheaper, and more private than in Bitcoin, which should lead to greater adoption as a medium of exchange and unit of account. Network effects drive a positive feedback loop of sustainable value creation based on increasing utility for the asset.

Four exchanges have already confirmed they will offer trading of Epic at Genesis, so access to liquidity is strong.

For Users:
Epic enables private internet commerce as one of the most private cryptocurrencies in existence. All Epic transactions are completely blind, except to the two parties involved, and constructed directly wallet to wallet on a P2P basis. With Epic there are no wallet addresses and transaction amounts are opaque. Existing chain analysis techniques like those integral to Bitcoin are effective at piercing user privacy. Instead, with Epic, users decide what to show to whom with “view keys,” while Dandelion++ transaction propagation deters deanonymization between wallet and node. In fact, no transaction data appears in the Epic blockchain at all; only “kernels” verifying the integrity of the chain are left as evidence of past transactions. Property rights in Epic are absolute, as the currency is by design unconfiscatable and uncensorable.

For Miners,
Epic enables participation in computation with existing commodity hardware able to mine on CPU and GPU.   At launch, 90% of block rewards are delivered exclusively to CPU miners who perform proof of work on RandomX using an easy GUI Miner. In subsequent eras, GPUs predominate, with ProgPoW offering AMD and Nvidia owners the majority of mining rewards. Over the long term, Cuckoo 31, 32, 33 and beyond deliver memory-bound graph-theoretical performance. ASICs steadily assume a greater share of network security duties, responding to market incentives created by an increasing share of block rewards delivered to ASICs over time. A gentle path to 90% ASIC, 9% GPU, 1% CPU over ten years lowers uncertainty for investment decisions and strengthens incentives for capital deployment.

For Developers,
Epic allows everyone to participate in coding because it is written in Rust, which is an easy to learn modern language that offers people of all skill sets the opportunity to contribute to the code base. The lightweight and fast core Mimblewimble Epic Cash blockchain supports scriptless scripts, atomic swaps, Schnorr signatures, and other cutting edge features. Nodes do not require full sync and blocks are small and fast at 1MB / minute. On-chain scalability of at least 3x BTC (20 tx/s) is immediately available. As a UTXO-model blockchain, a Lightning-style Layer 2 can be constructed to deliver a path to Visa-scale transaction capacity of 30-50k tx/s within a few years should it be needed.

Detailed documentation, as well as a completely open source GitHub, will be posted prior to mainnet launch. Fully 15% of Foundation revenue is set aside to fund development bounties. All code is open source and all promised features are immediately available for users as of mainnet launch on July 4th.

We will be doing as much publicity as possible leading up to mainnet launch to encourage widespread participation, including a countdown timer on www.epic.tech. For example, we are sponsoring a boat at the 2019 LA -> Hawaii TransPac yacht race: https://2019.transpacyc.com/. Carbon fiber sails featuring a QR code with the miner download link and our brand will be tastefully showcased to a very exclusive demographic alongside global leaders such as Oracle and BMW. The Foundation will recycle 50% of its block reward revenues back to get the currency into more hands through distribution strategies such as the Twitter faucet at @GiverOfEpic, which allows Twitter’s 337 million monthly average users to claim some free Epic with no KYC or marketing opt-in required.

There is no affiliation with any existing project or person using the name “Epic”, as we have been in stealth mode since 2017. Every project member is an anonymous volunteer donating their time - we will mine the currency and profit on the same level playing field as anyone else. We will be publishing a comprehensive suite of technical papers and documentation alongside an entirely open source GitHub in the weeks to come.

We welcome anyone who would like to help, or participate in any way. Please come say hi.

Freeman Family
Las Vegas, Nevada
April 2019

-------------------------------------------------------------------------------------------------------------------------------

**Updated April 20, 2019 - Original post February 19, 2019**
Project Telegram: https://t.me/Epic04July2019
Mining Telegram: https://t.me/joinchat/GrgdEBPMYJEdGcCj5veXRw - Testnet is running, one pool operating already (+ 2 more by mainnet) - 4 exchanges committed at launch.

*Note that these figures are approximate and are only shown to illustrate the concept of how supply emission decreases over time*

-------------------------------------------------------------------------------------------------------------------------------

Genesis Block July 4th 2019
Starting Supply: 0
End Supply @ 2140: 21 million
CPU: RandomX 2GB+ RAM Intel/AMD
GPU: ProgPoW AMD/Nvidia
ASIC: Cuckatoo31+ - Obelisk, Innosilicon, Sapphire
Nodes: Raspberry Pi or greater

Pool: pool.cryptoriz.com (running Testnet currently) - fee 2%
Cryptoriz have agreed to open source their code royalty-free to enable the creation of the next 2 competitive mining pools as long as the fee is also 2%. Anyone is welcome to create their own pool with lower prices and we have people standing by to help if anyone would like to be involved with that. This pricing structure is designed to create a space in the market for other pool operators to come in at the standard ~1% market rate, enhancing network resilience at the pool level.

Era 1 | 210 Days | Block Reward 8.5/min    
CPU: 90% GPU: 9% ASIC: 1%

Era 2 | 420 Days | Block Reward 7/min    
CPU: 9% GPU: 89% ASIC: 2%

Era 3 | 600 Days | Block Reward 5.5/min    
CPU: 4% GPU: 54% ASIC: 42%

Era 4 | 800 Days | Block Reward 4/min    
CPU: 2% GPU: 42% ASIC: 56%

Era 5 | 1216 Days | Block Reward 2.5/min    
CPU: 1% GPU: 9% ASIC: 90%

-------------------------------------------------------------------------------------------------------------------------------
Singularity - Supply matches Bitcoin at 20,343,750 as of May 25, 2028
Subsequent halvenings are 50% every 4 years, exactly as in Bitcoin. Supply emission matches Bitcoin to within the tolerances of the 1 minute / 10 minute differential.

As of this point, 93.75% of coins that will ever exist, already do. Over the next 116 years, investors are guaranteed only 6.25% additional supply emission cumulatively. Within 5 years, inflation is under 1% annually and declines by 50% every 4 years thereafter. Epic delivers on chain scalability and layer-1 privacy coupled with the proven successful monetary policy of Bitcoin to fulfill the promise of fungible decentralized digital money.
-------------------------------------------------------------------------------------------------------------------------------

Foundation Revenue (paid from block rewards)

Year Ending Dev Tax Rate %
2019 | 8.88%
2020 | 7.77%
2021 | 6.66%
2022 | 5.55%
2023 | 4.44%
2024 | 3.33%
2025 | 2.22%
2026 | 1.11%
2027 | 0.00%
2028 | 0.00% - Foundation terminates, control transfers to DAC
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February 20, 2019, 05:03:33 AM
 #2

I like the fact that you are not selling masternodes here, where everybody is getting their fast cash from that kind of strategy.
However, you still need to provide us your official links, like the website and explorer at least.

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February 20, 2019, 05:27:46 AM
 #3

There was actually this project that tries to apply Mimblewimble a "patch" by mimicking bitcoin total supply and emission, and although you're different from them in form of dev fees and several.other aspects, my first question would be the same for you as for them --i don't think they even officially answer me for this-- : wjat make you sure that combining bitcoin emission and characteristics to MW will create a necessary thing to ensure.project's success? Bitcoin remains undisputed not only because of their total supply and halfings, but also because they're pioneer and have a strong positioning on community's mind

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February 20, 2019, 06:09:27 AM
 #4

Thanks for the great questions...

Bitgrin has a Dev tax - we don't.
They also divert block rewards involuntarily from miners. Epic has 100% for miners and zero compulsory Dev tax or fundings.

Our project is prefunded for two years already and the startups building on our system will begin earning revenue by serving actual customers within months.



I'm sorry, I think I didn't make my question clear. I am not attempting on comparing you with bitgrin, nor asking you to. The mention of their project is merely for your reference.

What I wanted to know is the analysis or the argument on how applying bitcoin behavior could be perceived as a possible way to lift MW-based projects

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February 20, 2019, 07:31:40 AM
 #5


  

    As I understand it, mining is going on in the test network, when will the main network be launched? will you have a countdown?
    github link...?

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February 20, 2019, 07:41:42 AM
 #6


  

    As I understand it, mining is going on in the test network, when will the main network be launched? will you have a countdown?
    github link...?

good question, i have the same concern...
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February 21, 2019, 03:42:07 AM
 #7

Aha.

I was just at the Tone Vays conference where all the hardcore maximalists were gathering. Bitcoin has become religious for many, and while other monetary policies definitely can be better, we decided to mirror btc because it's what investors understand. The one coin everyone loves is Bitcoin, no matter which other ones they may like too.

Bitcoin has a blockchain that is transparent, which makes currency units not truly fungible. Epic has layer 1 privacy so with the same supply emission as Bitcoin, the primary difference is whether privacy on layer 1 is desired by the world for its choice of decentralized hard money digital currencies.

There is also the issue of scalability. Mimblewimble cut through discards offsetting transactions so at least two orders of magnitude more can be handled without needing a layer 2 like Lightning (which we can do too if we need it).

We designed Epic to be a medium of exchange counterpart to Bitcoin, which is excellent as a store of value.

I hope this answers your question?

At certain degree and point of view, I can understand and clearly see as logical that supplying people with what they're familiar with, and what they long wanted, namely bitcoin system with true annonimity, will grant success. Although the final results will still depends on the market, but yeah, I can understand this concept.

I don't quite get your sentence about exchange counterpart, though

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February 21, 2019, 11:25:37 AM
 #8

Reading the posts you convinced me to follow your activities...any date for some running code?

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February 21, 2019, 11:52:09 AM
 #9

Thanks for your great question.

http://money.visualcapitalist.com/infographic-the-properties-of-money/

...
For example, many economists and experts in the field agree that money must be a medium of exchange, a unit of account, and a store of value:

Medium of Exchange
Definition: Can be used to intermediate the exchange of goods and services.
Use: A common ground for determining value.
Example: A community uses beaver pelts as a medium to trade for other goods.
Unit of Account
Definition: A standard numerical unit of measurement of market value for goods, services, and other transactions.
Use: Can be used to compare goods using a common system.
Example: Housing prices in Japan can be compared using the yen as a unit of account.
Store of Value
Definition: Maintains its value over time.
Use: Can be spent or exchanged at a later date without penalty.
Example: An ounce of gold could buy a toga in Roman times, yet it can still buy a nice suit today
...

Bitcoin is great at storage of value, as evidenced by its success and price movement over the past ten years. However, it doesn't work well as a medium of exchange. Less people today are using Bitcoin as money for purchases than last year, which makes sense because people want to spend their dollars and keep their Bitcoin.

Epic can handle 100+x the transactions in the same block space. This more efficient data storage lowers costs.

I hope this answers your question, if not I'm happy to explain some more.

I appreciate the effort to explain to me. Ans sorry if i take it wrongly but can I correctly conclude that the "medium of exchange" here can be replaced with equal meaning to "as a purchasing method"? basically like the good old fiat money, isn't it?

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February 22, 2019, 03:18:25 PM
 #10

Yes that's precisely the use case we are aiming at with Epic. We want to replace physical paper cash for the 3 billion people that don't have modern banking services.

Epic is faster for the customer than waiting for the cashier to give back the change so it presents a time savings. Also cash can be stolen but Epic on a phone behind a password/2fa can't be.

You're aiming big here. Can you test first your platform in a small community or group before serving those 3B people that have no access with banking services?

One country as a guinea pig is more than enough to verify the reliability of your platform.

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February 22, 2019, 03:28:43 PM
Last edit: February 22, 2019, 03:40:46 PM by gold969
 #11

Good morning,

I will have the github made public and website up later today. In the meantime I'm on the telegram and discord handling questions one by one...

 when will the main network be launched? will you have a countdown?
    github link...?

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February 22, 2019, 05:23:57 PM
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Good morning,

I will have the github made public and website up later today. In the meantime I'm on the telegram and discord handling questions one by one...

 when will the main network be launched? will you have a countdown?
    github link...?

usually normal devs say the timeline but in this case they said it would be soon. im would like to look at the code and how well it is made. the project and its implementation depend on it.
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February 22, 2019, 05:54:09 PM
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Yes that's precisely the use case we are aiming at with Epic. We want to replace physical paper cash for the 3 billion people that don't have modern banking services.

Epic is faster for the customer than waiting for the cashier to give back the change so it presents a time savings. Also cash can be stolen but Epic on a phone behind a password/2fa can't be.

Interesting. There will be, of course, some technical difficulties to implement such technology worldwide, but I'd like to take that aside for now to be discussed later.

I'd like to know about MW, I honestly just heard about it recently, and just two days ago took a real reading. I read somewhere that their payment is instantly? Is thay true?

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February 23, 2019, 04:03:48 AM
 #14

Holy -

Yes!

Mimblewimble is really amazing. Our Epic Wallet can confirm payment in 3 seconds and each block is only 1 minute... Come help us!

The name is rather poor, though. LOL. I think Silencio Blockchain is better than MimbleWimble (remove your wands before saying the names). How is it different than ripple's speed? And what'll happen once the chain is clogged with transactions? Will the delay between each transactions getting longer?

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February 23, 2019, 07:11:54 AM
 #15

added to my watchlist.
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February 25, 2019, 08:44:50 PM
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maybe something or some group will finally change money for the world. no doubt it will take something truly epic. I'll be watching the countdown to mainnet mining.
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April 22, 2019, 02:16:03 AM
 #17

Updated announcement.
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April 27, 2019, 11:20:14 AM
 #18

Would like to setup a pool for this. Do you have discord?

Beam Mining Pool: https://beam.leafpool.com/
Zen Protocol Pool: https://zp.leafpool.com/
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April 28, 2019, 12:06:10 AM
 #19

Hmm... Interestingly, thread admin deleted all of his posts on this thread, we can see the evidences from how quoted post of his from every users on this thread is no longer existed.... and that his post history is clean. i wonder what's the reason behind this, and if it's any indication toward exit-scam

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April 28, 2019, 12:18:04 AM
 #20

Hmm... Interestingly, thread admin deleted all of his posts on this thread, we can see the evidences from how quoted post of his from every users on this thread is no longer existed.... and that his post history is clean. i wonder what's the reason behind this, and if it's any indication toward exit-scam

On one of his messages he said that they do not have a dev tax but I think the announcement was updated and now a dev tax has been added so he deleted the message.
Thanks for the great questions...

Bitgrin has a Dev tax - we don't.
They also divert block rewards involuntarily from miners. Epic has 100% for miners and zero compulsory Dev tax or fundings.

Our project is prefunded for two years already and the startups building on our system will begin earning revenue by serving actual customers within months.



Beam Mining Pool: https://beam.leafpool.com/
Zen Protocol Pool: https://zp.leafpool.com/
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