What is Evocoin?Evocoin is a new decentralized cryptographic currency and payment system, based on the idea of Bitcoin.
We aim to revolutionize digital payment, make it accessible and easy to use for everybody.
Why Evocoin?Evocoin will not only target the people that are already into cryptocurrencies,
but our goal is the main-stream audience around the world. That is why we developed new and unique features,
that will make the usage of our currency as easy as writing an email or surfing the internet.
Key features- Name resolving system
34 character based addresses are not user-friendly at all. Welcome to our integrated "name resolving system".
Send coins to a readable address like "john.doe".
Our network will have a fully included name resolving system. Everybody can set an alias for all accounts.
The registration of aliases will be on the first come, first serve priciple and will be free again once an
account is deleted.
- Add contacts
Add your friends and customers directly into your wallet application.
You can store their name, alias and payment-address. (Photo/avatar and email coming in a later version.)
- Send messages
Send encrypted messages to your contacts. We use asymmetric end-to-end encryption.
Which means nobody can read your message, only the person you send it to.
- Self organised trust system
With this feature we want to limit the risk of unsecure payments and make the end-user feel safe.
Both parties can rate each confirmed transaction. The more good ratings you have, the higher your trust level will be.
When somebody wants to send you money, he/she sees your rating and can judge if you are legit or not.
The second part of our trust algorithm is the social network friendship idea.
When you send money to a person and one of your contacts is a friend of that person, then the trust level
will rise, so the user feels safe. This will of course be anonymous. The only thing the user will see
is a progress bar and the trust level in per cent.
- Photo wallet encryption
You can encrypt your wallet with a passphrase or a photo. We will generate a hash from that photo
and encrypt the wallet with that key together with a unique salt.
To unlock your wallet, you can simply select the photo from your hard drive or USB-device
and the wallet gets decrypted automatically, without the need of a hard to remember passphrase.
Photos give far better entropy than random numbers.
- Mobile payment
With our app (android in development, iOS following shortly) you can place transactions quick and easy.
To set up the app you have to add your credentials, which you can get from your wallet application.
When paying for goods the first task the app does is make a handshake to set up a new
transaction. Once the handshake is complete, the payment can be processed with a QR-code.
- lightweight micro blockchain
The mobile application will have access to a lightweigh micro blockchain.
On january 1st and july 1st the network will perform a task to verify the entire integrity of the blockchain
and consolidate it's data. After that operation the last years blockchain will be archived.
Mobile clients only use the newest blockchain to work.
These fork like operations are implemented in the source, so mining and transactions can continue almost
simultaniosly without any interruption. The blocktime for the first transactions on those days will be set to 10min
to prevent attacks and fraud. The block-explorer will maintain the entire blockchain.
- Security
Evocoin is high-level security by default.
We take security very seriously. All functions and use-cases are tested with unit-tests.
Our quality insurance team is testing our software for bugs and the overall system integrity.
We are constantly improving this process to ensure a worry free application with no bugs.
Recently we spent a lot of our own money for professional audits and code-reviews from security
professionals and cryptographic experts. We know this was a good investment for this new currency
and payment system and we believe security is crucial and should be treated the right way.
Further information:Please visit our website for further information. There you will find first screenshots of our application.
Also you will find a demo video of our client.
www.evo-coin.comFuture plans:- network stability
One of our neer future plans is to set up 5 root servers spread around the world, to ensure a stable,
reliable and high available network, even when not all clients are online at once.
- Merchant services
Together with our app we will develop an all-in-one merchant service, which includes online payment,
mobile payments, a cashier system and an overall payment processing system.
The development will begin later, once we have established ourselves with the software
we already have and the first few exchanges have implemented our coin.
Our goal is to get an early alpha version up and running until the end of the year.
DevelopmentWe are almost done with the first set of tools. This includes a windows client, a mac client,
an API for exchanges, an android app and our custom miner with the implemented N-factors.
Finished
- website
- subreddit
In beta
- Windows client
- Mac OS client
- API
- Android app (proof of concept)
- Miners
Before release
- block-explorer
- faucet
Coming soon after release
- iOS app
- Reddit tipbot (bounty)
- Social media (twitter, facebook)
- Wiki
- Blog
- Merchant services (see above)
Code- After the final launch we are going to move our code from our private repository to an open github.
But until then, we don't want to distribute it, because of obvious reasons.
At that point exchanges are welcome to implement our coin, based on the API.
Technical specifications- Cryptographic hash function algorithm: Scrypt
- Block time: 60 seconds
- Difficulty readjustment: Kimoto's gravity well
- Adaptive N-factors that will double every six month
- CPU and GPU mining
- Premine: see funding
Open parameters depending on funding- maximum number of coins
- blockreward: reward starting with <coming soon> EVO per block, halving every <coming soon> blocks
Beta testingFrom the 18th of March 2014 to the 23rd of March 2014 we are going to have a beta testing week.
Please sign up on our website to get access. Please note that we will select the first 50 participants.
After that we are going to put in a stress/performance test, to ensure the stability of the network.
Depending on the amount of interest, we are going to initiate a second round of beta testing.
Number of coinsThe fix number of coins in the first year will be set by the funding.
Each year the code will add 3% new coins to compensate lost coins
and to inflate by a small amount. These coins will be available for miners only.
DistributionWe are going to distribute all coins fairly between investors, miners, developers, bounties, tips and marketing.
We put a lot of thought into this and we believe this is the best combination.
Our distribution and splitting of the number of coins will be the following:
- 60% investors from the funding
- 39% miners (+3% each year)
- 0.5% our team (do bear with us, we put a lot of effort into this project)
- 0.5% bounties for new apps, websites, games, tipbot etc. and marketing
The 60% from the investors will sooner or later go into circulation, so we don't think
that this will be an issue.
Behind the scenes / who we areWe are a team of developers, marketing specialist, legal and sales persons.
In the spirit of Satoshi Nakamoto, we are not going to reveal our last name
until further notice. We have husbands and close friends on the team and want to keep
them safe at all times until we have a legal company.
Rodney D, founder and lead developer
Philip M, founder, windows and mac client developer and quality insurance
Bertrand P, android mobile developer and quality insurance
Jeff W, design, website, forums, reddit
Alej H, founder, marketing and corporate communication
Paul S, legal and sales
We are looking for another experienced C++ developer and an iOS developer.
After the launch we are planning on setting up a legal company entity.
The three founding members will be vesting their shares for two years.
FundingThe funding will begin on 18th of March 2014 and will end on the last day of April 2014.
Please note, the week-start is always right after midnight PST.
1st week 1 BTC = 100,000 EVO x 6 = 600,000 EVO
2nd week 1 BTC = 100,000 EVO x 5 = 500,000 EVO
3rd week 1 BTC = 100,000 EVO x 4 = 400,000 EVO
4th week 1 BTC = 100,000 EVO x 3 = 300,000 EVO
5th week 1 BTC = 100,000 EVO x 2 = 200,000 EVO
6th/7th week 1 BTC = 100,000 EVO x 1 = 100,000 EVO
1 LTC will be fixed to 0.03 BTC
After the funding period, the total amount of coins will be set and updated here in this thread.
How will the funding work?
1. To invest you have to enter your email address on our website
2. You will receive a personal code
3. Then please send the amount of BTC/LTC you would like to invest to the published BTC/LTC address on our website with your personal code as a note in the transaction
4. After confirmation on the blockchain you will receive your personal certification of your purchased EVO when the funding period has ended.
5. From the release day on you can claim your coins by replying to the email and/or sending us your certification
key and your EVO wallet address. We are going to contact every investor anyway before the release.
Plan B
If we get DDoS'ed because somebody might have invested and doesn't want anybody else in to get a large chunk,
or for what ever other reason, we have a simple plan B.
The public addressed for the funding are:
BTC: 19yzBpKVZYuDJa6zHtQc8zqBUBHPWBrcy9
LTC: LQPZp5YZKPTFuNEC63REaeCyLvw9nEshwp
Send us an email with the amount you will be funding (like 1.23456 BTC) and a unique note like "johndoeevo1234".
Make your BTC transaction with the details you provided us earlier in your email.
We will be managing these transactions manually after the funding period. If you have problems, just contact us.
What are our expectations?First off we want to self-finance this currency, the payment system and our company. We don't want to take
money from angel investors nor any seed funding rounds. Some of us have been there before and don't want such a
situation again. This is why we chose this funding model.
We can cover our total expenses with 250 BTC. We are hoping on getting somewhere between 250-300 BTC.
Please do the math yourself, this is not a lot of money for the things we have planned on developing.
It can only be a true success with marketing and this cost money as well.
Affiliate program- Tell your friends about the funding and receive 25% of the EVO the referral has bought per referral.
After entering your email address you will receive your affiliate id and a personal link.
You can use this link to get EVO, even if you are not investing with your own BTC.
For example, if someone funds 1 BTC in the 3rd week using your link, you will receive 100,000 EVO.
What will we do with the invested funds?- Finance further development (see roadmap above)
- Marketing (this is crucial and shouldn't be underestimated)
- Legal company entity
- Develop and distribute the merchant services
- Pay new employees (C++ and iOS developer and others)
- More audits and code-reviews from security experts
- Graphic designs, promotion material, video
- Root servers
- Webhosting
- Bounties, tips tipbot, apps, websites, games etc.
Every spending will be listed on a separate section on the website. We will be completely transparent on how we spend the money.
ReleaseWe are going to release on 5th of May 2014.
On the release day we are going to publish the compiled clients for Windows and Mac OS,
as well as the miners for Windows, Mac OS and Linux. The code will be moved from our private repository
to a public github.
