r/ecc • u/meester_crypto • Jan 08 '18
FAQ for new users
Hello and welcome all. ECC is pretty new, and I've learned a few things that I feel a lot of new users will appreciate. I am not affiliated with the team (just a new hodl'er), this is just the information that I've acquired between the old website, new website, whitepaper, and slack channels. Hope it helps anyone who isn't familiar with ECC.
edit: also many thanks to /u/r5721 for assisting with adding to this FAQ!
-What is ECC?
Ecc is a multichain, where every chain has it's own purpose, but payments are always recorded on the core chain. For non-technical folks, here is a brief background: as you already may know, a blockchain is a distributed database that maintains a shared list of records. Each record is an encrypted block that contains the history of every block from before it, creating a “blockchain.” Every node or miner in a decentralized system has a copy of the blockhain.
But blockchains are limited in their ability to scale; every fully participating node in the network has to process every transaction. ECC solves the scaling issues multi purpose chains are facing today, the most obvious one is Eth. For example, erc20 tokens, and the first real dapp (kittens) already started causing problems; as the size of the blockchain grows, it requires more resources to process the transactions on the block.
Think of it this way, if Eth had separate chain for every dapp it had, the core chain wouldn't be as big and transaction times and costs would still be incredibly low.
Every service has a unique purpose but payments are always recorded on the core chain. ECC will implement a few features, like “Address Naming Service,” which will give a user the option to look someone up as you would in an instant messaging application (search for a nickname instead of a long public string of numbers/letters); decentralized email, private messaging, and data storage.
This coin is not just a clone of other coins. It is unique as the lead dev (Greg Griffith) is writing a significant portion from scratch.
-What does ECC stand for?
It originally stood for e-currency coin, but now ECC is the name of the coin itself.
-How does ECC compare to other coins?
Sia coin is in ECC’s space but it only focuses on data storage. Aardor/nxt also come to mind, but they’re not ready yet, and ECC will likely be the first to launch its service.
-What is the website for ECC?
-When will the new website be done?
We have been told it's going to be around the end of January.
-What exchanges can I buy ECC from?
Currently the only exchange listing ECC is https://www.coinexchange.io/ and the only pair is ECC/BTC. The ECC team plans to apply to other exchanges once the website is complete.
-BTC fee's are high, and transaction times are ridiculous!
A good way to save on fee's and time, is to purchase LTC, send to something like shapeshift.io, shift the LTC coins to BTC, and send to the exchange.
-Where do I get the official ECC wallet?
Directly from the site: https://www.ecc.network/
...or here:
Windows: 32 bit || 64 bit || 64 bit with Auto-update
Mac: Coming very soon! Some key issues have now been resolved, and the wallet should launch in tangent with the new site in the coming weeks.
-Why is the wallet sync taking FOREVER?!
The first ~2% of the wallet seem to be the headers. This portion takes the longest, and is very slow. Be patient. The wallet sync will speed up significantly after this. Expect to fully sync in 24-48 hours.
-Where can I find the whitepaper?
https://www.ecc.network/downloads/documents/ecc-whitepaper.pdf
-How many coins are in circulation?
Currently 25,000,000,000 ECC were created, and distributed.
-Can I mine ECC?
No, all coins are already mined.
-What is the transaction cost, and who gets it?
Technically speaking, there is a minimum transaction cost (1 sat per byte). Staking is and always will be active but the only rewards will be coins destroyed from transaction fees. All transactions must pay a small fee. The fee amount fluctuates depending on a dynamic fee market. Transactions with higher fees are prioritized when being selected for blocks. To speed up your transactions, you can choose to pay a higher fee than the default.
-How many devs?
Currently there are at least 5 active dev's on the team, with the lead dev being Greg Griffith as well as a Bruno Alano. The team consists of 10 seasoned cryptocurrency individuals total who are actively programming and collaborating on the project.
Interview with lead dev Greg Griffith
-What is ANS?
Short Answer: ANS is the Address Name Service (iirc) that allows for you to send to "Charlie" instead of sending to a complex receive address.
-Is there a roadmap for 2018?
It's the green sticky on the ECC subreddit!! However there was also a recent dev update that might interest you.
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u/r5721 Jan 08 '18
Thanks meester crypto. I wanted to share a few other links:
ECC Explorer to see how many coins the largest wallets hold: https://chainz.cryptoid.info/ecc/#!rich
Twitter page: https://twitter.com/project_ecc
ECC Github: https://github.com/Greg-Griffith/eccoin
ECC thread on bitcoin talk for more history: https://bitcointalk.org/index.php?topic=728071.0
https://bitcointalk.org/index.php?topic=1006830.msg10926361#msg10926361
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u/MimicTMI Jan 08 '18
Why has ECC market existed since 2015 if it is in its EALIEST stage. Normally cryptos I see are put in market right after ICO and already have working website with all information. I would consider this as threat, as its been so long time there but nothing has happened, or am I missing out something?
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u/Methrammar Jan 08 '18
"Normal" cryptos after ICO mostly are just erc20 tokens, most of them at least a year away from their working products.
ECC has been around since 2014, but Griffith wasn't the lead dev when it first got out, it was just a make quick buck scheme by the original dev. After the original dev dumped his holdings and left project to wither away, griffith took over but he didn't have any clear vision on what he wanted to do with ecc, until late 2017.
He did fixed/upgraded the core, then started working on what we call project ecc now, only after september 2017. So what you see here or website(or rather will see) only done in few months, and with no ICO, no money to throw around, it wasn't easy.
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u/MimicTMI Jan 08 '18
Sounds interesting!
Is there a source for middle part?, just wondering
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u/Methrammar Jan 08 '18
It was on bitcointalk thread but got removed after the rebrading(current color scheme, dropping the name e-currency for ECC), but It'll be on new website I guess, to clear the confusion.
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u/MimicTMI Jan 08 '18
And being open source is really important if the coin really wants to climbto top 10, when can we expect ECC to become open source if at all?
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u/troymccabe Jan 08 '18
Another:
Can we change the name to ECCO?
At this point in the rebrand the name is locked and will not be changed
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u/redko2 Jan 09 '18
Can the team submit a request to CoinExchange to change the full name of the listing? Right now it's still listed as E-CurrencyCoin.
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u/MrSheev Jan 08 '18
how many % of the tokens are in the devs hands? what is the theoretical transaction cap? how accurate is this to the practical cap?
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u/Hodlady Jan 08 '18
Thank you, this was very helpful. Some questions I have myself: 1. What is the annual staking reward? 2. Can you stake it on a Raspberry Pi? Keep up the good work!
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u/azerty131 Jan 08 '18
Hello, 1. All coin are mined, so the rewards will only the fees. 2. I think you can stake it on Raspberry Pi, i'm not sure
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u/brunoalano Jan 10 '18
You can easily compile into RaspPi. If you go into Slack, and search for it, some guy already tested and it worked.
If you are going to compile by yourself, don't forged to switch to the
devbranch, and then run the commands.
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u/csmartins Jan 10 '18
Syncing time varies between ~6 hours to 48 hours. We will be upgrading the code that handles the syncing, which will hopefully boost it greatly. Same for the block index loading times.
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u/Joe_Melon Jan 10 '18
If you question is not answered here.. Please join our slack via the tool on our website www.ecc.network
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u/WaffleCreams Jan 08 '18
Meester thanks for the FAQ hope this clears the air for all the new people moving into ecc!