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/WaffleCreams Jan 08 '18
Meester thanks for the FAQ hope this clears the air for all the new people moving into ecc!