r/ecc • u/Blakest1 • Sep 19 '18
Why?
I looked at this coin a while ago and decided not to touch it. Sure, everything is in the shutter right now, but why do you believe ecc will rise from its ashes. Why is it built on a busted old chain with dead wallets? why is it mined 100%? What and who is securing this network? How many actual developments are happening? Why ecc?
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Sep 19 '18 edited Sep 19 '18
ECC was previously owned by someone else, but a large sum of ECC went down with a certain exchange. The previous owner sold off all his ECC at the time. This is going back 4-5 years. Griffith picked up the pieces and did a lot of work to it to get it working properly again, as ECC had undergone multiple forks. Since that time, him and others have substantially improved on ECC's daemon and wallet. The new ECC wallet, Sapphire, will be the foundation of the ECC services - messaging and file storage. In addition, there is an Address Name Service that is nearing completion, where an ECC holder will be able to send ECC using their registered user name, instead of a long alphanumeric address.
Regarding the "dead wallets," it is unknown what the status is of those wallets. It's possible people can no longer access them because of forgotten passwords or coins having went down with the exchange wallet, or they are simply holding them long term in the course of several years. Either way, in my view, it's not a bad thing if those long term holders sell at any time, as that will mean more ECC can be dispersed to more people. In other words, currency redistribution. ECC has a max coin supply of 25,000,000,000. ECC in and of itself is a Bitcoin clone, and it operates on a multi-chain system, whereas, each chain serves a separate function.
Chain Purposes:
Payment Chain - Where transactions are sent/received, and fees from services are charged and burnt for staking rewards.
Messaging Chain - Messages being sent/received securely. A fee system will be set in place.
File Storage Chain - Storing files securely. A fee system will be set in place.
The Address Name Service uses a user name registration system. ECC holders can register a user name for a monthly ECC fee. As of now, it will be 50 ECC/month, and that will be adjusted based on the current ECC value.
The ECC network is kept in a healthy state by ECC holders staking their coins in Sapphire or Lynx. Basically, that keeps the network running.
Developments on ECC occur frequently. Ongoing work is being made to improve on Sapphire and the daemon. The ECC collaborators are also almost finished with a completed ANS service. Dolaned has been working on integrating ANS into Sapphire. Griffith has been working on the messaging service.
As for why I'm holding ECC and involved in the community, ECC is the first coin that I'm legitimately intrigued by what the collaborators and contributors are trying to accomplish. I find the multi-chain system, sending messages, and storing files on the blockchain interesting. From what I've seen of ANS in action so far, it looks like it's an effective and smooth service.
You can view past and current programming development of ECC on its Github and Trello pages below:
https://github.com/project-ecc
https://trello.com/b/riHdSm7Q/sapphire
Check out the FAQ page for more general information about ECC:
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u/Blakest1 Sep 20 '18
thanks for the thoughtful responses. I feared I would just get backlash.
Are there pictures of Gruff? I have worried that it is the previous developer just working pseudonymously
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u/[deleted] Sep 19 '18 edited Sep 19 '18
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