ECC project purpose and description
What Is ECC?
Cryptocurrencies entry into the world of finance caused a major disruption that jolted top players such as banks. The native platforms are cheaper, secure, and private so that users do not have to worry about third parties knowing the details of their transactions. One such crypto is ECC (E-Currency Coin).
- A closer look at ECC coin
ECC was founded in 2014 by a group of anonymous individuals who had the dream of redefining how the internet works today. But the start of the coin was bumpy with the founders abandoning the project. The impact was that the project remained dormant with nothing taking place until early 2017.
Greg Griffith came to the rescue in 2017. Instead of starting his own coin, Greg opted to revamp ECC and starting working on its fundamentals.
Greg created a team of experts and quit his job to concentrate on building the project. The team has managed to build the trust of the community by ensuring it is readily available to interact with token holders and answer any questions they might have. The results of this trust, commitment, and cooperation started bearing fruits when the coin demand began growing exponentially.
- The price performance of ECC
The price of ECC coin is a reflection of the illustrious past it had after inception and after the new management. When the coin entered the market in 2014, the price was $0.000028. After the founders left the project, the price sank to $0.000001 by 2015 and remained low until mid-2017.
After Greg took over, the price jumped up to $0.00067 in mid-June 2017. This was about 2200% growth. The price continued on an upward trend hitting the highest mark of $0.003 which was more than 14,000% growth from the entry price in 2014.
After hitting the peak, the price took a bearish trend shifting downward to $0.0002 by October. However, the bearish trend demonstrated by ECC is similar to what other coins such as Bitcoin, Ripple, and Loopring.
ECC price stabilized starting from September 2018 and the community expects it to keep growing in the coming years. It will be interesting to see how the price of ECC responds to the growing demand and competition in the market.
What is the problem that ECC Solves?
A closer look at financial services in the society reveals that they are dogged by myriads of issues that have refused to go away for many years. The following are the main issues that ECC solves.
- High cost of sending value in the society
If you take a closer look at a standard financial transaction, it is taken through a lengthy procedure that makes the process expensive. Besides, the financial organizations are profit based. This means that they use every available method to optimize profitability.
The bank management must also increase the transaction costs to meet its expenses such as wages, rent, and insurance. The financial services also have statutory requirements such as keeping a large some reserves with central banks. All of these considerations have the impact of pulling up the cost of sending value.
- Centralization of financial services
For decades, the financial services have operated in a decentralized manner to make it easy for governments to control inflation, collect taxes, and compete against others in the market. However, this centralization comes with major inefficiencies.
One of these shortcomings is that all the info and vaults are held in a single point. Because management and compliance are entrusted to a few people, there is the danger mismanagement. For example, if a banking institution is mismanaged and ends up bankrupt, deposits in the institution could get lost.
Another issue of centralized services is that people find it hard to access their money both at home and away. Even though the money you have stored there is yours, withdrawing large amount requires you to give notices and be monitored closely. Why should you be given conditions to access your cash?
Centralized services also make it very difficult for people to access and use their cash when away from home country. For example, if you have deposits in a local bank, it will be a very lengthy process to access the funds from another country. Even if you use universal methods such as internationally accepted cards like Visa, the cost is very high.
- Lack of secrecy in financial transactions
Do you keep money in a saving account and regularly use credit cards? If the answer is ‘yes,’ you need to know that there is no secrecy. A long list of people knows about your personal details and financial history. The cashiers in that bank, the bank management, political administration, and financial planners can easily pull out your details in a few clicks.
How Does ECC Solve The Problem?
When the founding team of ECC set out to work on a digital coin, the target was to advance the work started earlier by Satoshi Nakamoto when he launched Bitcoin. The core goal was to revolutionize the financial sector. Here is an account of how the ECC addresses the above issues.
- ECC operates as a fully decentralized network
The main strategy used by ECC to address the aforementioned problems is decentralization. Decentralization implies that the network does not have a single point of reference or risk of failure. Instead, the network is operated by a set of nodes that are spread in the system across the globe.
Decentralization of operations implies that transactions running in the system are not controlled by an organization such as bank or credit card company. This means that the costs that were charged by banks have been removed and the fee for sending value is lower.
Decentralized operations also ensure that transactions are completed on a peer2peer basis. Therefore, no matter your location, the transactions will be completed promptly.
- Use of proof of stake (consensus algorithm)
After launching Bitcoin, the proof of work protocol that drove it proved to be a major challenge. It used more power and resulted in centralization. To address the issue, ECC opted for the newer and more effective proof of stake (PoS) protocol. Note that the coin started as a proof of work (PoW) network and only resulted to PoS when the new management joined.
The good thing about the proof of stake protocol is that only those with some stake in the network are allowed to confirm transactions. This helps to reduce the danger of 51% attack because those with stake in the network would find it hard to conspire to damage the system.
What makes ECC better than it’s competitors?
The field of cryptocurrencies has drawn interest from many players. From financial companies to individuals with cryptographic knowledge, everyone appears to be in the race to create a new cryptocurrency. This has opened stiff competitions as the networks compete for markets. The following are the main indicators that make ECC better than competitors.
- The platform has been in operation for a long time starting from 2014
Though the start of ECC was tumultuous, the coin weathered the turbulence to emerge one of the highly revered tokens. The long period of time it has been in operation is an indication that the core code is strong enough and structures proved to work.
- ECC operates as a completely decentralized system
As a completely decentralized system, ECC is able to avoid key shortcomings that come with centralized management. Users are able to associate with the network and give it the impetus for faster growth.
- Users have the opportunity to use and own the system
If you use a credit card company, there is a sense of passiveness. One feels that the decisions are made by others and only has to follow. For example, the debit card transaction charges are fixed and can be changed at any time without notice. But ECC is different.
When you join the network by purchasing a stake in the network, you will be contacted when decisions are being made. For example, you will be called upon to vote when new features are being introduced. This means that you are not just a user, but also owns the platform.
- Mining ECC is as simple as holding some coins and getting rewarded
When ECC adopted the proof of stake protocol, mining was made easy. Unlike the proof of work mining that requires the use of advanced equipment with a lot of hashing power, ECC only needs you to stake the network. Just buy some coins to become eligible to get rewarded with new coins.
- The platform has a very aggressive, open, and committed team
A cryptocurrency is as good as the development team that leads it. For the ECC crypto, the main driver of the project is the energetic team that took over after the founders left. The team has learnt from the past and has put the best foot forward to win the trust of the community and keep growing the network.
How can ECC be categorized?
ECC can be categorized as a truly decentralized cryptocurrency whose potential has been undervalued because of its tumultuous past. However, the architecture of the blockchain is impressive and the new team committed to helping it grow into the next big coin in the industry. This is one of the reasons why the performance of the coin has been impressive after the new team took over.
What’s ECC’s vision on Security?
The main vision of ECC on security is to become the most secure network that users can rely on to send, invest, and store data without worrying of getting attacked. Though the founders walked away, they had a very impressive dream for the network. But all is not lost because the new team took over from where they stopped.
Examples of ECC’s use cases / applications
The effectiveness of a cryptocurrency in the market can be gauged partly by how it is applied in the market. For most payment networks such as ECC, the competition to win the market has been very stiff. Here are the main applications of ECC.
- You can use ECC coin to pay for transaction fee when sending value on the network. Like other networks such as Bitcoin or Ethereum, all transactions attract a small fee that goes into maintaining and developing the network. Note that the fee is not targeted at raising profitability.
- People on the ECC network can use it to save funds. You only need to buy the coins and hold for some time. Investing in ECC has two key advantages. One, you are rewarded to hold the coins in line with the PoS protocol. Two, you stand to gain some returns on investment when the value of the coin moves up.
However, it is important to appreciate that the expected growth of ECC is only speculative. Even if all indicators show that the value is likely to go up, there are many factors that can affect it. For example, new regulations, competition, or new technology can easily swing the value downwards.
- If you are a resident in jurisdictions that support cryptocurrencies use for official purposes, it will be possible to pay for official services such as utility bills. One good example is Arizona. After passing regulation HB 1091 I April 2018, Arizona allowed residents to start paying taxes using cryptocurrencies.
According to the new regulation, the tax authorities are required to convert the coins to USD and credit the resident’s account. Other countries where you can buy official services with ECC include Venezuela, Singapore, and Switzerland.
- Use ECC to pay for goods and services. As more stores come out to support cryptocurrencies, it is now becoming easy to pay for goods and services with digital coins. You only need to identify a store that accepts ECC and clear payment with ECC.
Note that even if a store only supports other coins, it is still possible to make a purchase by converting to the supported coins. Note that this will require the use of services of exchanges such as Binance or Bittrex.