Einsteinium project purpose and description
What Is Einsteinium?
Einsteinium is a decentralized and peer2peer cryptocurrency created with the aim of supporting scientific research, philanthropic and technology project. The developers wanted to create a new method of supporting scientific projects in all fields.
The blockchain technology is growing at a very rapid rate. When Bitcoin was launched in 2009, the focus was only directed on the financial services. Now, blockchain has made it possible to almost carry almost all tasks ranging from sending value to managing medical records.
One of the cryptocurrencies that have been performing well in the market is Einsteinium. The coin was launched in 2014 to serve as an alternative to conventional payment services and advance the concept of scientific research.
- A closer look at Einsteinium
Einsteinium (EMC2) is similar in many aspects to Bitcoin including the use of proof of work (PoW) consensus algorithm. It is like taking Bitcoin and improving it to include a charitable fund to enhance its utility.
Even though Einsteinium’s coin and platform share some similarities with Bitcoin, its price lags behind with a great margin. Here is a closer look at the price performance of the Einsteinium in the market.
When the coin entered into the market early in April 2014, its price was $0.003. The value remained declined to $0.0006 by June 2014 and remained within the range of $0.07 and $0.0009 by November 2017.
In December 19th, 2017, the value shot up to reach $2.63, the highest mark in its history. However, the high price did not last. It took a sharp decline hitting a low of $0.7 on 1st January 2918 before continuing with the trend to reach a low of $0.08 by the close of October.
Even with the downward trend, the community is optimistic that the value will finally take an upward trend and deliver positive return on investment.
What is the problem that Einsteinium Solves?
When Einsteinium was launched, many people were faced with the complex challenge of sending value using the conventional financial services. Einsteinium, like Bitcoin, targeted to address most of these issues. Here is a closer look at the problem that Einsteinium solves.
- The high cost of sending money
If you take a look at the conventional financial services, one of the main characteristics is the high cost of sending value. Because they are profit based organizations, they have to charge a fee to optimize returns. Remember that they also need to meet the cost of paying staff and rent.
The high cost of sending value is also caused by the legislative requirements for running financial services. For example, all banks are required to deposit some money with respective central banks and meet the additional cost of running know your customer (KYC) and anti-money laundering (AML) operations.
Einsteinium addresses these issues by running independently without involving the centralized authorities. This means that it is not under the control of any central authority such as a bank of political administration.
- Lack of privacy in the conventional financial industry
When you run a transaction such as sending money through a conventional financial service such as credit card or bank, the details are known by a wide range of people. These include the cashiers operating in the bank, the bank managers, and even the political administration.
Because these financial services operate under the local laws, you can also be forced to provide financial statements by a court of law. Lack of privacy implies that you can easily become a target through court battles or fraud.
- Centralization of financial services
The financial services in the market today operate as a highly centralized system. The design is guided by the local laws and closely monitored by different arms of governments for efficiency. Even with this design, the centralized manner of operation implies that a failure in the system can cause severe damage.
One good example is mismanagement of a banking system. It is not uncommon to hear that a bank has filed for bankruptcy or its management is fighting fraud related cases. Other risks of centralized systems include the danger of wrong data entry, fraud, attacks or even missing records.
- Poor adoption of cryptocurrencies in the market
Though the blockchain technology has been growing in various areas, the adoption is still below par. Because many administrations have held the argument that cryptocurrencies are risky undertakings, a lot of people have opted to still use them.
When new coins are released into the market, the quick buyouts can be deceptive. Many people who rush to buy the new tokens are not interested in using them on a day-to-day basis. Rather, they seek to hold them for some time and sell when the value goes up.
- Negative perception about cryptocurrencies
Though the applications of cryptocurrencies in the market are increasing, a lot of people still have fear of shifting from the fiat currencies. Some of the negative things that people hold about the cryptos include; that investing in cryptocurrencies will ultimately result in severe losses and the coins do not have consumer protection.
How Does Einsteinium Solve The Problem?
The Einsteinium’s development team targeted to address the outlined problems to help take the blockchain using the following strategies.
- Supporting blockchain and scientific research
To give cryptos a positive image and attract more people to the blockchain niche, the Einsteinium Foundation supports education and scientific research. The target is ensuring that newer projects delve into the crypto niche to ensure that the blockchain technology trickles to other areas such as gaming, social media, and e-commerce.
- Einsteinium operates as a completely decentralized platform
Einsteinium, like Bitcoin, operates as a completely decentralized network. The system comprises of nodes that help to confirm transactions and protect the network.
The decentralized design helps to store information about individual users and transactions without creating a central point of failure. This implies that there is no risk of waking up one day and funding that the bank account is not running because of mismanagement or bankruptcy.
By operating as a decentralized system, it also implies that the cost of sending value is very low. Using Einsteinium to send money is also cheaper compared to Bitcoin and Ethereum because its value is low.
- Direct link to e-commerce platforms
To make it easy and direct for people with Einsteinium coins to use them, the development team has linked with Magento e-commerce. This method allows users to directly make purchases on Magento using Einsteinium coin.
What makes Einsteinium better than it’s competitors?
Though Einsteinium was created at a time when only a few cryptocurrencies were in the market, the market has become increasingly competitive. Here are some of the things that make Einsteinium better than its competitors.
- Einsteinium operates as an open funding ecosystem for scientific projects. This implies that you can easily raise funds to support your project on Einsteinium platform. Users only need to share their ideas and the operational framework to get funding from interested people. You can raise more funds instead of direct borrowing from banks.
- The Einsteinium system is a completely decentralized platform. This implies that all the data is stored by different nodes across the network to ensure that there is no single point of failure. Unlike banks, users do not have to worry that their funds can get lost through bankruptcy or mismanagement.
- The cost of sending value on the Einsteinium platform is very small. Because Einsteinium operates as a peer2peer network, transactions are completed without involving profit-seeking organizations. This implies that the transactions are faster and cheaper compared to banks and credit card companies.
- Einsteinium provides users with a private method of sending value across the globe. Unlike the standard financial services that provide user details to many parties, Einsteinium is different. When you send funds through the decentralized platform, the transaction details are encrypted so that no one can easily know about you.
Even a court of law cannot order your details in court because cryptocurrencies are not regulated. This means that only you can know and have control of the funds in an Einsteinium account.
- The Einsteinium system allows users to use and own the network. Like the Bitcoin network, the Einsteinium system is owned by the users on its system. This means that once you buy some coins and join the system as a node, you will be called to vote on governance issues such as the introduction of new features.
How can Einsteinium better categorized?
Einsteinium is a unique coin designed to help advance the blockchain technology in the society today. Though it closely resembles Bitcoin, the unique features make it easy for more people to join and identify with the technology.
The most notable of these strategies is serving as a crowdfunding platform for new projects. This implies that people with great blockchain based scientific projects do not have to stall for lack of funds. Instead, they can simply join the Einsteinium system for funding.
What’s Einsteinium’s vision on Security?
One of the top concerns for Einsteinium’s development team was the high level of insecurity in the niche. The development team was worried that more people were opting away because they feared that their investment would be hacked and stolen.
The Einsteinium’s mission on security is to provide people with a secure platform for exploring blockchain projects, investing, and using the native coins without worrying of attacks. The Einsteinium team uses the following strategies to achieve the mission.
- The Einsteinium system uses scrypt proof of work algorithm that prevents centralized mining. This has been very important in promoting even spread of coins and preventing 51% attack.
- The Einsteinium development team updates the platform progressively to identify vulnerabilities and seal them.
- The platform uses advanced encryption that helps to keep the user details and transaction history secure. Even when miners follow back the transactions for confirmation and mining new blocks, they can only know the balance.
Examples of Einsteinium’s use cases / applications
The efficiency of a cryptocurrency network can be gauged based on its application. Since its launch in 2014, Einsteinium’s development team has worked hard to increase the application in the society. Here are some of these use cases.
- Use Einsteinium to trade in the markets. Like other digital coins such as Ethereum, Einsteinium can be traded in the crypto markets. Trading in the exchanges such as Binance and Upbit requires users to register for accounts and create appropriate trading pairs.
Note that the exchanges are different from the Einsteinium’s platform. Therefore, you will be required to register and verify identify in line with local anti-money laundering (AML) and know your customer (KYC) requirements.
- Use Einsteinium to pay for transaction fee when sending value. When you use the platform, a small charge is levied on every transaction to help with development and keeping it secure.
- Use Einsteinium platform to fundraise money for your science project. This was the original idea of the founders when they created the platform. Now, you only need to demonstrate the project on the Einsteinium platform to get funding.
- Use Einsteinium coin to pay for taxes if you reside in a jurisdiction that supports cryptos. Though the perception about cryptocurrencies has been negative over a long time, some countries are very positive about it.
One example of the countries that support cryptocurrencies is Singapore. The Singapore administration holds the view that there is no difference between paying services in fiat or cryptos because the primary goal is sending value. Other jurisdictions that support digital coins include Arizona and Switzerland.
- Use Einsteinium coin to invest or save your cash. Instead of keeping your funds in a banking system, Einsteinium provides a better option. You only need to buy the coins and hold them until the time when you will want to liquidate them.
Remember that it is important to be cautious with cryptocurrencies because their value can grow in an unexpected direction. Therefore, it is advisable to spread the risk across different assets and to only invest what you have.