An EPIC Saga: The Quest for a Comprehensive Crypto Solution

Satoshi Nakamoto’s 2008 white paper initially envisioned Bitcoin as a device for digital funds, enabling safe, non-reversible digital transactions with out the necessity for a trusted middleman.

Instead immediately Bitcoin has advanced into digital gold, functioning virtually completely as a retailer of worth, with very low velocity.With a throughput of solely 5.5 transactions per second and comparatively excessive charges(common $10+ and better for time delicate 1-block conditions), the Bitcoin blockchain is solely not appropriate for day-to-day industrial exercise.

Many different cryptocurrencies have been created since Nakamoto’s breakthrough, every in search of to deal with some subset of the world’s monetary transaction wants, with various levels of success. None has taken a holistic method to the whole downside area and none are in frequent use among the many basic public.

Epic Cash White Paper

Bitcoin Transaction Statistics

There are also a bunch of technical issues bedeviling the Bitcoin blockchain:

  • The massive measurement of the chain – at present about 300 Gb, rising by 30 Gb per yr – signifies that solely a comparatively small variety of websites can host a full node.
  • Transaction addresses and quantities are seen to all, in order that snoopers can observe specific addresses and deduce plenty of data from the ensuing transaction graphs.
  • The want for specialised {hardware} to compete at mining has led to a comparatively small variety of “power centers,” primarily in China, that may exert important affect over Bitcoin’s future.

The Epicenter undertaking was launched in 2017by ateam of crypto and finance veterans to deal with the complete set of economic transaction wants. The group acknowledged the large significance of the Bitcoin mannequin, in offering a cryptographic retailer of worth that was proof against arbitrary inflation… however additionally they acknowledged that real-world transactions immediately nonetheless require a seamless transition from digital into fiat currencies.

It was straightforward sufficient to supply one or the opposite; the challengewas to supply each,and nonetheless adjust to all theregulations emitted by the assorted sovereign issuers offiat forex.Fortunately the Bitcoin revolution sparked a wave of technical innovation on the earth of cryptography and the Epicenter undertaking has been in a position to put these new applied sciences to good use.

Many of the digital forex options provided thus far have beenLayer-2 options, which try to deal with the scalability issues of an underlying blockchain corresponding to Bitcoin by including a community layer on high, successfully preprocessing and bundling transactions. While this could enhance throughput, the overlay method inevitably requires a point of centralization, which in the end results in issues of its personal (add-on charges, censorship, lock-ups, and many others.).

The Epicenter ecosystem begins with the idea {that a} Layer-1 answer is inherently extra strong and safe – and with fashionable know-how might be made extraordinarily environment friendly.We deemed that a suitable answer should fulfill the next necessities:

  • Scalable – The answer have to be light-weight and quick, and be able to sustaining these attributes over time because the system grows.
  • Censorship Resistant –The system have to be open to all, proof against censorship.
  • Centralization Resistant –Elimination of intermediaries was Nakamoto’s unique purpose; a real community-based answer will restrict the alternatives for energy facilities to develop.
  • Accessible –Users ought to have quick, unfettered entry to their digital belongings.
  • Fungible –All models of forex should stay interchangeable; important friction can be launched if customers needed to be regularly on guard in opposition to “tainted coins”.
  • Regulatory Compliant –The answer should adhere to the legal guidelines and laws of all controlling jurisdictions.

The bedrock of the Epicenter ecosystem is the Epic Cash coin, which was designed to satisfy all the above necessities. It is a novel, Rust-based implementation of the Bitcoin Standard, with full Nakamoto consensus, a hard and fast emission schedule and the identical laborious restrict on the last word provide (21M). Epic Cash was launched in September, 2019, beneath the ticker image, EPIC.

To handle scalability, EPIC makes use of the Mimblewimble protocol to maintain the blockchain measurement to a minimal and to make sure a modest fee of progress, such that dwelling computer systems and even smartphones will have the ability to host a full node, each now and sooner or later. A full EPIC node at present solely requires about 1.2 Gb.

Will quickly improve to Mimblewimble++.

Published April 14th, 2021

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