ECOVERSE: THE FIRST-EVER SELF-SUSTAINABLE BLOCKCHAIN PLATFORM
The blockchain constructed by Bitcoin has successfully shown how an unspecified number of anonymous people in the cyberspace can do activity for their own interests without central control. There is undoubtedly historical significance to the collaboration on cryptographic formation in proofs on trustless cyberspace. Unfortunately, Bitcoin’s weaknesses prove to be too numerous to be widely used in everyday life and very few recent crypto projects have been designed to be self-sustaining.
And reports by Dr. Nicolas Courtois, a cryptographer at University College London shows how many current cryptocurrencies are self-destructive in nature:
We observe that most cryptocurrencies have mandated abrupt and sudden transitions.
It shows that smaller bitcoin competitors are substantially more vulnerable.
We exhibit examples of ‘alt-coins’ which validate our theory and for which the process of programmed decline and rapid self-destruction has clearly already started.
The EcoVerse team’s mission is to build the first ever self-sustainable (or, not self-destructive) ecosystem, based on a developed blockchain network.
This article introduces the EcoVerse platform. First, we identify the main challenges currently facing the crypto universe. Next, we outline our technical solutions to these problems. Then in conclusion, we offer our philosophical vision which we hope to achieve with our platform.
PROBLEMS FACED
There is only one problem we at EcoVerse seeks to address: selfsustainability. The problem, however, is quite complex. It requires a multifaceted multidisciplinary approach to solve.
We will explain the self-sustainability problem in technical, economical, philosophical and socio-psychological perspectives.
Self-Sustainability Problem from a Technical Perspective:
Technically speaking, we believe a cryptocurrency must satisfy two requirements to be self-sustainable: daily usability and universal applicability. Yet, both of these underlying issues that need to be addressed.
Daily Usability: It means that an ordinary person should be able to use the cryptocurrency for his/her daily activities. It includes sub-problems such as scalability, volatility/price-optimization, privacy-protection/KYC-AML compliance, and security.
2.Universal Applicability: It means that our cryptocurrency must be widely accepted and used. Which means a cryptocurrency must be easy to use just as a credit card is, and must be widely accepted and therefore are usable in both online and offline.
Self-Sustainability Problem from an Economic Perspective:
The economic perspective concerns the wealth distribution of cryptocurrencies. They are known to have the rich get richer scheme. In fact, almost all of them are terribly failing at evenly distributing the wealth, a.k.a. the seigniorage. We
believe this threatens their sustainability very seriously. As soon as ordinary people realize they get nothing from their own crypto investment due to the scheme, they will leave and never come back.
Self-Sustainability Problem from a Philosophical (and Socio-Psychological) Perspective:
Philosophically, the problem is this lack of trust and anonymity. If an error/bug appears somewhere, an attack will take
advantage of it. utilizing it almost always occur. This is why hackings and attacks have become so common in cryptocurrency industry recently. In fact, from the year 2009 to 2015, one third of cryptocurrency exchanges were attacked and half of them were closed. We believe it stems from the philosophical flaw that people can trade without knowing each other all the time. Hackings and attacks against cryptocurrencies are being developed as an industry itself.
SOLUTION PROPOSED BY THE PLATFORM
The EcoVerse team will solve the self-sustaining problem outlined so far. The team’s mission is to build the first ever self-sustainable ecosystem based on a blockchain network. We will now discuss our solutions to these problems as presented above.
- Daily Usability: EcoVerse is designed with a cryptocurrency system consisting of two basic coins, each with different characteristics and functions. EcoVerse-X (ECX), pegged to a fiat currency (i.e. US dollars), is for daily use. According to Thomas Euler’s proposal of token classification framework [7], ECX’s attributes include:
• Technical Layer: Blockchain Native.
• Purpose: Network Token.
• Underlying Value: Asset-backed.
• Utility: Fiat-pegged Usage Token.
• Legal Status - Utility.
On the other hand, EcoVerse-R (ECR) is a cryptocurrency for trading. According to Thomas Euler’s proposal of token classification framework, ECR’s attributes include:
• Technical Layer: Blockchain Native.
• Purpose: Cryptocurrencies.
• Underlying: Network Value Token.
• Utility: Inter-chain Connectivity Token.
• Legal: Cryptocurrency.
ECR is a typical cryptocurrency used to store value and is the medium of cryptocurrency exchanges. ECR provides a fee charging function and various authentication functions for dApps that want to provide services to users through a blockchain, while when ECR and ECX are exchanged, the Foundation deposits the same value of fiat currency as the value of ECR in a designated bank. This policy minimizes the price volatility of ECX, guaranteeing ECX as a stable means for transactions.
EcoVerse will issue ECX in exchange for ECR, which may then be used for goods and services within the EcoVerse economic ecosystem.
Universal Applicability: The EcoVerse will develop a wallet that conveniently converts ECR to ECX in real time. The ECX should be used as conveniently as credit cards. Also EcoVerse platform will reach out to the point-of-sale terminal devices that can even be located in small “mom and pop” shop. This is to ensure that ordinary people may reach out to use our service without any difficulties.
Economic Solutions:
Gini Coefficient and Consensus Algorithm: The Gini Coefficient of cryptocurrencies at near total inequality will be the crypto’s destruction. However, this biased distribution fault is only a natural consequence of its consensus algorithm. A consensus algorithm has two functions: the operational stability of the network and its wealth distribution (or seigniorage). The operational stability of the network is critically important. The block generation and ledger management have to be done by someone trustable. This is why such a big economic incentive is given to the block producers.
To handle the problem, we employ artificial intelligence handle the operational stability. Then, a consensus algorithm is only needed to manage wealth distribution.Philosophical & Socio-Psychological Solutions: We stated that hackings and attacks likely happen when people do their economic activities without knowing each other. However, if people build their name and honor in the system, the number of hackings and attacks will be reduced quite well.
To find multiple levels of satisfaction according to types of people, we chose Spiral Dynamics Value Meme with Integral Theory. The implementation of multiple incentives based on the Spiral Dynamics Value Meme.
BUSINESS MODEL
The EcoVerse Framework is designed to provide the necessary technical support and training to facilitate easy development for all dApp developers/development companies who participate in dApp world by offering a plethora of tools. Consultants and educators will be available to those who want to participate in dApp world to design their own business models, service mechanisms, and reward systems based on SDICMD (Spiral Dynamics Incentive Compatible Mechanism Design) development methodology.
Various startup events will be provided to discover services that can support the growth of the ecosystem. The Foundation will incubate entrepreneurs with new ideas and products so that they may be successfully established in the ecosystem. The Foundation will operate an incubation fund for business partners and dApp developers. It will also do various funding activities to support dApps including air drops, which are necessary to increase the users of dApp services.
For example, the Foundation could purchase tokens generated by a selected dApp and airdrop them to all of the EcoVerse users for free. This will dramatically increase the users of the dApp. The cost of such airdrops will be recovered over a period of time with the dApp’s operation fees.
The Ubuntu Economy:
Ubuntu comes from the Nguni proverb "Umuntu ngumuntu ngabantu," which in its literal translation means, “I am because we are.” Ubuntu stresses the importance of community, solidarity, caring, and sharing. This worldview (Ubuntu) advocates a profound sense of interdependence and emphasizes that our true human potential can only be realized in partnership with others (Ngcoya 2009).
At the heart of Ubuntu remains inter-contentedness between people, and the idea of community. EcoVerse founds itself on the Ubuntu concept of humanity towards others and our neurobiological need for connection. An Ubuntu economy is our vision of a community for participants of all cultural and social trajectories where each individual can act on the sense of being connected to others by our common humanity, and where all relationships and levels of behavior or action are elevated to a higher plane. Fundamental to the EcoVerse philosophy are concepts of empathy and of building the community for the greater good of society beyond the economic and financial freedoms or gains which our platform offers.
TOKEN DETAILS
Token Symbol: ECR.
Token Type: ERC-20.
Token Price: 0.50 USD.
Payment Method: ETH.
Total token supply: 2,500,000,000 tokens.
Country: South Korea.
The proposed EcoVerse is the first ever selfsustainable platform using AI-DPOC (artificial intelligence supported delegated proof of contribution). EcoVerse solves daily usability and universal adoption by improving transaction
times, security, and interconnectivity. The platform aims to achieve the goal of hundreds of thousands TPS in real world application with TFT at less than 2 seconds, which we consider the highest limit for cryptocurrency adoption in daily activities.
For more information, kindly visit the below links:
WEBSITE: https://ecoverseglobal.io/
FACEBOOK: https://www.facebook.com/ecoverseglobal/
TWITTER: https://twitter.com/ecoverseglobal
TELEGRAM: https://t.me/ecoverseglobal
ANN: https://bitcointalk.org/index.php?topic=5061863
REDDIT: https://www.reddit.com/user/ecoverse_official
My bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2252569