In the advent of blockchain technology, some of the most globally active cryptocurrencies such as Bitcoin and Ethereum have skyrocketed in market value since 2017, receiving much attention from the financial industry. Furthermore, blockchain technology has moved from the fringes of society to industry disrupter. Numerous tokens have emerged with various technical improvements to address issues of scaling and hacking, yet as a consumer technology the space has much to improve. The main issues have yet to be solved: daily usability and universal adoption.
Today, cryptocurrencies are still unable to be used by the masses. Volatility in price and issues of scaling are the biggest issues the crypto sphere faces today. Despite the technical improvements with newer cryptocurrencies, there still remains a lack of a robust ecosystem which can sustain itself — currently the ecosystem is fragmented and difficult to use for both users and developers.
To address these concerns, fintech experts Nick Young Whan Lee, Tae-hong Kang, and Se-Chang Oh; respected blockchain, fintech, and machine learning professors of well-known Korean Universities set out to answer those concerns.
Together, they developed EcoVerse, a general purpose platform which seeks to supercede the current cryptocurrency platforms by addressing the main challenges which face the cryptospace today.
Why we need EcoVerse
EcoVerse uses a new protocol of consensus for block-formation, AI- DPOC (Artificial Intelligence supported Delegated Proof of Contribution) system. AI-DPOC will facilitate an ecosystem capable of distributing rewards gained from the consensus process, as well as incentivizing all participants in the process.
EcoVerse focuses on distributing wealth fairly.
Currently, PoS allows the centralization of power to a few stakeholders, ultimately meaning whoever has the most money or stake has the most influence over the vote. This remains entirely antithetical to the potential of cryptocurrency which exists to decentralize the current monetary systems which enable the disparity of wealth distribution we see today.
Additionally, the EcoVerse platform will support upcoming dApps and utilize a two coin system (TICKERS: ECR and ECX). EcoVerse-X (ECX) is a private token tethered to fiat useful for items/ service charges on the platform to combat volatility. EcoVerse-R (ECR) is a utility token used for platform fees and will be offered during the Initial Coin Offering. Both coins offer a variety of options for the platform user.
Today, the crypto world needs a stable ecosystem — one that will foster the growth of decentralized digital finance and increase its adoption worldwide. EcoVerse aims to expand the crypto market and create a stable space for cryptocurrencies so people will be able to use it for everyday purposes.
The EcoVerse Initial Coin Offering is scheduled for November 15th. 2018