There are literally hundreds of coins and tokens on the market, some better known than others. Once in a while I will investigate some of these lowcaps projects to shine a light on them.
Meet EUNO, an open-source community-driven cryptocurrency with its own blockchain. I have spoken with the developer of EUNO and will share my insights with you. The goal is to provide you with objective information about the project in a condensed easy-to-understand manner. Expect a birds-eye view about the project.
Disclaimer: the main purpose of this article is to inform, not to promote. This is not investment advice.
EUNO website | Whitepaper | Litepaper | Explorer |
Circulating supply: 14.175.595
Total supply: 19.480.192
Maximum supply: 50.000.000
% circulating: 28.35%
Marketcap: $ 894.150
Huidige prijs: $ 0.063077
Volume (24hr): $ 9.213
Exchanges: STEX, CREX24
Consensus-algorithm: Proof-of-Stake and Proof-of-work (X11)
EUNO did not have an ICO. Instead a pre-mine of 12 million coins took place. This means that these coins are in essence immediately tradeable on exchanges. Coins were allocated for the following purposes:
- Marketing. 2.8 million EUNO. Think about listing fees, promotions etc.
- Airdrop: 3 million EUNO was reserved for an airdrop. Any unclaimed coins were added to the marketing budget.
- Giveaway: 15.000 EUNO.
- Coinswap: 185.000 EUNO. These coins resulted from the acquisition of an abandoned previous project unrelated to the current EUNO project. Funds that remained from the acquisition of this project were swapped for EUNO. These will be used for marketing efforts.
- Team: 6 million EUNO. Reserved for the team behind EUNO. 3 million of these go to the current team, consisting of 14 persons total. These 3 million will be transferred to individual wallets over a period of 4 quartiles. First of these payments already took place. In july 2019 the final payment of the first 3 million coins will take place. The remaining 3 million EUNO is reserved for future team members.
Besides the reserved EUNO, the team has also invested a lot of their own money on the project and neccesary equipment. During an interview with the developer and other admins one thing that stood out to me was the passion these guys had for the project. When I wanted to ask about the financial situation of EUNO after all team funds were allocated I got the following response from one of their team members:
“ The thing is Steven that each EUNO core team member is passionate about the project, when someone is passionate about a project they do it because they enjoy what they do. When you have driven and passionate persons with the same mentality that’s what makes the team strong.”
Other team members have since let known that after they have received their yearly compensation they plan to continue contributing actively towards the project.
What is Euno?
EUNO is what is known as a payment-currency, this means the primary goal of EUNO is transactional in nature. Exactly like Bitcoin. This does not sound very special as first glance, as every cryptocurrency can be used for transactions. Such an assessment would likely be an understatement however. If EUNO successfully realizes the promises they make, it may well be possible that you will be paying with EUNO instead of Bitcoin.
Paying with EUNO
One of the unique selling points of EUNO is that it is possible to pay with EUNO at literally any Point of Sale (Pos — not to be confused with Proof of Stake). With that I literally mean every cash register where you can pay with your bank card. The only thing you need is a smartphone which supports Near Field Communication (NFC). What now? Don’t worry, for those that don’t know what this means — most modern smartphones support this feature. I will explain.
What is NFC and why does EUNO use it?
With NFC-technology it’s possible to process secure payments. It works in exactly the same way as contactless payment with your debit card and checking in with your “OV chip card” (Public transit card, if you’re Dutch). If this explanation of NFC technology is insufficient to understand how EUNO uses it, then feel free to also check out what TechRadar say about the subject. Now, back to EUNO.
NFC is important for EUNO because at this point you can do contactless payments literally anywhere. Through the EUNO mobile wallet it is possible to pay via your mobile in the same way as your bank card. The nice thing about this system according to EUNO is that the seller has no idea that you have just paid with your crypto. Why? The seller just receives euros or dollars! Unless they EUNO as well, which of course is also possible.
How does this work?
The EUNO team still does not want to say much about the details. According to them, this is partly due to the fact that they claim to be innovative in this respect and don’t want to risk other companies copying their idea.
The current problem with crypto payments is that most cryptocurrencies rely on an exchange where you can trade your altcoin against bitcoin or euros. This proves to be quite cumbersome, not to mention the chance of volatile price movements.
EUNO claims to solve both the problem of volatile price movements and the (lack of) ease of use. The idea is to open a form of third-party account from which all transactions are managed when making purchases via EUNO. The seller receives his / her euros or dollars from this account. The user then deposits his EUNO again. The idea is to make a speculative exchange redundant and promote ease of use for both parties.
The ACID protocol
The ‘Adoption and Convergence Incentivized Distribution’ (ACID) protocol refers to rewarding users of EUNO. Most cryptocurrencies suffer from “whales” that take everything and only buy the coins as a speculative tool.
EUNO wants to promote actual use of the coin, which is why they have come up with something to promote the fair distribution and use of EUNO.
That’s why you get a scaled percentage for every transaction that is made with EUNO. Spend a smaller amount of EUNO and receive a higher amount back. This way EUNO promotes doing your daily groceries using their coin. Thus, the more you spend with your mobile EUNO wallet, the more you get back. The necessary funds for this are derived from masternodes that are kept running. For more technical information about the ACID protocol, I refer you to the EUNO Whitepaper.
Doing anonymous transactions with your EUNO is also possible. When you use this, the transaction history can no longer be seen. The payment you make is inserted in a mixer with EUNO from other users. The other party you are transferring EUNO to will receive a mix of EUNO from different users. This way your funds are untraceable.
The value of EUNO
EUNO is a payment currency, through and through. You can contribute to the blockchain of EUNO in various ways and get EUNO in return for it.
The reward for mining EUNO depends on the block size. According to the blockchain explorer of EUNO, we are at block 189189 at the time of writing. Until block 205,000 the block reward is 30 EUNO. A block is mined every 2 minutes. From block 205,000 the block reward is 9 EUNO. After each block the difficulty will be adjusted. The amount of EUNO mined depends on the computing power you contribute to mining EUNO. If you want to mine EUNO I would recommend joining a mining pool. These mining pools are listed on the EUNO website.
Reward: 30 EUNO
Chance: depends on the efficiency of your mining equipment
The reward for staking your EUNO is 20 EUNO per block. For those new to staking, it works like this. Every two minutes a form of lottery takes place leading to the discovery of the next block in the EUNO blockchain. The more and the longer you stake EUNO, the higher the chance of winning the “lottery”.
The probability that you win depends on the number of other people staking EUNO. To express this in numbers is therefore difficult because the number of staking wallets and the amount of EUNO is constantly changing. Winners are chosen at random. Please note you need to mature your EUNO at least 72 hours before staking commences.
Reward: 20 EUNO
Chance: depends on other stakers and the amount of EUNO staked.
Masternodes receive 60% of the PoS value. Running a masternode costs 50,000 EUNO in collateral. Masternodes are rewarded on the basis of their availability and their ability to offer network services in a decentralized manner.
At the time of writing, running a masternode produces about 200 EUNO per day. This is about $ 356 per month. For the most up-to-date info, I refer you to masternodes.pro.
Reward: 30 EUNO
Chance: guaranteed, every 4 hours
What do I think of EUNO?
When I read the white paper I immediately noticed one thing, these are people who know very well what they are doing. I found it refreshing to read that EUNO had written a complete theoretical framework in the style of a research report as you would read at the university.
Noteworthy was the focus on human behavior. EUNO wants to get people to pay with EUNO. This requires behavioral change. A significant part of the White Paper has thus been spent on psychological theories for changing human behavior. As a writer, I think this is beautiful because I myself have a background in psychology as well. I therefore recognized a lot of the content matter. Most projects only describe the technological components but focus on the users is of equal importance. EUNO has done thorough preliminary research and it seems that they have a razor-sharp focus.
The competition for EUNO is tough however. There are a lot of cryptocurrencies that want to be used as a means of payment. If EUNO lives up to their promise however this could prove to be a strong coin in upcoming bullmarkets. The way in which NFC is applied, the use of EUNO is rewarded and how volatility is diminished I have not encountered before.
In the first quarter of 2019, the mobile wallet of EUNO will be released. There will also be negotiations with exchanges for listing EUNO and there will be a nice giveaway promotion in which you can win an EUNO masternode. In addition, EUNO has just released a “payment card” where you can safely store your EUNO. Based on the current roadmap, it is possible to pay with your EUNO from Q2 2019. By that time I will provide you with an update, for now it remains an — albeit promising — idea.
EUNO website | Whitepaper | Litepaper | Explorer |
Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins, etc.) entails a substantial risk of loss and is not suitable for every investor. You are responsible for the risk and the financial resources you use to trade crypto. The content in this article is mainly intended to inform and is not financial advice.
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