A new Beginning: Ethereum Social Project (aka ETSC)
For any press inquiries, please email info@ethereumsocial.kr
This is the beginning and the story of Ethereum Social, including why Ethereum Social exists and what is Ethereum Social for.
2017: The Beginning
Ethereum Social was started as a hardfork of EtherSocial (ESC) in order to overcome the conceptual and technical limitations of ESC and to be independent from existing marketing forces.
While EtherSocial (ESC)’s business strategy was limited to the one site, ddengle.com, Ethereum Social (ETSC) aims to target multiple community forum & soho & shopping sites.
It can be done by the following business model.
Case analysis:
1. Carbonvote.com uses one-vote-per-one-coin Mechanism instead of one-vote-per-one-head.
It can be done by using smart contract and DAPP.
Also carbonvote.com was used during DAO hardfork vote and EIP-649 ( decrease block reward ) hardfork vote.
We can use the same method on the upcoming community vote.
2. Listing alt-coins and tokens via coin-voting process on C-CEX.io and CoinEx
Not only counting the user accounts of the coin vote, but c-cex and coinex uses one-vote-per-one-coin program in order to maximize profits.
3. Ethereum’s Ice-age and DAO hardfork
Difficulty adjustment due to incorrect design of ethereum foundation and Adjustment of mining reward has damaged miner’s profits.
In addition, DAO hacking and freezing of funds in the Parity Muilti Sig purse has been undermined the interests of existing investors.
Contrary to this, there are Ethereum Classic and Ellaism in order to solve this problem.
Ethereum Social is a stable hard fork algorithm choice
The adoption of POW, EIP150, EIP155, EIP160, and ECIP1043, which are standard among the ether series block chains, has laid the foundations for various services and clients to support ETSC,
Also it will further develop the community-based DAPP and provide fast and reliable public API and explorer services.
The problem we are currently solving is:
Ethereum Social is a hard fork coin based on the go-esc of ethersocial.
In order to accomplish the hardfork, EIP155, EIP160, and Byzantium was activated just before launch.
However, poor code design makes it impossible to maintain development consistently.
Therefore, we want to solve this problem by transferring the balance on the new block chain.
Block chain transfer:
The new hard fork on the 500,000th block is in progress,
All of the previous accounts and their balance will be moved by importing into the Genesis Block, except for accounts with zero balance in the wallet, internal transactions, and contract addresses.
After that, Pull Request is being added to the new node program and parity, and two node programs will be able to support the new network of ETSC.
ETSC asset distribution:
After the block chain transfer, the existing block chain will have :
Dev Premine : 130 million ETSC
Premine from ESC : 50 million ETSC
The remaining users + new users: around 20 million ETSC
Since then the new block chain will have:
1. 420 million ETSC — New Premine in the new chain
2. 130,000,000 ETSC — current premined balance
3. 930,000,000 ETSC — Total balance held by developers
4. 70,000,000 ETSC — current balance + user’s balance from previous chain.
5. 1,000,000,000 ETSC — the number of balances to allocate to the new chain
6. 1,376,692,187 ETSC — Number of coins to be mined in the future
7. 2,376,692,187 ETSC — Expected Max supply
You can refer this chart in order to analyze the supply of ETSC
https://docs.google.com/spreadsheets/d/1uNaYSO426y2jiaQq4p9iU7Kh9rZ-wlP4Q4SXs8MiME8/edit?usp=sharing
2018: The new era of ETSC:
2017 saw the end of the side-project. 2018 will ensure we have a solid foundation for the product, the company, and the team. It is this solid foundation that ensures our long-term stability and success, in 2018 and beyond.
Our goals:
1. Simultaneous release of core program and mining pool
2. Accelerate Parity + Myetherwallet support afterwards
3. Deploying the Install Wallet Program
4. Listed on the Exchange
5. Release of Dapp
What We Need To Achieve Our Goals:
Make choices that are the best for Ethereum Social, the community, and the larger blockchain space.
Create the best product we can to empower people to interact with the blockchain.
Find the balance between safety, control, ease-of-use, privacy, decentralization, and trustlessness.
Ensure our users understand the risks of the blockchain and can make an informed choice between our product and alternatives (e.g. hosted wallets, exchanges).
Take the people who use our product and provide feedback to heart and carry their feedback with us; they are why we are here. Listen to them, regardless of their technical abilities or communication skills.
Stay true to our free, open-source, privacy-minded, transparency-focused, and client-side roots.
For anyone interested in seeing these features (or others) in Ethereum Social, now is the time to step up and work on them. The protocol upgrades will need solid implementation, with lots of time for review and testing. We do not want to be in a position where people push for last-minute changes to be included in the protocol upgrade. We need to be proactive.
Working together, we will make Ethereum Social the best money the world has ever seen.
