By: Brian Freeman
Epic Cash is a tremendous improvement on previous iterations of digital cash. It is the 2.0 version. Perhaps the Facebook to Bitcoin’s MySpace. To understand the unique and valuable aspects of Epic Cash we first need to understand some of the pros and cons of the most famous cryptocurrency on the planet to date, Bitcoin. Once we understand that, there will be three main points to understand about the improvements present in the Epic Cash protocol.
Bitcoin uses a Proof of Work (PoW) mining strategy. This means that the computers validating transactions on the Bitcoin network, called miners, need to exert “work” to validate transactions and earn a reward. A miner on the Bitcoin network uses exceedingly high computational power to guess thousands of times per second on the answer to a mathematical riddle. The machine solves the riddle through brute force, just guessing until the problem is solved. In the process, the computer uses electricity to power its guesses which is an expense to the miner.
Proof of work is a great system because just like mining gold from the earth, it takes effort and expense to mine a Bitcoin. This is a very fair system to introduce new currency into the network. However, Bitcoin PoW as we know it today has a downside. It creates an environment where the only way to compete is to use mining machines known as Application Specific Integrated Circuits (ASIC). These machines are very expensive to purchase and become obsolete very quickly as new ASIC hardware is developed. This means the cost barrier to entry for mining is very high, which prohibits the everyday person from being a part of this monetary revolution.
Another con of Bitcoin’s PoW mining protocol is that it tends to centralize the hashing power. The high cost of entry to powerful ASIC machines means that few people can afford to purchase and run a mine of large scale. As of today, roughly 30% of the Bitcoin hashrate is controlled by one group of people. The btc.com and AntPool mining that you see in the link below are owned by Roger Ver and Jihan Wu who are business partners and friends. Combined, they control about 1/3 of the Bitcoin hashrate. All they would need to do is negotiate a coordinated attack with two other large mining pools to successfully attack the Bitcoin network. https://www.blockchain.com/en/pools
Lastly, Bitcoin transactions are not at all anonymous and private. Every transaction is published to the public blockchain and public addresses are shown along with exact amounts transacted. Through increasingly sophisticated methods these Bitcoin transactions are easily traceable. This lack of privacy creates a major problem for people in oppressed nations people such as Venezuela, China, Zimbabwe, and more. These citizens are looking for a fair chance at financial freedom but Bitcoin does not provide that due to the reasons above as well as the fact that their transactions are trackable.
Now Epic Cash emerges and drastically improves on the above mentioned issues and more! While there are several improvements that Epic brings to the table, we will focus on three mains points in this article:
Decentralized Mining: First, Epic uses three mining algorithms to more fairly regulate the hashing power. The first algo, called RandomX+, gives the biggest advantage to miners who are using a simple CPU. This means your average desktop or laptop, and soon probably cell phones, will have the best chance of solving the mathematical riddles and earning a block reward. ProgPow is the name of the second algorithm which favors machines with GPU cards, popular on gaming machines. GPU cards are additional hardware that can be added to traditional computers and come with a moderate expense. Lastly, CuckAToo31+ is an algorithm that favors ASICs. Further technical details can be found at https://epic.tech/#mining#mining Ultimately, these three different mining algos mean that anyone and everyone can participate in securing the Epic blockchain through mining. The chances of mining centralization and therefore security breaches is greatly diminished. Supreme security through decentralization!
Decentralization of money: Another benefit of Epic’s hybrid mining protocol is not only mining decentralization but consequently money decentralization! By using three different mining programs on a published time schedule, Epic can truly be digital cash for the people. Everyone, in all parts of the world, will have an opportunity to mine and earn rewards. It doesn’t matter if you have the most basic laptop or the most expensive ASIC hardware, there is great opportunity for everyone to participate in mining rewards. This will create a much more egalitarian distribution of funds, rather than centralize coins with a few early adoptors/whales. Whales often contribute to wild volatility and even market manipulation as they are able to move price in their favor. Epic Cash will have a fairer distribution of money and a much less likely chance of market manipulation in the long run.
Truly Private Transactions: Epic Cash utilizes MimbleWimble technology on all of their transactions. The technical details of this protocol can be found here but the takeaway is that Epic Cash is truly private. There are no extra fees for privacy, there is no procedure you must do to make the transactions private, it is the default function of this blockchain. Now any citizen on planet earth has the quintessential Swiss bank account in their pocket and a fair chance at the American dream. There is no dictator who can stop this financial revolution.
Epic Cash is next generation digital money. It’s the Chrome to Bitcoin’s Netscape. The iPhone X to Bitcoin’s flip phone. The future of money is here and we invite you to secure your financial future and the Epic blockchain effortlessly from whatever device you are viewing this on. To your future! Cheers!
Check out Epic Cash, the world’s newest MimbleWimble Project and the blockchain that has answered some of the world’s biggest problems:
Epic Cash Website: www.epic.tech
Epic Cash Telegram: https://t.me/EpicCash