guido ochoa brief history of blockchain5.-What is Eauric?
It is a backed cryptoactive that has 3 fundamental characteristics:
• 5.1 Gold backup
The Eauric is backed 100% in gold, that is, for each unit of Eauric there is one troy ounce of gold that backs it. The gold used to back the Eauric is 18 karats. The Eauric is divisible in 1,000,000,000,000,000,000,000,000, that is to say, in a septillionth part or in a yocto (10^-24), which will be called yoctogold.
This divisibility allows the Eauric to be a cryptoactive that can be massified and also breaks the problem that gold has of not being able to be exchanged, traded or sold in most cases, for less than one troy ounce, whose price for the day 04/13/2020 was $ 1749 per troy ounce. If gold could be fractionally traded, the hundredth millionth of the value mentioned above would be $ 0.0000172.
It might be illogical to mention the value of the fractionation of gold, but at the time the “dollar to gold ratio” is reached, which was $ 19,502 on 13/4/2020, the hundredth millionth part would have a value of $ 0.00019502.
Historically, the price of gold always rises, so it is not difficult to visualize that in a few years it could quadruple to reach a value close to $ 100,000 per troy ounce, for that scenario, the hundredth millionth part would have a value of $ 0.001.
Having a gold backing and at the same time possessing a high divisibility of it, in addition to other characteristics that we will discuss later in this document, will allow the Eauric to massify to all the economic strata of world society, since it breaks the point at which it is necessary to have a significant amount of money in order to acquire a troy ounce of gold.
This in practice means that the massive use of it would be assured, since it can be used for any type of commercial or financial operation, however small it may be, which gives rise to a great potential for use and therefore desirability.
The gold that supports the Eauric will be of a purity of 18 karats, it will be stored, guarded, and certified by companies specialized in the area, as is logical all under a contractual framework between Electrumchain and each one of those companies. The storage and custody will be carried out through 3 different companies, and it will be kept in 3 politically stable countries in equal parts, in other words, 1/3 of the total gold of Eauric will be placed with a company different from the other and each company must be located in a different country.
• 5.2.- The transactional network (mining).
The second fundamental characteristic of the Eauric is the transactional network that will be based on its own Blockchain, a Blockchain developed by Electrumchain based on the Bitcoin core, wich will be explained in more detail later. This transactional network will be supported by miners, who will be external and independent to the Electrumchain organization. The work of these miners will be to maintain the necessary computing infrastructure so that each of the Eauric transfer operations will be recorded in the Eauric accounting book. This means that the accounting book that shows the possession of each Eauric in each wallet will be impossible to modify, delete or replace with another, even by the Electrumchain organization.
Obviously this provides security and transparency hitherto unknown; in the traditional system, when the financial institution fails, the technological infrastructure and the instruments of value of the clients disappear. With Eauric all miners would have to be turned off for this to happen, given this risk, anyone who has an Eauric or even a small fraction of it, would prevent its value from disappearing if they had a working miner at home. If every Eauric user takes this precaution, it is simply impossible for its value to disappear.
Each miner will obtain a reward for their work that will be between 0.25% and 5% of the value of each transaction, according to the computational value that they have contributed for the registration of each specific operation. Hence the importance of what was mentioned about the septillionth part, since this will allow any type of operation to be processed, that is, low or high amount without any exclusion, since the commission payment even for here a very small transactional operation is manageable and possible
The commission will be adjusted between 0.25% to 5% according to the number of miners who are contributing to the Eauric network, initially 0.25% will be given, according to the value of the Eauric at a time X, this commission may not be appreciated by the miner, so it would stop mining for the Eauric due to the low reward, therefore, to keep the miner in operation, the value of the commission will be increased.
There may also be a time when the transaction cost is very high compared to some other platform, because the value of the Eauric is very high, if this were the case the commission will be reduced so that it remains attractive for those who have Eauric to trade.
• 5.3-The first cryptoactive that supports a universal ecosystem
All cryptocurrencies and/or tokens express that they will be better and different from other cryptocurrencies, exposing that they will have the ability to generate their own ecosystem, which will capture a majority percentage of global financial operations, so they will become desirable and usable and this way they will be able to obtain a great value. Although they have few differences between each of them.
Electrumchain has a radically different vision; we understand that we cannot build an ecosystem where the cryptoactive Eauric is the center or axis of the ecosystem. That is why we propose the generation of a universal Blockchain ecosystem (Eleutherus) where the Eauric will be a cryptoactive, being a piece of the Eleutherus.
The advantage of Eauric and its potential value is based on the fact that it will be the first cryptoactive to be part of Eleutherus, this is a gigantic advantage since the first product in a new and potentially explosive ecosystem always has an advantage over any other product of its type for its massification and popularization.
Eleutherus is a universal blockchain ecosystem in which all cryptocurrencies, Fintech, SmartContract, Cryptoassets, etc., known until now and even activities that we do not know today and that have not yet been thought or developed, will be involved. This ecosystem, much broader than has been proposed so far, in the field of crypto-assets and blockchains will be one of the elements that will give traction to the Eauric.
Electrumchain will financially support a new foundation called Newfund, which will be a non-profit institution, whose goal will be to create a Blockchain ecosystem based on the premises of Bitcoin´s Blockchain such as P2P, PoW, SHA-2256. Anyone who wants can participate in Newfund, its main objectives being:
a) To develop all the necessary software for the continuous growth of the Eleutherus
b) Release, divulgue and massify the knowledge about the ecosystem it supports
For the construction of the aforementioned objectives, Electrumchain will deliver to NewFund the core software of the development carried out so far and which is fully functional, this software will be open-source, it takes the previously mentioned premises of the Blockchain Protocol; it makes great improvements and adds properties that the Blockchain Protocol lacked in order to become a Universal ecosystem. The relationship between Electrumchain and NewFund will be collaborative and participatory in its beginnings, since one of the principles of the NewFund foundation is to operate with criteria of total independence.
This is the way to create a Blockchain ecosystem for Universal use (Eleutherus) where all sectors and users can really participate in a truly independent way, in addition all commercial and operational areas/sectors of life can act in Eleutherus counting on the features of the bitcoin based Blockchain that has always been mentioned, such as security, decentralization and scalability. We are talking among others about the construction of a truly universal and independent Blockchain.