currently in the 2717 area. only 21 million will be in existence. has recently seen a support area over the hoidays. has weathered some Bullish surges in price. one theory is that price will revisit those ranges. continues to rise steady and was unfazed by the recent Bitcoin Price Run.
I appreciate it's specific focus on the Dutch Economy and providing a crypto alternative for Dutch Businesses. I am looking into what an "Ambasador" means with them. I have been visiting their facebook community. I do not see a lot of talk of Lambos or Moons. I simply see a calm and consistent community invested in the project's success.
thank you for providing this analysis. I look forward to storing my value in EFL... if the dutch know anything, it's money
gerritoerlemans
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Hi,
You are looking into what an "Ambassador" means so maybe i can give some clarification. In fact ambassadors mine the e-Gulden premine by extending the e-Gulden network.
I need to rewind a bit to help you understand:
e-Gulden was erected by a group of students that quickly understood the project was to big for them.
They called for help and suggested the community (early investors and others interested) should take the lead.
The challenge was taken by a group of professional volunteers that established an association, the Electronic Gulden Foundation.
For three years this group elaborated on the project and witnessed a harsh environment of cryptocoin-competition and hostile mining behaviour,
alongside loyalty and community support. The association took on the challenge of guarding the e-Gulden assets, to educate by means of a website and publications and to set-up campaigns to distribute an important premine to as many dutch citizens as possible.
The association dit not feel compelled to invest themselves and had promised not to use the premine as an investment vehicle.
During the process of monitoring the e-Gulden network the two main core-developers elaborated a solution to protect the network against hostility.
They acknowledged the fact that a countrycoin has a mining-minority by definition in a global playingfield.
The possibility of an 51% attack has not been solved (and will intentionally not be solved) by the bitcoin-core developers, because they are convinced that they can rely on a mining majority.
The option to create a hard-fork and to introduce a proof of stake solution was very unsatisfactory to us:
- A hard fork is against the principles of true cryptocurrencies because it changes the monitary conditions. The true value of a cryptocurrency is that these don't change.
- The Proof of Stake option introduces many disadvantages to proof of work and and especially an new sense of centralisation that Satoshi strived to eliminate
Our solution was to introduce loyalty. In a playingfield of anonimous miners we introduced proof of loyalty and the possibility of miner identification. Miners that do not want to comply to loyalty can just continue to mine,
but one out of six transaction-blocks needs to be mined by a loyal miner. We presented our solution (a soft fork) to the community and implemented it last summer (2017). It was released mid august and within one month we witnessed its effects:
- The network became increadably stable. What that means is that he two-minute blockinterval became very reliable not only in the long term but also in the short term.
- The network has never been abused since by large mining pools that use an exploit to manipulate network difficulty.
- Because loyal miners are comprised by a stable set of pools and miners they also impose a limit on the total mining capacity allowed (one sixth of it is allocated to them).
- The mining profitibility is greatly increased because the mining difficulty is now dictaded by the capacity of loyal miners and not only by the marketprice of EFL.
The major advantage, not mentioned yet, is that the importance of mining is greatly reduced. The network is safe, even with a small loyal community with minimal hardware.
This solves the last issue with respect to the e-Gulden network: minging rewards are halved very year and by 2025 only one EFL will be mined per day and therefore, in the future EFL will largely depend on miner loyalty.
This comfortable position allowed us to look at "what's next" on the list of importance. While everybody in the crypto-sphere focusses on security, anonimity, capacity and profitibility we discerned another point of concern.
One small sense: DECENTRALISATION is at danger.
If you look at the blocksize debate and the incentives to hardfork Bitcoin, the evolution of ICO's and the Proof of Stake compromise, cryptocurrency as a whole is evolving into islands of centralisation.
Even with Bitcoin we see this tendancy. If you look at the number of nodes (copies of the blockchain) you see it hardly increases, or even decreases (currently only 10.000 nodes).
More and more participants are less inclined to store their cryptocurrency in their own wallet but use new banks, exchanges or hosted wallet.
Therefore we introduced the embassador campaign (ambassadeur in Dutch). We descided to allocate the premine to a new form of mining: Reward the presence of a node in the e-Gulden network.
During a period of four years and stages of two months participants are rewarded proportional to the amount of hours their node/wallet is connected to the network. After you have participated during a two month stage you become a/embassador.
Ambassadors continue to be rewarded, but they only receive their full reward if they convince new dutch participants to join.
This way we achieve a network and a decentralisation effect that could not have been achieved otherwise. This is how ambassadors mine the premine by extending the e-Gulden network.
Gerrit Oerlemans
gerritoerlemans
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@gerritoerlemans, Sorry for the typo's; there is no correction feature here
allthemoneys
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@gerritoerlemans, just now seeing this. thank you all so very much. i may not fit all the criteria for an embassador. but i have helped a dutch citizen at least have a look. i think it is an interesting project. i like the POL, Proof Of Loyalty, aspect EFL has.