How to get a cryptocurrency off the ground? There is a tricky interplay between three different ideas in cryptocurrencies:
- the security and trust of the blockchain,
- the health of the mining ecosystem, and
- the value of the currency.
Ideas for eDucat:
- Ensure the technological security
- Set up certification rules for new Nodes
- Develop a Reputation Model
- Try to attack our own System using White Hackers
Historical background: The Venetian Ducat was most stable and honest coins during 500 years (from 1284 to 1797). The Ducat contained 3.545 grams of 99.47% fine gold, the highest purity medieval metallurgy could produce. All of these coins continued to use the designs and weight standards of the original 1284 Ducat.
- In Gold We Trust (gold coins and Gold Standard)
- In God We Trust (fiat currencies)
- In Blockchain We Trust (Bitcoin and cryptocurrencies hype)
- In Erudition We Trust (proof-of-learning and eDucat)
Very short history of money:
1928 – In Gold We Trust
1934 – In Legal Tender We Trust
1963 – In God We Trust
To achieve the ‘Hard to Mine’ requirements we develop a Proof-of-Learning Protocol. The learning is a brain-energy-consuming process. So, everybody can mine the eDucats by learning. We call it #mindning.
Students have few time for work during education. But they need the money for the life. They can mine the eDucats. If they learned hard and had no time for entertainments they can mine and save a lot of eDucats. After graduating they can invest the savings in business or find the better job without hurry.
Mining of cryptocurrencies, such as Bitcoin, is based on wasting of a huge amount of computing power and electricity, which deteriorate the environment. They call it ‘Proof-of-Work’. We can call it ‘proof-of-stupid-work’.
Yet, mining is necessary for the existence of cryptocurrencies. Other variants:
- Proof-of-Space or Proof-of-Capacity
Now eDucat Team are working on a Proof-of-Learning Protocol.
What makes the cryptocurrencies in demand?
- Trust built in the blockchain
- Hard to mine
- Limited in quantity
- Incentives to maintain a viable network
We believe that it is necessary to pay students for learning. Moreover, not just pay, but issue the money by learning process. We develop the eDucat, an educational cryptocurrency.