More about the Foundation
Background
Background
The Foundation
The Einsteinium Foundation is a Non-Profit Organization (NPO), and the world's first NPO to be backed by cryptocurrency. The defining characteristics of the Einsteinium Foundation are 1) its ongoing commitment to research and charitable missions throughout the world, and 2) to the safeguarding, maintenance and development of Einsteinium, an international digital currency built on a secure, decentralized open ledger, or blockchain.
Scientific research is a long-term investment in our future, and the future of our planet. Funding around the world for ‘big ideas’ has fallen dramatically in recent years. In direct response to this, the Foundation awards grant money to worthy applicants. There are no restrictions on which projects are eligible but they must be scientific in nature, working to push our knowledge and understanding further, and strive to build us a better, safer and more stable future.
Our aim is to build long lasting relationships with other NPOs and scientific organizations worldwide, in order to support future ground breaking science projects of all kinds.
The Currency
Einsteinium (EMC2) is an open source, Bitcoin-like digital currency which uses a proof of work scrypt algorithm. Although this currency can be used for any type of transaction, its primary use is for scientific, charitable and political fundraising.
The genesis block was mined on March 1st, 2014. The total number of mineable EMC2 is 245,465,283. The mining of Einsteinium is divided into Epochs: each Epoch mines 36000 blocks of coins and is targeted to last approximately 25 days. All coins will be in circulation by the year 2064. After this point of maturation, it is anticipated that a fork will occur causing a new (yet to be determined) governance system put in place, creating a natural inflation rate of 2%, making EMC2 ideal to be used as a stable global currency.
As part of the design, a 2.5% mining tax was created. When coins are mined, 2.5% are automatically donated to the Foundation Fund. (2% to be given to science projects and 0.5% going towards faucets, donations and marketing costs. This fund account is fully transparent and each transaction recorded on the public blockchain to ensure correct appropriation of funds.
Medium of Exchange
Einsteinium is openly traded on major international exchanges and in the future will be available to be used for purchasing goods and services all over the world. While it is not presently a universally accepted form of payment, new features, such as the lightning network, will enable EMC2's ability to transact on a global scale.
Store of Value
Due to the nature of its design, the ledger of accounting for Einsteinium is immutable. Furthermore, it shall be a deflationary currency for a period of 50 years, allowing enough time to reach critical mass. The transparency and security offered with this currency ensures that over time it will maintain its transactional value, provided that the system is well maintained and adaptable to ensure state of the art securitization.
Unit of Account
All cryptocurrencies, due to the nature of their volatile prices, are presently not ideal units of account. However, an upcoming feature of EMC2 will enable it to perform atomic swaps, or instantaneously convert into a different form such as Bitcoin, or even coins backed by fiat currency. Therefore, it can perform all of the necessary functions of accounting to ensure a safe and transparent record of exchange. Eventually, upon its maturity, the volatile nature of the value of each coin will decrease, particularly with the implementation of the 2% inflation rate.