The History of Crypto:
Crypto has now been around for quite a few years. The problem with current crypto currencies is that they aren’t too different from one another. Yes, some of the block chains are completely different, the utilities are different, and even the way people confirm transactions is different. But let’s face it, everyone is using it the same way, as an investment tool. While some developers are making great strides on creating the next big cryptocurrency, they’re looking past the failures that some have made along the way.
The Reason Behind Cryptocurrency:
The main reason cryptocurrency was created was to decentralize the way money is spent. To make it so people had more power in how they used money. But let’s look at where it is now. There are “whales” in these currencies, that at a press of a button can financially destroy smaller investors. You also have the case where now banks are accepting crypto currencies (but wasn’t the main reason to invent this technology to get away from banks?).
The solution to all of the problems that are currently being experienced by crypto users is to create a currency, that is efficient, and useful to the users. If we follow along the foot steps of previous developers, we will end up with a coin, that has value, but also has just as much value in its fees that are used to send this currency to one another. We need to guarantee that these fees are as minimal as possible.
The scenario that Efficiency Coin wants is a coin that has no fees when sending to another user, that only has small fees when cashing out, or spending the currency. If your family needs to borrow some money, we should not charge you to send it to them. The same as if you were to pay a bill, you are already spending your hard earned cash on bills, why charge you a fee to do this? The banks are already charging less than some current cryptocurrencies are.
Make the currency completely decentralized. No “whales” and no third parties holding the majority of the coins. Let it be dispersed evenly to people. Of course you cannot combat someone buying more tokens than another person, but the need to make a living off trading tokens in massive amounts doesn’t need to happen with Efficiently Coin.
Where We're At Now:
Right now, we just launched the Binance token Efficiency Coin. The bulk of the coins are owned by me, the developer at the time of writing this paper. We want to start this massive project, but need the funds to launch something at such a big scale.
How Our Token is Working:
Our token is for the people, not for the whales. There is no way to buy more than 10% of the available token, we do not want whales in this token. We also are here for the users, so every time a transaction is made, 5% goes back to the users, 3% is burnt, and 2% goes back into the ecosystem.
Once we have “officially” launched our coin on its own block chain, then the fees will stay the same, only when transferring to another exchange. The only way we want to tax the coin from someone, is if they’re selling it after profits, if sending to a buddy, there’s no reason to tax the coin. This would all be developed as the timeline below will show.
What This All Means:
The final product of the Efficiency Coin, will be a coin that can be sent to anyone without a fee, the only time a fee will show up is when someone is selling the coin. This will be developed into the block chain itself.
Like a lot of other currencies, we want to make a wallet, but ours won’t be the same. Ours will look more like a bank account, where you have two separate addresses, one that is a spend address, and one that is a savings address.
A spend address? Yes, we want to release a debit card that will be linked right into your spend account. This way someone can go to the store, and know exactly how much money they have to spend both in EFC, and your currency.
2021 launch the token
Early 2022 launch token version 2
Late 2022 launch official wallet
Late 2022 launch the debit card
Early 2023 launch the official coin on its block chain
Mid 2023 let user be able to swap tokens for the new currency on the app/website.
Continued support indefinitely
The dates above could be sooner, later dates were given due to normal drawbacks of developing anything.