Emercoin

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Emercoin is a blockchain platform supporting a wide range of distributed trusted services. Distinctive features include high reliability, robustness and 3-in-one hybrid mining (PoW+MergedMining+PoS). Currently, the Emercoin platform already runs the network security services EMCSSL/EMCSSH, decentralized domain system EMCDNS, counterfeit solution EMCDPO, VOIP solution ENUMER, as well as several other bundled services.

Emercoin uses peer-to-peer technology to operate without a centralized authority. Transaction verification and currency issuance is carried out collectively by the network through consensus. All records are completely decentralized and uncensorable and cannot be altered, revoked or suspended by any authority.

Emercoin incorporates code from Bitcoin, Namecoin and Peercoin within its own unique code base.

Emercoin's decentralized blockchain is used in a growing number of services. At the heart of many of these innovations is the Emercoin NVS which allows for the arbitrary storage of name->value pairs on the blockchain.

The official project website can be found at emercoin.com

Getting Started

See:

Specifications

Emercoin (EMC) is a cryptocurrency with hybrid PoS and PoW mining (merge-mined with Bitcoin). Coin generation is focused mostly on production of coins by energy-conservative PoS as PoW difficulty gradually increases over time.

Total Supply: Algorithmically increasing at approx. 6% per year (see latest stats).
Block frequency: 10 minute average.
PoW Algorithm: SHA-256 (merge-mined with Bitcoin).
PoW block reward: 5020 EMC, decreasing according to PoW difficulty.
Formula: Reward = 5020 / sqrt(sqrt(difficulty))
PoS reward: Approx. 6% pa.
PoS stake-weight maturity: 30 days.
Max. stake-weight: 90 days.
Difficulty adjustment: Recalculated each block.
Maturity for newly mined reward: 32 blocks until new coins can be spent.
Base58Check encoding address prefix: 33
Default p2p port: 6661
Default RPC port: 6662

Services and Solutions

At the heart of many of Emercoin's innovations is the Emercoin NVS which allows for the arbitrary storage of name->value pairs on the blockchain.

Among these services are:

  • EMCDNS - Domain Name System.
  • EMCDPO - Digital Proof of Ownership.
  • EMCSSH - PKI and Access Control List management for servers.
  • EMCSSL - Passwordless logins and proof of identity.
  • ENUMER - ENUM telephone record management.
  • EMCMAGNET - BitTorrent links.
  • EMCLNX - Peer-to-peer text-based advertisement link exchange network.

Technology Tree

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Roadmap

Important milestones the Emercoin team are working towards implementing:

  • Segwit (apply the last Bitcoin code)
  • Creation of Secure Smart Contracts
  • Light-weight EMC wallet based on Electrum.

Security

While blockchains are secure by design, the possibility of 51% attacks exist where an entity controls more than half of the network hashing power.

But with PoW and PoS working in tandem, the Emercoin blockchain possesses an enhanced degree of security. A 51% attack on Emercoin would require someone having both a minimum of 51% of the network hashpower and at least 51% of the total coin supply in their possession. Such an attack on the Emercoin blockchain would be a self destructive move by the attacker since they would simultaneously be damaging the network and devaluing their own massive coin holdings.

Now that Emercoin is merge-mined with Bitcoin, it benefits from a significant portion of the mining power of the Bitcoin network.

Technically a 51% attack on Emercoin would have been possible before merge-mining began but it would have been a fruitless move that required spending a large sum of money to perform, and only someone with several million dollars to waste and a serious grudge against the Emer blockchain would have had the means to do it.

EMC

EMC or "emercoin" (lower case) is the monetary unit of account used for transactions and services on the Emercoin blockchain.

An EMC cent (EMc) is 0.01 EMC.

Obtaining EMC

There are several main ways to obtain EMC: