Einsteinium (EMC2) is a lite version of Bitcoin that was released in March 2014 to help support and raise funding for scientific research. The scrypt-based coin was created to collect funds which are distributed to science projects that the community chooses.
The Einsteinium Foundation, which is responsible for the creation of the coin, believes scientific research is a necessary long-term investment for the future. The foundation notes that funding for research has fallen drastically in recent years, and it wants to “fund the future with the future of currency.” Science projects considered worthy are nominated every month and put up for a general vote. The winner of the monthly vote receives the proceeds collected in the respective month.
The Einsteinium Foundation was officially registered as a non-profit on April 7, 2017. It is the first non-profit dedicated to science research that is registered in the crypto world. The foundation hopes to build relationships with other non-profits around the world and secure grants to support all kinds of innovative science projects. As of fall 2017, the foundation has donated 16 million EMC2 coins to research.
Einsteinium Pricing, Market Cap and Volume
Einsteinium has a hard cap of 299 million coins, which will be mined after 730 epochs. A total of around 55 million coins were burned from the total supply via the hard fork that removed the wormhole feature. As of December 2017, there are 216 million EMC2 coins in circulation with a market cap of $94,325,372 and a 24-hour volume of $17,800,900.
The value of EMC2 rose from $0.0025 in early 2014 to just over $0.50 in the fall of 2017, and is expected to continue rising well into 2018.
How Einsteinium Works
Like most older currencies, Einsteinium is a distributed peer-to-peer cryptocurrency released without any pre-mined coins. Einsteinium uses a proof-of-work algorithm and unlike other similar cryptos, 2% of EMC2 coins mined in every block are automatically credited to the foundation’s donation pool.
Mining of EMC2 is divided into epochs, and each epoch lasts for approximately 25 days and mines 36,000 blocks. When an epoch ends, a new research project is nominated to receive the donations collected in the next one.
The Einsteinium Foundation’s first financial contribution was to Walter Moss, a post-doctoral scientist at Yale University who is researching whether viral molecular structures can cause cancer. Moss received 526314.56 EMC2 (approx. $1,000) delivered via the scientific research crowdfunding site, Experiment.com.
Einsteinium’s “Wormhole” Mechanism
Einsteinium used a “wormhole” feature to reward dedicated miners, create volatility on the market, and capture the interest of the crypto community. A wormhole event randomly occurred during each epoch and lasted for 180 blocks with a reward of 2,970 coins per block.
The foundation announced in October 2017 that it is removing the wormhole feature via a hard fork. The decision reduced the total supply of EMC2 by 55,075,320. While the feature was great for marketing the coin during its infancy, it increased the potential for abuse and is now no longer necessary since EMC2 has an established user base. The hard fork was supported by all the major exchanges that carry EMC2.
The Future of Einsteinium
The Einsteinium Foundation has an ambitious road map that details its plans for the future of EMC2 after it completes 730 epochs. It includes the following:
Web wallet – store your coins in a secure online wallet that allows users to create and receive invoices while managing their developer licenses.
EMC2 mobile – a mobile wallet that gives users the ability to do everything they can do on the web wallet while on the go.
API – the foundation is working on an API that will allow blockchain developers to create crypto apps on the Einsteinium network.
EMC2Me – a crowdfunding platform for scientific research and cutting edge crypto projects where community members can vote on which projects the proceeds should be awarded to. This platform will be a continuation of Einsteinium’s original goal.
Social media platform – The developer team would like to create a messenger app that lets users chat and send gifts (flowers, love, kisses, etc.) with coins attached to their friends and family as way to have fun with EMC2.
Super wallet – a wallet that lets you buy EMC2 using major credit cards. You can even use it to schedule future purchases or repeat buys.
4YOUEMC2 – an e-commerce store where you can buy and sell products and services using EMC2.
Einsteinium SDK – a wrapper around the EMC2 API for technologies like Java, PHP, node,js, Magento, C#, etc. It will help developers easily integrate EMC2 into businesses by simply opening a developer account on the web wallet.
Einsteinium debit card – a fully functional debit card you can use to load up your EMC2 and pay for purchases.
Einsteinium Awards – An annual event organized by the Einsteinium Foundation to recognize the best researchers in science and technology. Chosen nominees will be given a trophy as a sign of appreciation for their hard work and dedication to science and the future of humanity.
Acquiring and Storing Einsteinium
EMC2 can be traded on Poloniex, Bittrex, Cryptopia, Alcurex, and Upbit in exchange for BTC. Bittrex and Poloniex have the largest volume of EMC2 by market.
EMC2 has an official desktop wallet that is available on Windows and OSX. The coin is also supported by the Coinomi wallet on Android.
Liquidity of Einsteinium
Einsteinium is a very liquid altcoin. It has been trading on exchanges since early 2014 and has a distinct advantage over most altcoins because it is listed on the two most important crypto exchanges, Bittrex and Poloniex.
Over the past few years, EMC2 has managed to pick up volume and price, and has been targeted by speculators and “pump n dump” groups. While EMC2 will likely never be worth much in real-world currency because of the sheer volume of coins in circulation, $1 per coin is not out of the question if the developers continue maintaining the coin and the foundation’s vision of raising money for science.
