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What kind of project is this?
Hi, we are building a Light private proof of work blockchain called Epic Cash. It’s intended to bring the proven monetary policy of Bitcoin to Mimblewimble so that we can restore fungibility.
Whitepaper out soon!
From Luke Stokes:
(Breaking into parts as I take them one by one)
I’m a little confused about something in the Epic Cash Business Paper:
in 2028, at which time the functions of the EPIC Foundation will be assumed by a Distributed Autonomous Corporation (DAC) to be developed by the EPIC Foundation prior to the handover.
Why wouldn’t the EPIC Foundation run as a DAC long before 2028?
Absolutely, that’s why we’re working on it now.
If the funding dries up on that date, what will be the point of the foundation?
The Foundation terminates operation on that date regardless of whether the DAC is successful - the point is to put a hard stop on it and not allow a privileged class to form
What power will it have?
Until the Singularity, it will be responsible for governing the project. After that, since it won’t exist, none.
I’m not sure this answers your question
What will its responsibilities be and to whom (token holders, industry, etc)?
The responsibility is to the holders of the coins only, to no one else. Users are those who hold the coins and those are to whom allegiance is owed; any decision taken regarding any other interest group (e.g. industry) will be motivated by what’s in the best long term interest of the network and by extension its coin holders.
Seems to me, it would be a good idea to specifically spell out what the Foundation is meant to do and that it will run in a decentralized manner, based on a tokenized governance system (which we’d then need to explain as to who gets EDAC tokens, how they get them, etc).
Singularity - “Reverse Tax Day” - all unspent funds remaining in the Foundation are liquidated to purchase Epic currency on the open market at the spot rate. It is then burned, further increasing the value of existing currency units in the hands of holders.
Does this mean the foundation will have zero funds to operate beyond 2028?
Yes. That’s the point. The Foundation dies and all its money is given to users. Hand wavy at this point but 9 years in crypto is 90 in legacy financial markets, so we have some time hopefully
Looks like an answer was given in a different thread here.
I think the confusion is in the wording. Parts make it sound like this is the date the DAC will take over, other parts make it clear this is the date the DAC Foundation will cease to exist.
Thanks Ima! Tag me on tg pls to get plugged into the doc iteration on that, not too late to change, good catch.
Why did you choose name EPIC when there is already a project called EPIC and they are building p2p platform. Are you both going to merge? If you are merging then how will you accommodate other EPIC project coin holders?
Press release out soon
Is there anyway I can earn epic cash coins?
That is a nice question. Although this is mined coin by POW at the beginning some coins will be mined by the team since there are no many people aware of this project. Is there any way we can earn in some ways the coins already minted?
There are none already mined, the network is still in testnet. Everyone can mine on the same level playing field from the start, and there is no premine
Does already have a date scheduled to the mining be launched? Where can we find the instructions for GPU mining?