Many people are asking this same question:
- How is Epic different from other MW deployments such as Grin and Beam?
Should we try to reply this specific question directly in the whitepaper?
I suggest we make a table to compare Epic with other coins later, in some weeks.
I will do that soon, or someone can.
Here are the key differences in no particular order:
Grin has infinite supply and linear emission of 1 per second forever. Beam has a max supply of 262m. https://coinmarketcap.com/currencies/beam/
Our coin has the same supply mechanics as Bitcoin after the Singularity in May 2028, this is because everyone knows Bitcoin is deflationary and that makes it trusted as a store of value. We too would like to achieve store of value recognition by the marketplace and that is why we have adopted the Bitcoin monetary supply curve exactly after a 9 year period that is designed to give people who missed Bitcoin a chance to come in and participate, as one bitcoin is really expensive right now but one Epic will not be.
Beam is C++, whereas Grin and Epic are in Rust. Both are solid languages but Rust is much more inclusive from a developer participation perspective. Millions of young people are learning Rust and not c++, so this has important implications for the breadth of the developer base beyond the Beam core team for the longer term. When I was in college 20 years ago, they taught me c++ but today they would be teaching me in other languages, including rust. We will be releasing a 100-percent original codebase that is engineered according to high assurance techniques found in critical applications such as life sciences and aerospace, hopefully at some point in the next year. We prefer to talk about what we have already achieved rather than what is coming, so that our community develops a reputation for delivering new features on a regular basis. There is a technical paper coming from Todd’s team on the significant engineering innovations that we have already done and how that relates to future iterations.
Currently Beam has certain features to add back in auditability and regulatory compliance that are ahead of what is found in both Grin and Epic. Certain of these are in our roadmap, others not, we will be publishing our vision soon, right now our focus is on a successful mainnet launch.
Because of our prioritisation of fueling the need for medium of exchange to support small scale transactions such as the proverbial cup of coffee, we anticipate filling our chain quickly and we will use all of the 15 to 20 transactions per second on chain before very long, so we will be committing to a lightning implementation based on a completely fresh code execution from the bottom up. We believe that https://blog.bitmex.com/the-lightning-network-part-2-routing-fee-economics/ Bitmex Research has some excellent ideas about how to iterate the structure of the network design beyond what is currently found in Bitcoin. The purpose of this phase of development is to handle Visa and Mastercard scale of transactions, which are burst capacity up to 50k transactions per second but usually sustained much less throughput. The cost will be orders of magnitude lower to operate, and these savings will be directly captured by merchants and users.
However, the biggest differentiator that will rapidly become evident immediately after mainnet launch is the wide front on which we are driving financial innovation. There was an erc20 project called EPIC, we bought out the developers and will be deciding how to respect the financial interests of the token holders, we look at this as the first acquisition or merger of two coin networks.
This enables us to create a derivative of the Epic coin, an erc20 asset that trades natively on the decentralized exchange networks that will play an increasingly important role going forward as centralised exchanges geofence US customers. With 0x, listing our coin on an Ethereum Dex, that becomes opt out for the exchange provider rather than opt in, as is the case with centralised exchanges who will need a fully integrate our chain. The Foundation will agree to exchange an erc20 epic for an actual Epic coin and that peg or guarantee will serve as the basis for traders to hedge their long and short exposure using the increasingly capable decentralized finance stack that is being built out on Ethereum today. Projects such as Compound, Dharma, and dydx lead the way here currently.
Then of course, there is the stablecoin system called EUSD. EUSD will be the first cross chain system that features a design that can be thought of as a meta-stablecoin, with an algorithmic central bank, this will be called the Epic Cash Reserve or ECR token, similar to Maker or MKR in that ecosystem.
Instead of only running on Ethereum, the stablecoin system will be implemented across almost every smart contract platform in existence. Even smaller networks that struggle to achieve significant liquidity and relevance such as AION, Vechain and Halo, they will now be able to access the same sophisticated decentralized margin lending capability that Maker provides natively on their own chain. By the third version, EUSD stablecoin tokens will trade on not just the evm-compatible smart contract platforms, but also potential future leaders such as Cardano, Dfinity, Tron, and Tezos. By presenting an EUSD stablecoin token to the smart contract that lives on each chain, a user will be able to specify their wallet address to receive $1 of Epic Cash currency with no conversion losses, only the price of gas needs to be paid, this will take a lot of the friction out of existing stablecoin implementations such as Tether which are based on bank deposits and humans to administer them.
By running the system on an open source smart contract platform, trustlessness in stablecoin design is achieved, something that is very obviously a problem in current networks such as Tether. We will be using the mining contribution resources aggressively to get our coin into as many hands as possible, especially between now and the end of the year. What matters most is utility, actual usage by users as a medium of exchange in commerce to buy goods and services. Utility in some capacity, even if limited, is enough to drive sustainable token valuation based on something more than just speculation, as we have seen in the case of dogecoin.
I believe these are the most salient points that anyone would look at in deciding whether one particular mimblewimble codebase suits their needs. If anyone has any concerns or would like to know more, comments and feedback are definitely welcome and I will reply at my earliest convenience.
Thanks everyone for your participation and support, let’s keep building out content on this forum as we answer these questions from people who are new to our community.