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What is Eco’in?

Ecoin is an open source decentralized key/value registration and transfer system based on Bitcoin technology (a cryptocurrency).

What is the relationship with Bitcoin?

The code is based on Fluttercoin which is a fork of Bitcoin, that introduces some interesting new features.

The block chain is separate, starting from a different genesis block and therefore creating a separate currency: Ecoin.

Where can I use ‘ecoins’?

Ecoin as any other currency is based on trust so, if you find someone that trust them, then you can start to use it.

It is a matter of searching.

To facilitate that process, you can visit the following list of services that people goes adding to MyEcoin.net network.

Also, you should take a look on cryptocurrency markets online, or ask to your local provider and friends on a social way, about if they are interested on use it to trade with you for resources.

How can I use ‘ecoins’?

For that you have a simple GUI/Qt application called: Wallet.

It’s similar as Bitcoin but adapted to be used by Ecoin.

ecoin-wallet

Main features are:
 

  • encrypted ‘coins’ storage
  • share system
  • block chain browser
  • history log of transactions
  • encrypted internal messaging system
  • contact addressbook
  • backup system
  • proxy socks 
  • traffic graphs
  • […]

If you need a more advanced wallet, we strongly recommend you to take a look on the Internet and search for Bitcoin wallets. You can use them to keep your ecoins as well. Like, for example: DarkWallet

 

To pay:

You can use your ecoins for paying on “Send Coins” tab:

ecoin-wallet-send

 

To receive:

You can use your ecoins for receiving on “Receive Coins” tab:

ecoin-wallet-receive
 

Sending or receiving ecoins generally takes some minutes.

This is the time it takes for the transaction to be confirmed within the Ecoin network.

How to start with ‘ecoin’?

To start to use Ecoin on you GNU/Linux box (tested on: Ubuntu 14.04.2 LTS 64bits & Debian Sid 64bits & Trisquel 7.0 64bits), you need to install some dependencies, compile sources and create a configuration file.

To do that, you can follow the next steps:

1) Update your machine:

sudo apt-get -y update

2) Install libraries:

sudo apt-get -y install libssl-dev libssl-dev libboost-dev libdb5.3 libdb5.3++ build-essential libdb5.3-dev libdb5.3++-dev libboost-all-dev

3) Clone main repository:

git clone https://github.com/epsylon/ecoin/

4) Compile source:

cd ecoin/src/
make -f makefile.linux

5) Create a configuration file:

cd $HOME
mkdir .ecoin
echo “rpcuser=ecoinrpc” >> .ecoin/ecoin.conf
echo “rpcpassword=enter here your password” >> .ecoin/ecoin.conf
echo “addnode=176.28.23.46 #myecoin.net” >> .ecoin/ecoin.conf

After that, you will be able to start using Ecoin normally; send and receive, mining blocks, etc..

For example:

– To start daemon:
./ecoind –daemon

– To obtain info about your mining process:
./ecoind getmininginfo

– To obtain info about your ECO account:
./ecoind getinfo

– To stop daemon:
./ecoind stop
————————–

What is Proof of Stake (PoS)?

Proof-of-Stake rewards the users that want to use the coin as an investment and earn interest by making them hold their coin (min. coin age: 30 days, max. coin age: 90 days) in the wallet and participate to the network (while staking) for a minimum amount of time before earning the rewards.

In order to stake you must meet 3 conditions:

have some coins in your wallet that are at least 30 days old.
have your wallet encrypted.
have your wallet unlocked.

Your wallet doesn’t have to stay online for 30 days to earn the rewards.

But once your coins are mature and you want to start staking, you have to leave your wallet online and unlocked for a few hours before earning the rewards.

What is Proof of Transaction (PoT)?

Proof-of-Transaction is a way of mining coins that does not require any investment so, you can mine Ecoins simply by receiving or sending.

Its a reward for keeping the Ecoin economy flowing.

For every transaction you have roughly an 80% chance of receiving a 1 ECO reward.