Einsteinium : Funding Scientific Research Through Mining

We are continuing our quest of discovering and discussing all the alternative cryptocurrencies out there. While there are not enough hours in a day to provide all the content I would like, I do what I can. Up next, is Einsteinium!

Even though Einsteinium has officially been released on March 1st 2014, you never heard much about it. Not because it isn’t a worthy cryptocurrency or anything like that, there just isn’t much “buzz” around the coin.

There really are some cool developments and services available for Einsteinium. For example, did you know they actually have a working Android wallet? Even though more and more cryptocurrencies have them now, the Einsteinium one works great! I really like it.

Einsteinium also comes with a fair bit of “cool” language, such as “Epochs”. An Epoch is a period of mining time, consisting of 36,000 blocks, and lasting 25 days. There will be no less than 730 Epochs in total.

During these Epochs, a random Wormhole Event will occur. These Wormhole Events consist of 180 blocks, and last for 3 hours. When such a Wormhole Event happens, the Einsteinium block reward will be 2,973 EMC2.

Speaking of the Einsteinium block rewards, they are variable, depending on which Epoch we’re at. As we have to come to expect from other cryptocurrencies, block rewards decrease over time, with the lowest block reward being 1 EMC2.

Einsteinium never had a pre-mine, but for every mined block, 2% of its value is donated to the EMC2 Fund, and 0.5% of its value will go to Einsteinium faucets, giveaways and marketing. Sounds sensible to me, but I’m sure there will be people who have an issue with this idea.

When everything has been mined through the Scrypt algorithm, there will be a total of 299,792,458 EMC2 in circulation. Difficulty re-targets after every block with DigiShield. Originally, it used to be Kimoto’s Gravity Well, but that since been replaced by DigiShield.

If you’re not into mining,but you want to buy some Einsteinium, you can choose from the following exchanges : MintPal, Poloniex, Cryptsy, AllCoin, BitTrex, BleuTrade,CryptoAltEx, Atomic-Trade, Europex, and Prelude.

There is also a vital piece of information about the previously mentioned Einsteinium Fund that I want to tell you about, and I quote :

“ The Einsteinium Foundation was created to help, in any small way it can, raise funding for cutting edge scientific research.

To this aim we created Einsteinium, a new cryptocurrency (similar to Bitcoin), to gather funds that can be distributed to projects the community chooses.

Combined with donations from the community at large we will help fund some of the most innovative projects currently under-way or help seed those waiting to start.

The Goals

The principle tasks of the Einsteinium Foundation will be to;

             1) oversee the community’s monthly selection of any project whose goals include securing a better tomorrow (for either specific communities or planet Earth as a whole) through the advancement of science

             2) to ensure that the funds collected through both mining and donations will be sent to their community-agreed-upon destination

Each month a small selection of projects the foundation thinks is worthy, in addition to those suggested by the community,  will be made available for voting. Voting will be held during the last few days of each month.

Once the poll is concluded the funds will be sent over. The only restriction as to which projects/organizations are eligible for inclusion within the monthly selection is that the proposed project aims to help build a better, safer future through strengthening our grasp of science

There will be no restrictions as to who is eligible for inclusion in the monthly selection for voting, the only criteria is that the science involved is pushing our understanding forward and could build us a better, safer and more interesting future.

From helping to fund simple Kickstarter projects to the fight against malaria as seen in The Gates Foundation, the Einsteinium Foundation as well as the Einsteinium community will reach a monthly consensus in regards to which new organization will receive funding.”

A very noble idea, and it will be interesting to see how this will play out in the future.

Make sure to check out the Einsteinium thread on BitcoinTalk , and the official Einsteinium website.

In case you want to send us an Einsteinium Donation : EYM5rvHBp5CooNNrZffEhguWcKpizonJ7e