After receiving a lot of requests over the past week or so for an article about EthanCoin, I think now would be a good time to do something with it. As this altcoin has been around for a while, we can take a look at the progress they have made so far. Here we go!
EthanCoin saw the light of day on July 13th, making it nearly 2 months old at this point in time. With an initial round of funding through an ICO, during which 20 million Ethan were sold, and a pre-mine of 1 million coins, there was enough funds to start on a development road trip.
As development is only one side of the coin, the EthanCoin team decided to use half of their pre-mine funds to hire a marketing expert. You can develop the best features in the world, but if you can’t get the word out to the public, there is a problem. The EthanCoin team made sure there would be no obstacles in that regard.
There are a few things which make EthanCoin very interesting. All of the team members have made their identity and photo public on the EthanCoin website. Even though this is not the first altcoin to do so, it’s still an excellent way to built immediate trust between yourself and the team.
Having a professional developer on board who maintains and updates the code-base whenever necessary, is another smart decision by the EthanCoin team. Listening to your community for their feedback and possible feature requests is another feather in the cap. Last but not least, the team is also carrying on negotiations with ATM network in Europe. Sounds promising so far, wouldn’t you agree?
Time to take a look at some of the technological advancements made so far! Two of the first features which have been developed and released for EthanCoin are EthanSend (similar to NiteSend/DarkSend) and Anonymous Chat.
As you can judge from the name, EthanSend allows you to send transactions anonymously by using stealth addresses. CoinDesk has done a fairly detailed article on what stealth addresses are and do, which you can find here.
The way EthanCoin’s Anonymous Chat works, is by giving your public key to the person you want to chat with. Once the other person enters your address and public key, an encrypted send message dialog will appear. To make it a bit easier to understand, I attached a diagram below :
More features and tools for EthanCoin are currently in development as we speak. A merchandise site, a cloud wallet, a webcam feature (this will be interesting I think!) , a multipool, mobile clients and Android staking are all on the list. It’s quite an impressive list to be honest, and I’m glad to see the team isn’t promising us ETAs until everything is actually ready. We don’t need more coins which are all hype and deliver exactly nothing in the end.
On to the technical specifications of EthanCoin then !
– POW phase algorithm Nist5
– 67,500,000 coins generated in 10 000 blocks / 9 days
– Ethan entered its POS phase from block 10.000
– Minimal coinage to generate POS blocks 1 day.
– POS reward is 5% per year.
– Block time 2 minutes
What is particularly interesting , is the choice of the Nist5 algorithm. Even though we have seen several coins using this algorithm (none of which seem to be that relevant anymore at this point though, but I can be mistaken), it’s still fairly unknown.
The latest news on the EthanCoin front is the fact this altcoin will be accepted as a payment method on the BitcoinShop merchandise site. This website supports quite a few different altcoins and cryptocurrencies, so it’s a good start for the ETHAN community.
As far as exchanges go, you can trade EthanCoin at BitTrex and C-Cex.
To find out more about EthanCoin, you can use the following sources :
Website : http://ethancoin.info/
BitcoinTalk : https://bitcointalk.org/index.php?topic=690841.0
Twitter : https://twitter.com/Ethancoin