2Ether is a new digital coin based on the Ethereum blockchain
What a 2Ether
2Ether is a new digital coin based on the Ethereum blockchain. Unlike the ERC20 token, this is a completely independent cryptocurrency – with its own blockchain, mining incentives, and more. It fully supports smart contracts written in Solidity and is compatible with Ethereum dApps.
The 2Ether team has several main goals:
- Encourage independent CPU / GPU miners and protect them from dominating mining farms using ASIC hardware. This is especially important now that Ethereum’s block of awards has been cut by a third, and market prices are still low. Ethereum mining stopped profitable, pushing small-scale miners out of the market. We recognize that inflation can be a problem for any digital currency, so gifts should be reduced over time. But it’s not true that ASIC agriculture survives in any market due to its economies of scale, while GPU miners suffer. 2Ether solved this problem thanks to its innovative system of dynamic gift blocks. The basic rewards gradually diminish over time. At the same time, it is dynamically adjusted for the current price. In the end,
- Provide dApp developers with affordable audit tools. Smart contract audits are very important, as they help protect investor funds. Unfortunately, blockchain security companies charge a very high cost even for the simplest of audits, and many of these companies do not provide quality services. At 2Ether, the project can apply for a free audit – a combination of automated testing and manual reporting, carried out by members of the community under special supervision. There is also a full paid audit with line-by-line code analysis and some reports.
- Make the IEO platform integrated with decentralized exchanges and audit systems. IEOs are becoming very popular and will probably replace ICOs. They are much safer, because the project is checked in advance by exchange. However, exchanges often cost hundreds of thousands of dollars for an ICO, without the guarantee of success. 2Ether will offer a decentralized IEO platform where communities conduct all project evaluations, and all costs are distributed among users. It is possible to set up and launch IEO in just a few days. The new token will automatically be registered on another 2Ether decentralized exchange. Prior to IEO, projects can order smart contract audits on the same platform.
This innovation will take time to implement. The 2Ether coin will launch on December 2, 2019 and will initially use the standard PoW mining algorithm in return. Nine months into the project, the network will move into dynamic gift calculations. Decentralized exchanges and contract audit functions will be launched shortly thereafter, followed by the IEO platform.
To promote the project, 2Ether will be hosting a large-scale airdrop between Ethereum holders. After a snapshot of the Ethereum network on December 2, 2019, everyone with ETH in their personal wallet will be able to earn 1 ET2 for each ETH they have. Because this is an airdrop, users will not be asked to send or exchange ETH. ET2 coins will be sent automatically.
Dynamic Block Gifts
In the first phase of the project, the other 2 miners will receive a fixed reward of 5 ET2 per block, with an average block time of 60 seconds (1440 blocks every 24 hours). Thus, about 7 200 ET2 will be added to the system every 24 hours. At the height of the 388,800 block (approximately 9 months after launch), a dynamic gift system appears. This section first explains the overall problem of block gift reductions. Next, we describe the solutions offered by 2Ether, which will keep inflation low and stable and incentivize small miners and stakeholders.
Problems With Reducing Block Rewards
One of the most controversial issues around Ethereum is the size of the gift block. For miners, block rewards are a major source of revenue. On the other hand, it’s also the only new source of coins on the market. The amount of ether (Bitcoin, etc.) is on the rise, as miners sell the coins they receive as gifts. This is a source of anxiety, as currencies like Ethereum are essentially inflationary. Some people find that the normal law of supply, demand, and inflation does not apply to cryptocurrency, as demand grows so fast that it can easily consume all available supplies. However, if supply grows beyond a certain limit, the price of ethers (or other coins that can be mined) may begin to decline.
The most obvious solution is to reduce the number of new coins entering their system. The way to achieve this is to cut the size of the gift. However, this also means that miners are getting fewer new coins. If prices do not rise significantly and energy costs remain the same, the miners’ revenue will decline. This is a very serious problem for small independent miners using CPUs and GPU devices instead of ASIC chips. Large mining farms will survive thanks to their economies of scale, even if the price of a coin drops. But small GPU miners can fall to zero and even to zero. So any reduction in the size of the gift block will push smaller miners out of the market.
In the Bitcoin network, block gifts are automatically reduced by 50% after certain blocks (this is called a half). This means that the new BTC is twice as much in circulation. In the past, each of the two divisions caused a spike in prices, making mining profitable for many. In Ethereum, there is no automatic mechanism for reducing gift blocks. Because Vitalic Buterin and others consider inflation to be a serious issue, the Ethereum Foundation has finally made the decision to reduce the gift from 3 ETH per block to 2 ETH. It is known as the third and was introduced by Constantinople’s hard fork in January 2019.
Solution From 2Ether
Most Ethereum communities are not happy with this decision. Because ether prices do not show strong growth in 2019 like BTC prices, life is becoming more difficult for CPU and GPU miners. This is one of the reasons behind the creation of 2Ether. Our goal is to make sure that all members of the community can benefit from mining – and that those who do the most for the network earn the most. The dynamic gift scheme proposed by 2Ether consists of 3 elements: basic rewards as a function of current inventory, price adjustments and increased rewards for independent miners.
2EtherEX – Exchange Centralized By 2Ether
Between January and September 2019, more than $ 1 billion was stolen by hackers from the central exchange. Security risks are driving more investors to turn to decentralized exchanges (DEX). The platform does not yet allow for cross-chain trading, and offers limited liquidity. But they are very safe and personal. At DEX, clients do not send their funds to the exchange but place it on a smart contract. The only person with access to money is the owner of the secret key. The only way a hacker can steal their crypto is by holding a key – for example, through phishing. But there is no way to attack the exchange itself.
2Ether will introduce a 2EtherEX exchange that is centralized to complement the IEO platform. Any new token can be entered in 2EtherEx in just a few days and at a minimal cost. Here are the steps the project should follow:
- Upload all documentation – White Paper, websites, social media channels, GitHub pages, Linkedin and Twitter team profiles, technical papers, smart contract audits, tokenomics, etc. If a previous project ordered a smart contract audit on 2Ether, this step could be skipped.
- If the ICO / IEO is already happening on another exchange or independently, the results need to be added as well. If the project holds an IEO on 2Ether, this step can be skipped.
- Fees a list fee (equivalent to $ 300); it was placed in escrow.
- The community evaluates all materials and approves or rejects the project. Only high quality tokens with good growth potential will be added. Basically users will receive tokens that they will trade on their own. Not all members can evaluate tokens: they need to own shares in the ET2 token to become official verifiers.
- If a project is approved, the list cost is distributed between the estimator and the project team to gain access to their list dashboard.
- Founders can choose the date and time of the listing and the starting price. The community will automatically be notified that a new token has been added.
- Trade begins.
For teams holding IEOs on the platform, the procedure is much shorter. Listing fees are eliminated completely, and tokens are registered the next day after IEO at IEO prices. The following project categories will be preferred for listings: IoT, AR / VR, AI, blockchain and interoperability payments, escrow & custody, identity verification, medical technology, information security, consensus optimization, and other projects that benefit the industry as a whole.
The types of projects to be avoided: high risk, gambling, betting. 2EtherEX, like other DEXs, provides a matching engine and graphical interface to facilitate trading. But actual trade does not depend on exchange – they are completely decentralized. 2EtherEX provides a complete set of tools for the project team offered by the platform. The blockchain project must begin with a smart contract audit, proceed with IEO, and end with DEX.
2 Other IEO platforms
For the next few years in 2017-2018, it looks like Initial Coin Offerings will be the answer to all the funding problems that startups face. It’s a fast, organized, inexpensive way to raise money – basically, a form of crowdfunding. From the ICO project in 2017, the number increased to 2018. The total amount of funds collected by the ICO in 2018 was huge – over $. (Please note that $ 1.7 billion of this was collected by the Telegram blockchain project, TON). On average, a successful ICO investor earns 100-200%. People who used to invest in the Forex market or crowdfunding platforms quickly turned to blockchain projects.
But as ICO’s popularity increases, it’s clear that it’s far from the perfect investment tool. Many serious issues arise, shattering investor confidence in the Initial Coin Offer:
- Very high percentage of fraudulent projects (over 50%) – token holders have no legal guarantee and no way of finding fraudsters who lose their money;
- High cost – ICOs need to have high budgets (over $ 1,000) to attract investors in highly competitive markets. As a result, many talented teams cannot afford to buy ICOs;
- Signing a token on a cryptocurrency can be more expensive than an ICO itself (over $ 1 million in some exchanges);
- Token dumps: token prices rise sharply once they are registered on the exchange, then fall faster – usually below ICO prices. Token holders who fail to remove their tokens at the same time suffer losses;
- The project team spends all their money and efforts to market their ICO, ignoring product development. As a result, even successful ICOs usually do not release any products.
Benefits from IEO
IEO is a new format for increasing investment for blockchain projects – much safer and structured. In this model, it is not the project itself that controls the sale of tokens, but the crypto exchange. This project provides a complete set of documentation and sometimes provides prototypes. Exchange verifies all documents and identity of the founder, analyzes the value of ideas, examines projects for legal compliance, etc. If all goes well, the exchange will agree to hold the IEO for a specified fee. This will then tell the customer about the upcoming token.
Usually IEO rounds are arranged, and in many cases tokens are sold out in minutes and even seconds. The exchange acts as a guarantee that the project is legal and that all purchased tokens will be sent. On the other hand, all token buyers are already registered in the exchange and have passed KYC. So the project team doesn’t have to worry about verifying each buyer. The cost of marketing is also much lower, because of the exchange of several promotions among its audience.
Unfortunately, IEOs also have their disadvantages:
- Exchanges cost too much for IEO – often over $ 100,000;
- The exchange may revoke the IEO but retain its costs, claiming that the project violated some rules;
- Success is not guaranteed: exchanges do not have too much financial interest in promoting IEOs, as they will be paid for.
- The verification process is by no means exhaustive: smaller exchanges are happy to receive low quality projects, as this is a great source of income for them.
2Ether provides a comfortable and inexpensive startup launcher that promises and rewards all users who benefit from the network.
Real to use in the real world of business
Key to 2Ether’s market strategy is the development of partnerships with global and regional crypto payment gateways and online businesses – e-commerce stores, platform games, crowdfunding sites and more.
Free contract smart contracts
For IEO-tailored projects, auditing smart contracts is an important step. Send audits to potential investors for their funds. Unfortunately, blockchain agencies cost a lot of money on contract audits – and they don’t always provide reliable results.
Full automation of IEO
Asking for early help as a method of fundraising has slowed down, quickly turning into an industry. Massive exchange to buy IEO – and not offer a Success Guarantee.
2 more dex
We restored 2EtherDEX to get the best of both worlds. It offers automatic chain ordering and anti-missile protection against hacker attacks.
Details About ET2 Token
- Symbol: ET2
- Blockchain : 2Ether (from Ethereum)
- Decimal: 18
- Mining algorithm: Proof of work with incentives for CPU / GPU miners
- Average block time: 60 seconds
- Block reward: first set at 5 ET2 per block, then dynamic from block 388 800 (approximately 9 months after launch)
- Platform management: decentralized
- Maximum total supply: 18e14 ET2
- Pre-mine: will match the amount of ETH owned by the private blockchain address, as revealed by the network snapshot on December 2, 2019, at 20:00 GMT. That would equal the total amount of ether circulating (up to 120 million ETH) – or about 0.0016% of the total supply. A small amount of additional coins will be mined to reward members of the campaign and to raise development funds for the project.
- Pre-mined ET2 distribution : airdrop for Ethereum holders (95%), gifts (1%), reserve funds (4%).
- Ethereum network snapshot date: December 2, 2019, 20:00 GMT
- Airdrop start date: Airdrop terms and conditions: to receive free ET2 coins, it is sufficient to store ETH in any personal wallet, such as MEW, MetaMask, etc. On December 2, 2019, at 20:00 GMT, the entire portrait of the Ethereum Network will be taken to create a list of all private blockchain addresses that hold any ether. These addresses will be eligible for airdrop. Users who store ETH in an exchange wallet will not receive ET2 unless they transfer their ether to their personal wallet shortly before the photo. For every ETH the user holds, 1 ET2 will be air-tested. That doesn’t mean exchange or conversion, of course: the airdrop is completely free. By saying that one receives 1 ET2 for each ETH, it means that the amount of ether in the wallet is used for calculation purposes only.
We do not promise anything that we cannot fulfill.
Our short road map only features easy-to-use features that will benefit the entire community.
Team building & ideation
Fork planning & coding
Network launch & Gift campaigns
2Ether Wallet 2.0
gateway release & integration
A crowdsourced introduction
smart contract audit
The first IEO and IEO platforms
AI algorithm for audit contract
Contract audits based on AI
and IEO evaluation
For more information, please visit the official project link below: