The EmergencyCoin projects involves the introduction of an ENY stable and working coin with a well-proofed algorithm which will provide several advantages over bitcoin and other cryptocurrencies to help non-profit organizations in civil protection and emergency medicine work efficiently.
The team behind EmergencyCoin sees several “problems” with bitcoin including the fact that the price is high due to speculators on the market, as well as the slow block time which hinders the making of regular payments.
Also, there is an environmental aspect which concerns the EmergencyCoin team as well related to the high energy consumption related to the equipment for mining bitcoins and some issues with illegal content in bitcoin.
Their solution is to create a new coin which works in a very different way than bitcoin and other popular cryptocurrencies. It is based on the “Proof of Stacke mechanism” which will allow for a much shorter block time, faster transactions and no energy consumption will be needed for mining.
All owners of EmergencyCoins in an unlocked and connected wallet will receive an annual reward of 15% of the coins. Similar to a raffle, each coin will act as a sort of raffle ticket and the one which is connected to a network with the most coins gets the chance to produce the next block. Also, the older the coin the bigger the chance it gets a reward.
About 60 seconds will be needed for transfers, and there is a maximum fixed number of coins – 85806452.
6 million of the coins will be pre-mined and 2 million coins are for Airdrop, 2 million for social aspects (emergency medicine and civil protection) and 2 million for the development team.
The wallet will be downloadable at the site http://www.emergencycoin.net.
The coins reserved for the “social aspect” will be spent randomly based on the medium daily reward. The first 3 months it will be spent for 2 non-profit organizations in Germany, but after that organizations from around the world can apply for help via e-mail. The winner will again be chosen in a raffle.