Ethereum Basic

Meeting the challenges of scaling, fee optimization and efficiency

Ethereum:

the urgent need for change

The recent St Petersburg and Constantinople upgrades have exposed the deep issues that are threatening the Ethereum network. Concentration of control in the hands of a few individuals, reduced block rewards, the pressure on miners to accept the upgrade or face the dreaded “difficulty bomb” - all these factors demonstrate that Ethereum is very far from being the truly decentralized system it was hoped to be.

The current cryptocurrency market slump – the longest in history – shows that mass adoption of Ethereum is still far away. The problems of scalability, volatile gas fees, transfer to Proof-of-Stake, and low efficiency must be solved in order to convince the general public that digital currencies are a viable alternative to fiat money. The development team behind Ethereum Basic is ready to take the necessary urgent and wide-ranging action to achieve that.

About Ethereum Basic

Ethereum Basic (ETBC) is a new cryptocurrency designed to resolve the most pressing challenges faced by Ethereum and promote decentralized governance. ETBC . It will feature an extensive set of tools, mechanisms and services that are already fully operational but have not been included in the Ethereum update schedule:

Transfer to PoS that should be complete and comprehensive, not partial as foreseen by the Casper framework

Scaling: increasing network capacity using on-chain and off-chain solutions

Removing the difficulty bomb to decrease pressure on the miners to accept future upgrades

Introduction of a functional voting mechanism

Making the network more currency agnostic

More incentives for full nodes

Implementing ASIC-resistance

Gas fee optimization

ETBCSnapshot time

A snapshot of the ETH network will be take on May 16, 2019, and 16:00 GMT. All ETH holders will be entitled to free ETBC coins at a 1:1 ratio. Please note that only personal blockchain wallets can participate in the distribution of ETBC.

Exchange wallets will not be accepted, if you hold ether in an exchange address and would like to receive ETBC for free, transfer your ETH to a personal wallet before the snapshot.

Implementation Roadmap

Ethereum Basic will implement several clusters of new features aimed at minimizing transaction fees, promoting decentralization, and optimizing the reward structure.

Q4 2018 – Q1 2019

Developing the overall implementation plan of the project, forming the team.

Q2 2019

Launch of the official site; issuing and distributing the pre-mined 2 000 000 ETBC coins; start of the bounty program; start of PoW mining; listing ETBC on several exchanges.

May 16, 2019

Blockchain snapshot.

May 26, 2019

Launching main network.

Q3 2019

Work on the DEX module, preparing for the introduction of ProgPoW and base fee system; launch of incentives for full nodes; adding more exchanges.

Q2 2020

Launch of 0x and etherless transaction using Lava Network, testing the PoS mechanism; beta release of XDEX with 0x integration; selecting several projects for zero-fee listing on XDEX.

Q1 2020

Launch of 0x and etherless transaction using Lava Network, testing the PoS mechanism; beta release of XDEX with 0x integration; selecting several projects for zero-fee listing on XDEX.

Q4 2019

Launch of the basefee+tip system and expected reduction of gas fees up to 80%, alpha launch of the decentralized exchange XDEX, work on implementing the 0x protocol; first voting sessions among full nodes.

Q3 2020

Switch to the PoS consensus protocol; scaling using Plasma.

ETBC – emission and distribution

Coin ticker: ETBC

Network snapshot date: May 16, 2019, 16:00 GMT

Network launch date: : May 26, 2019, 16:00 GMT

Initial emission: 2 000 000 ETBC

Airdrop ratio: 1:1

Distribution of ETBC will be conducted an airdrop: all ETH holders can claim ETBC completely for free.

Mining protocol: first PoW (CPU, GPU), then transfer to ProgPoW (ASIC-resistant) as an intermediate stage, then full transfer to PoS

Initial distribution: 95% of the pre-mine will be distributed among current ETH holders and bounty program participants.

Ethereum Basic Wallet

ETHB is a new cryptocurrency that focuses on resolving the most urgent issues of Ethereum and at the same time promoting decentralized governance.

Bounty program

In order to stimulate the adoption of ETBC, a bounty program will be launched shortly before the fork. Bounty participants will be able to receive additional coins for performing a range of tasks:

Promoting ETBC in the social media: publishing posts on Facebook, tweeting, retweeting and reposting official ETBC posts, writing updates on Linkedin,and so on.

Original content: blog posts, YouTube videos, online reviews and articles published on crypto-related forums and portals. All content must be strictly original, with articles and blog posts at least 500 words long and videos at least 5 minutes long. Content has to deal exclusively with ETBC; re-publishing the same material more than once is not allowed.