Einsteinium EMC2 is a cryptocoin developed to support science. It is the endeavor of The Einsteinium Foundation which was created to help raise funds in the area of cutting-edge research in the area of science. The new cryptocurrency was created to collect funds so that it can be used for financing projects chosen by the community. Along with donations from the community, the Foundation aims to bring to reality some of the most innovative projects that have been launched already or have been designed and developed on paper but waiting for seeding to get launched.
The Einsteinium Foundation was launched to ensure that work in the area of scientific research does not suffer because of poor response to funding needs. The Foundation is committed to identifying various projects that are unique and then put them up for a general vote. The proceeds of the month are offered to the project that gets the maximum votes. The Non-Profit Organization was registered in Montreal in April 2017. It donates 2 per cent of every block mined to the Foundation Fund for funding science projects of high potential.
The mining of Einsteinium is divided into sections known as Epochs with each Epoch mining 36000 blocks of coins. The process lasts 25 days at the end of which a unique and ground breaking scientific cause is chosen to receive funding.
Einsteinium mimics Bitcoin in many ways as it is distributed P2P digital currency. EMC2 makes use of Wormhole Mechanics to remunerate miners who are at it for long and dedicated to the effort. During each epoch, a Wormhole Event happens in an unplanned manner. It is180 blocks long. The reward offered is 2970 EMC2 per block.
The algorithm that Einsteinium coin makes use of is Proof of Work script that will have a sum total of 299 million coins. According to the Foundation, 2.5 per cent of each block will go to the Einsteinium Foundation. Of this 2 per cent is to be given to science projects and 0.5 per cent go towards faucets, donations, and marketing costs.
The first block was made available for mining in March 2014. Until February 2017, the market cap of Einsteinium had reached $ 309,497. It enjoys a 24-hour volume of $ 3,614. Also, 207,426,532 EMC2 is the available supply. Einsteinium will be easily available to a larger number of people so that awareness about this cryptocurrency grows and there are more opportunities available for its cultivation.
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