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Emirate Coin

Name: Emirate Coin      Symbol: EMCO      URL: emiratecoin.io
  Contents​:


Introduction Philosophy Objectives Mining Gas Token Economy Token Economy Mining process Deposit and withdrawal to/from mining balance Reward Tokens Supply Automatic sale of token Transaction Fees


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Introduction
EMCO is an ERC20 supported token with burning and minting functionality, two distinct balances, mining and main. EMCO determines to be among the first cryptocurrencies to employ smart contract mining. EMCO terms its mining process as Smart Mining.

Every 24h for each user’s token on mining balance, 1% is burnt and Reward % is minted to the main balance. 15% fee of difference between minted coins and burnt coins goes to system address to further support the project.

Max total supply: 36,000,000. Premine: 1,500,000.

The main balance is transferable balance, ERC20 supported. The second balance is mining balance. Variable ​lastMiningBalanceUpdateTime​ is a timestamp when mining balance was successfully updated.


Philosophy

The design behind Emirate Coin is intended to follow the following principles:

1. Fair Distribution: EMCO is intended to be distributed fairly and transparently to users with no regard to their membership level,
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status or device strength. Each user is entitled to use their existing token as proof of stake and mint new tokens. 2. Simplicity: At the heart of Emirate Coin is simplicity. Any person capable of using a smartphone can be able to own or mine Emirate Coin. 3. Inclusion: People in remote places or in areas where electricity is expensive are left behind in harvesting the benefits offered by cryptocurrencies. With Emirate Coin, this is no longer the case, because anybody can mine the Emirate Coin even from a phone. Many perceive cryptocurrency as an alien technology that only nerds are capable of using it. Emirate Coin is intended to go deep into the lives of mainstream users, with no regard to their level of literacy. 4. Accessibility: EMCO will be mined, owned and traded by token owners, not third parties. This will make Emirate Coin easily obtainable from family members or friends.

Objectives
The principal objectives of EMCO are highlighted below:  1. Facilitate highly transparent coin distribution using smart contract. Employing this method of coin distribution will ensure trust. 2. Pave the way for creating a high TPS, zero transaction fee cryptocurrency. 3. Be a cryptocurrency built into a social network. Imagine having your bank built into your social media app. 4. Create a platform for creating DAPPs and blockchain based solutions.  5. Create a crypto-based fiat currency remittance platform that is super fast and highly secured. This feature is intended to give you crypto-version of your local currency.
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Mining Gas
EMCO can only be minted through its proprietary Smart Mining process (​mining crypto-token using smart contract rather than pure computational resources​). Each EMCO wallet account has two balances. The main balance (ERC20), and mining balance (Native to EMCO). User has an option to deposit, or withdraw EMCOs to/from the mining balance. The current mining balance is called mining gas. This balance is what powers the Smart Mining instance for the user’s particular account.
 For Smart Mining to work, it has to be initiated with some mining gas. ​For that purpose, 1,500,000 coins are reserved to be mined by early users through traditional web application. Later, these tokens will be published to blockchain on Ethereum Network. The coins mined by users in this stage are called Golden Tokens, they are tradable and are subject to price swings as determined by market forces of demand and supply. These coins are termed initial EMCO Mining Gas. These tokens will form the ​GENESIS of Smart Mining.

Token Economy
Token Economy Smart Mining is a process of token generation which supports the operation of entire EMCO network. Every user participates in the smart mining process. It is a high-performance alternative to mining (used in PoW networks).
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 Smart Mining is rewarded. The reward for smart mining is granted from the reward pool which is equal to 34,500,000 EMCO.

Each user can deposit own tokens to the mining balance. Every 24h user can call mining function which will burn 1% of tokens on mining balance and reward the user with the instantaneous mining reward % to the main balance. 15% profit fee goes to support EMCO project.
Mining process Mining process activates with special method ​mine()​ calling (pushing button in app).

Example: 1% burnt, 1.875% minted.  Fee = (1.875 - 1) * 0.15 User’s profit = (1.875 - 1) * 0.85
Deposit and withdrawal to/from mining balance There is a daily system limit of token deposits of 360,000 EMCO. When a user intends to deposit, the EMCO application checks if the limit is not reached, it allows the deposit. If the limit is reached, the app will notify the user.

Also the system total number of tokens in mining will not be over 3,600,000 EMCO at any given time. If a user wishes to deposit, this limit will also need to be checked. If there is no available slot, the user is notified. Or if the available slots are less than what the user is trying to deposit, the app will advise user with the quantity acceptable.

User can withdraw and deposit from/to mining balance to/from main balance anytime.
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Reward Reward starts from 2% when supply of tokens is less than 1 million and decreases by reward decrease factor every minted million of tokens to 1,041666666% when supply of tokens is 23 millions. Reward decrease factor is 0.0416666666. From 23 millions to 36 millions reward is equal to 1,041666666%. After 36 millions reward becomes 1%. At any instant of successful mining, deposit or withdrawal from mining balance, the reward counter is set to zero.

Here is a method’s source code for a reward calculation:

function​ ​ getReward​ (​ uint​ ​ _totalSupply​ ) ​ public​ ​ pure   returns​ (​ uint​ ​ rewardPercent​ ){         ​ uint​ ​ rewardFactor​ = ​ 1000000​ * (​ 10​ ** ​ uint256​ (​ decimals​ ));         ​ uint​ ​ decreaseFactor​ = ​ 41666666​ ;           ​ if​ (​ _totalSupply​ < ​ 23​ * ​ rewardFactor​ ) {             ​ return   2000000000​ - (​ decreaseFactor​ .  mul​ (​ _totalSupply​ .​ div​ (​ rewardFactor​ )));         }           ​ if​ (​ _totalSupply​ < ​ MAX_SUPPLY​ ) {             ​ return​ ​ 1041666666​ ;         } ​ else​ {             ​ return​ ​ 1000000000​ ;         }  }

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Fig. 1. Reward Diagram



COIN SUPPLY RANGE REWARD 0 - 1,000,000 2% 1,000,000 - 2,000,000 1,958333334% 2,000,000 - 3,000,000 1,916666668% 3,000,000 - 4,000,000 1,875000002% 4,000,000 - 5,000,000 1,833333336% 5,000,000 - 6,000,000 1,791666670% 6,000,000 - 7,000,000 1,750000004% 7,000,000 - 8,000,000 1,708333338% 8,000,000 - 9,000,000 1,666666672%
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9,000,000 - 10,000,000 1,625000006% 10,000,000 - 11,000,000 1,583333340% 11,000,000 - 12,000,000 1,541666674% 12,000,000 - 13,000,000 1,500000008% 13,000,000 - 14,000,000 1,458333342% 14,000,000 - 15,000,000 1,416666676% 15,000,000 - 16,000,000 1,375000010% 16,000,000 - 17,000,000 1,333333344% 17,000,000 - 18,000,000 1,291666678% 18,000,000 - 19,000,000 1,250000012% 19,000,000 - 20,000,000 1,208333346% 20,000,000 - 21,000,000 1,166666680% 21,000,000 - 22,000,000 1,125000014% 22,000,000 - 23,000,000 1,083333348% 23,000,000 - 36,000,000 1,041666666% 36,000,000 1% Tab 1. Reward values.
Tokens Supply Supply of tokens starts with 1,500,000 EMCO which will be distributed to early investors fairly and transparently. In case of 360,000 daily deposit limit and 3,600,000 system maximum mining balance allowance, it will take not less than first 112 days to reach 3,600,000 maximum mining limit.

Once the maximum system mining limit of 3,600,000 is reached, securing a mining slot will be highly competitive as only 1% of 3,600,000 will be burnt
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daily by the Smart Mining Contract. The daily available slots then, will be 36,000 + number of withdrawn tokens from mining balance.

The current daily supply of EMCO, is therefore given by (TotalMiningBalance/100)*CurrentMiningReward.

Fig 2. Mining Diagram





Automatic sale of token

EMCO Smart Contract function CreateTradeBundle allows EMCO Holders to create a trade bundle with bunch of EMCOs inside and set an ETH price to the whole bundle. EMCO Holders will be able to set their bundles for
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sale by defining the buy price with any value > 0 ETH. Any user will then be able to call the function BuyTradeBundle by sending the exact ETH amount to the EMCO Holder set as the buy price. The sale will be done automatically: the buyer will instantly get the Trade Bundle Holdings transferred to his address and the seller will get the defined ETH in return. This process removes any middleman in the process of in-app purchase of EMCO.

This is a built-in feature in the EMCO wallet app, it does not work on external exchanges.

Transaction Fees
Emirate Coin is built on top of Ethereum. Therefore, Ethereum transaction fees apply.
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