1.7 billion adults have no access to the global financial system, while another 1.3 billion are underserved. Epic Cash unlocks human potential by connecting individuals to the global market. Fast, virtually free to use, and open to all
Privacy of identity
Most cryptocurrencies like Bitcoin are stored in wallets whose addresses refer to public keys derived from a wallet’s private keys. These addresses can be thought of as locators of one’s private vault in the digital world. The Epic Cash blockchain eliminates addresses entirely and instead applies one grand multisignature from which all public and private keys are generated on a single-use basis.
Figure 1: Dandelion++ Communication
Privacy of transaction
The Epic Cash blockchain assures transaction privacy by obscuring amounts and the sender-receiver relationship of a transaction. This is achieved through the application of ideas familiar from Confidential Transactions (CT) and CoinJoin, methods in large part developed by Gregory Maxwell (Bitcoin Core developer, Co-Founder and CTO of Blockstream)
The Epic Cash blockchain protects the privacy of individuals and their transactions by:
Eliminating wallet addresses
There are no location identifiers to digital vaults within the blockchain. Transactions are constructed directly person-to-person on a wallet-to-wallet basis;
Obscures the digital pathways of a transaction from the transaction sender’s IP address;
Divide transactions into multiple pieces and introduce blinding factors into the collection of those pieces, so that the values of the pieces and other transaction parameters cannot be known;
Combines transactions into bundles to mask the relationships between transacting parties.
The Epic Cash blockchain pursues decentralization by welcoming a wide variety of computation hardware. Epic mining is initially available to CPUs, GPUs, and ASICs, using three respective hashing algorithms: RandomX, ProgPow, and CuckAToo31+. Algorithms can be trivially hot-swapped without compromising the integrity of the chain.
RandomX & CPUs
- Prevention of the development of single-chip ASICs;
- Minimize the efficiency advantage of specialized hardware over general purpose CPUs.
Mining Epic with CPUs requires a contiguous allocation of 2 GB of physical RAM, 16 KB of L1 cache, 256 KB of L2 cache, and 2 MB of L3 cache per mining thread. Windows 10 devices require 8 GB or more RAM. It is not inconceivable that one day in the not-to-distant future mobile phones could become viable mining nodes. Early CPU integration in the Epic Cash mining network is an excellent opportunity for many with only modest computing means to earn block rewards by helping to secure the Epic Cash network.
Progpow & GPUs
Programmatic Proof-of-Work (ProgPow) is an algorithm that depends on memory bandwidth and core computation of randomized math sequences, which take advantage of many of a GPU computing features and thereby efficiently capture the total energy cost of the algorithm. As ProgPow is specifically designed to take full advantage of commodity GPUs, it is both difficult and expensive to achieve significantly higher efficiencies through specialized hardware. As such, the ProgPow algorithm mitigates incentives for large ASIC pools to outcompete GPUs, as is often seen with many other PoW algorithms, such as Bitcoin’s SHA-256. GPUs, although not as prevalent as CPUs, are still commonly available. With technological development driven by powerhouses, Nvidia and AMD, GPUs are able to parallel process many multiples of mining solutions above CPUs on a per unit basis. It is due to this combination of ubiquity and high processing power that GPUs will provide the backbone to much of the mining activity during the initial eras, as indicated in Table 1.
CUCKATOO31+ AND ASICs
CuckAToo31+ is an ASIC friendly permutation of the Cuckoo Cycle algorithm developed by Dutch computer scientist, John Tromp. A relative of the ASIC resistant CuckARoo29, CuckAToo31+ generates random bipartite graphs and presents miners with the task of finding a loop of given length ‘N’ passing through the vertices of that graph.
This is a memory bound task, meaning the solution time is bound by memory bandwidth rather than raw processor or GPU speed. As a result, the Cuckoo Cycle algorithms produce less heat and consume significantly less energy than traditional PoW algorithms. The ASIC friendly CuckAToo31+ allows efficiency improvements over GPUs by using hundreds of MB of SRAM while remaining bottlenecked by memory I/O. Ultimately, ASICs offer the greatest potential economies of scale of the three mining options. In the interest of inclusivity, however, though they are allocated a small portion of mining rewards relative to CPUs and GPUs early on, eventually ASICs assume a majority stake of the mined block rewards, on the assumption there will be a competitive ecosystem of device manufacturers for CuckAToo31+.
Table 1: Mining reward allotments
Figure 2: Mining reward allotments
Starting at the Epic Genesis (2019) and concluding at the Epic Singularity (2028), during the mining process, there is an allocation of Epic that is redirected, as mining contributions, towards the EPIC Blockchain Foundation.
The EPIC Blockchain Foundation is dedicated to technical development and promoting awareness and utility of the Epic Cash project during the early years of its inception, by creating marketing activities and developing partnerships within the financial technology industry.
After the Epic Singularity (2028), the EPIC Blockchain Foundation role will be assumed by the EPIC Distributed Autonomous Corporation (EDAC), that will be developed by the foundation prior to the handover.
The EPIC Blockchain Foundation is funded by a percentage of mining revenues, deducted from block rewards, according to the following annual rates:
Table 2: Annual rates for mining contributions as percentage of mining revenuess
Charlie Lee, the creator of Litecoin, stated that fungibility was the only property of sound money missing from Bitcoin and Litecoin, admitting that privacy and fungibility were the next battlegrounds for those coins. Andreas Antonopoulos, one of the world’s foremost blockchain experts, claimed that “…tainted coins are destructive. If you break fungibility and privacy, you break the currency.”
…TAINTED COINS ARE DESTRUCTIVE. IF YOU BREAK FUNGIBILITY AND PRIVACY,YOU BREAK THE CURRENCY.
Epic Cash is a MimbleWimble blockchain implementation that yields advances in scalability as a result of space efficient design that sheds redundant transaction data. The Cut-Through functionality responsible for this assures that the blockchain grows more space efficient over time unlike most cryptocurrencies, including Bitcoin, and that new nodes can be created with minimal investments in memory and computing power. By remaining space efficient, it capacitates a widely dispersed network and fosters decentralization. Furthermore, while each Bitcoin node must store the entire chain, Epic Cash nodes are able to contribute to network security based on a small subset of blocks.
All Epic Cash transactions include the following parts:
MimbleWimble transaction parts
All Epic Cash blocks contain:
MimbleWimble transactions before and after Cut-Through
The monetary policy of Epic Cash and Bitcoin are very similar. The Epic circulating supply first expands rapidly and then synchronizes with the circulating supply of Bitcoin in 2028. It increases thereafter at a declining rate until reaching a maximum supply of 21 million Epic by 2140. Epic has the qualities to become a safe store of long-term value because the circulating supply is known at any point along its emission lifecycle and culminates in a fixed maximum supply. The Epic Cash monetary policy is characterized by the following four features:
Rapid emission over the first nine years of its lifespan, during which 20,343,750 Epic (96.875% of the total supply) are to be mined. The exact emission rates are outlined in the Emission Schedule section of this paper;
The Epic circulating supply and emission rate synchronize with those of Bitcoin on the Epic Singularity around May 24, 2028. Following the Singularity, the emission rate decreases at an increasing rate, while the circulating supply grows at a decreasing rate;
A maximum supply of 21 million Epic is reached in year 2140, at the same time as Bitcoin reaches a maximum supply of 21 million units;
Epic has an 8 decimal divisibility structure, such that: 1 Epic is equal to 100,000,000 Freeman (just as: 1 Bitcoin is equal to 100,000,000 Satoshi).
The Epic Cash monetary policy is modelled after Bitcoin’s for the following reasons:
Agreement with the economic fundamentals of Bitcoin, namely that scarcity and predictability of circulating supply underlie its strong store of value properties
The public is already familiar with Bitcoin’s model and its proven track record over the last ten years since its inception. By approximately synchronizing with Bitcoin’s circulating supply, and mirroring Bitcoin’s maximum supply and divisibility structure, Epic takes the path of least resistance towards mass adoption.
Epic Cash has a total of 33 mining eras, each defined by decreases in block rewards, relative to their preceding era. The Epic Genesis, the date on which the first Epic Cash block is mined. Blocks are mined at one per minute. The first five eras produce nearly 97% of the Epic maximum supply, matching 20 years of Bitcoin emissions in approximately nine years. This can be thought of as a chance to ‘turn back the clock’ for those who missed out on the spectacular rise of Bitcoin.
Table 3: Emission schedule for the first seven mining eras.
Figure 5: Epic and Bitcoin emission schedules.
RandomX (CPUs), ProgPow (GPUs) and CuckAToo31+ (ASICs)