I stumbled across Epic while looking for a relatively unknown, cheap privacy coin, that had the potential to go parabolic. I was blown away with what I found in Epic Cash. When you listen to the…
I stumbled across Epic while looking for a relatively unknown, cheap privacy coin, that had the potential to go parabolic. I was blown away with what I found in Epic Cash.
It has everything I could possibly hope for, plus a lot of things I didn’t even realise I wanted.
When you listen to the founder (Max Freeman) of this project speak, you get the sense that he genuinely considers BTC (Bitcoin), as just a stepping stone for Epic on the way to infinity.
I mean this sounds completely insane right? But some say there is a fine line between genius and insanity. Is this guy completely insane or will he and the community be able to cross the line into genius territory?
I have spent a lot of my free time over the last few weeks trying to figure out the answer to this question and I shall report my findings here. Hopefully in a way that is simplified and easy to understand.
I am not affiliated with Epic at the moment because I want to remain as neutral and as critical as possible. However I am heavily invested and really want to see this project succeed. So as much as I try there is going to be some pro Epic bias in this article.
This isn’t financial advice because I’m not a financial advisor. You are responsible for your own financial decisions. I’m just presenting the information the way I see it based on my own research.
Will Epic Cash become the perfect form of Bitcoin?
What the..? I ain’t got time to read all this. Ain’t there a short version?
In short… I strongly believe that Epic Cash will become the perfect form of Bitcoin and that it’s the money I will be using, almost exclusively, in the not too distant future. I have no intention of trading any of it for government money or BTC. This is the money for the people.
Epic on its it own is by far the best private and fungible crypto that that I’ve come across.
The use of Mimblewimble for privacy, fungibility and scalability is a great choice. Add in the speed in which it will be able to process transactions then you already have something that not too many other projects will be able to compete with.
Then you have the matching of Bitcoin’s disinflationary nature which has been proven to raise in value exponentially over time.
Epic also has a very knowledgeable and experienced community, that are very helpful and welcoming, that are driving this project forward.
And now we come to my favourite two features…
The first being, the egalitarian approach to mining. Egalitarian means fair for everyone. The mining algorithms being used in this project are unmatched by anything else. Everyone who has a computer can mine Epic if they want to. And at some point in 2022, everyone who has a mobile phone will be able to mine Epic if they want to.
Finally we come to the game changer. The main reason you will never, ever, have to use crappy money, ever again. And that is EUSD.
EUSD is Epic’s answer to a stable coin. This will be backed by the gold standard of Epic Cash. 1 EUSD will always be worth 1 USD worth of Epic.
You will be able to be your own bank to such an extent that you will be able to issue yourself an interest free, tax free loan with no repayments required. You will be able to spend money on other cryptos or in the real world without even having to sell your Epic Cash.
I am aware that these are bold claims, so I highly recommend reading the full article to understand why these claims are being made. If you really don’t have time then at least try and get your head round EPIC\ECR\EUSD because this is what makes Epic Cash so truly special.
At the time of writing, Epic Cash is trading at less than 40c. You are able to get yourself involved in the best project in crypto for very, very cheap.
Why was Bitcoin created?
In the old days, we humans, used to own a lot of gold. Countries used to own a lot of gold. But since the creation of the Federal Reserve in 1913 and the removal of the gold backing of the dollar in 1971, we no longer own any gold. We do however, have trillions and trillions of dollars worth of debt that we owe to the very institutions that now own all the gold.
How did this happen?
The main reason is that, in our current financial system, new currency comes into existence through debt, either at a national level or through fractional reserve banking. If we took all the currency in existence and gave it all to the banks, it wouldn’t cover our debt because of the interest charged.
The emission is the amount of newly created coins that come to market.
Bitcoin is designed to be disinflationary. At the start of Bitcoin’s life cycle, there were lots of new coins being created. But over time, the amount of new coins being created becomes less and less. This is done through a process known as halving. So every four years the amount of coins being created is reduced by half. The total supply of Bitcoin is 21 million coins. This will never change. There will only ever be 21 million coins in existence for the 8 billion people that currently reside on this Earth plane.
The combination of a limited supply and the constant reduction in newly created coins, coupled with the fact that the value of fiat currencies are on a trajectory heading towards zero, has meant that Bitcoin has raised in value exponentially since its inception. It would probably continue to do so, if it weren’t for the issues BTC has with network congestion and high transaction fees, which Epic doesn’t have.
Epic will also have a limited supply of 21 million coins. The emission is faster than BTC at the moment, with it eventually catching up and matching the Bitcoin emission in June 2028. This is an event known as ‘The Singularity’ to the Epic community.
Currently, Epic has 12.5 million coins in circulation, with 11,520 new coins being created every day. The next halving is in October 2021, when only 5,760 newly created coins will be coming to market per day. The halvings in Epic will happen every two years until ‘The Singularity’ when only 210 new coins per day will be coming to market.
The high inflation at the beginning of Epic’s life cycle means that you can still get Epic Cash for very cheap. If you put $10k into BTC you can’t even get 0.25% of 1 BTC out of 21 million. If you put $10k into Epic you can obtain over 0.15% of the entire 21 million coins that will ever be in existence. (Based on current prices of $43k for 1 BTC and $0.33 for 1 EPIC).
Epic can be divided into 100 million sub units, known as Freeman, much like BTC’s Satoshis.
We are already starting to see quite big increases in the price of food and energy around the world. Couple this with the ridiculous amount of money printing that has happened since the start of the Covid crisis, it seems wise to start thinking about moving some of your savings, into hard assets that have the ability to maintain or even increase their value.
Many people say that they don’t care about privacy because they have nothing to hide. To these people I present the following questions.
Do you mind if I put a web cam in your bathroom and live stream it to the internet. Then everyone in the world can watch you go to the toilet and have a shower if they want to.
Can you give me your last three months bank statements? I would like to post them on Twitter and Facebook, so that everyone in the world can see how much money you have and what you like to spend your money on. They will be there forever and you can never take them down.
Everyone needs privacy when it comes to certain things and one of those things is their financial situation and spending habits.
Unfortunately, BTC does not provide this. If you send me some BTC, I know your address and can look it up on a blockchain explorer. I can find out how much BTC you have and all of your transaction history.
There are some projects that claim, that with the level of privacy they provide, you can hide from the government and not pay your taxes. I don’t believe this to be true. If an organisation with national level resources wants to know what you are doing, they probably can find out using the fingerprints you leave all over the internet.
Therefore, I would recommend trying not to draw attention to yourself, in order to avoid them coming after you with the full might of their resources.
Good enough privacy is what I am interested in. I can go to the bakery and buy a loaf of bread without the baker having access to all my financial data.
Fungibility, in terms of money or currency, means that the value of one unit of money or currency is always equal to the value of another one unit of the same money or currency. For example, a $10 bill is always worth $10.
An example of something that isn’t fungible, is a diamond. The quality of a diamond needs to be assessed, in order to determine its value. The value of one diamond doesn’t usually equal the value of another diamond.
It’s very important for money or currency to be fungible. You do not want to receive a $10 bill and be wondering whether it’s really worth only $8.
Unfortunately, BTC has issues with fungibility, because of tainted BTC. If some BTC was used in an illicit trade, such as a drug deal or blackmail, then this BTC will be flagged and blacklisted.
If, for example, you sell your car privately and you receive some tainted BTC, then it could cause you problems. If you send this BTC to an exchange or buy something from Amazon with it, they could potentially freeze your BTC and you could possibly be getting a visit from the police, asking why you are in possession of such dodgy, dirty money.
This also causes issues for businesses with compliance. They need to utilise expensive technology and possibly have to hire extra staff to make sure they do not receive any tainted BTC.
For these reasons, a freshly created BTC coin, with no history, is more desirable than a BTC coin with lots of history, especially one that has been used in the past for illicit purposes.
1 BTC does not always equal 1 BTC, therefore it has issues with fungibility.
How does Epic achieve Privacy and Fungibility?
The tech that Epic uses to achieve privacy and fungibility are Mimblewimble, CoinJoin, Cut-Through, Dandelion and Tor.
I’m sure most of you reading this are aware, that the Bitcoin Whitepaper and the original instance of the Bitcoin blockchain, were unleashed to the world by an entity known as Satoshi Nakamoto. It stuck around for a year or so, and then disappeared never to be seen again. But who is Satoshi Nakamoto? Is it a man? A woman? A group of people? Well… no one actually knows.
Mimblewimble actually came into existence in a very similar way.
An unknown entity, calling itself Tom Elvis Jedusor, released the Mimblewimble whitepaper to the world and then disappeared. Tom Elvis Jedusor is the name of Voldermort, in the French version of the Harry Potter series. Mimblewimble is a a tongue-tying curse (in Harry Potter) that prevents the target from using coherent speech.
The Mimblewimble protocol is designed to make the future of blockchains more private, fungible and scalable.
BTC and similar transparent blockchains, store three key pieces of information to verify transactions. This data is available for everyone to see, and can easily be used to find out a particular wallet’s details, such as amount of coins held and transaction history.
Transactions need to be verified to make sure that no new coins have been created out of thin air. We need to make sure that when Alice sends Bob 10 coins that Bob actually receives 10 coins and not 20 coins instead.
Transparent blockchains such as BTC, store address in, address out and amount transacted to verify transactions.
Mimblewimble however, can verify transactions without having to store the addresses or the amount transacted on the blockchain. This is known as zero knowledge proofs.
There are other privacy focussed projects that do a similar job, using some pretty complicated math that unfortunately makes scaling difficult.
“The beauty of Mimblewimble is in its simplicity.” (Todd Lewis — Lead Developer of Epic Cash).
It makes you wonder, is there is a link between the genius behind the creation of Bitcoin and the genius behind the creation of Mimblewimble?
For more information on how Mimblewimble works, you can check these articles:
Epic uses Proof of Work, as does BTC, in order to keep the network secure and decentralised. The blockchain is stored on all the computers that are participating in the network, to verify transactions for example, and are competing with each other to update the blockchain with the next block of transaction data. The winner will receive a block reward, which contains a certain amount of coins. This process is known as mining.
Originally anyone with a computer could mine Bitcoin. Now however, in order to mine BTC you need very expensive equipment. These are usually stored in massive mining farms with access to cheap electricity. Normal people cannot mine BTC any more.
Egalitarian means fair for everyone. Epic wants to keep the ability to mine Epic open for everyone. So at the moment they have three mining protocols running at once. This is very flexible and can be changed very easily.
At the moment, Epic designates 60% of time to CPUs. If you have a computer or a mobile phone then you have a CPU. 38% of time is given to GPUs. These are used in high end gaming machines and also by people who have designed their system purely for mining. 2% of time goes to ASICs, which are machines designed for one purpose, and one purpose only, which is mining. In order to mine BTC you need an ASIC.
Epic is also planning to add a mobile phone specific algorithm in 2022. There are 6 billion mobile devices in the world at present, and all of these devices could potentially be mining Epic at some point in the not too distant future.
Epic on its own is already by far the best privacy coin I’ve come across. But privacy isn’t even its defining identity, it’s just a useful feature.
When you add ECR and EUSD into the mix it really does become something truly special. I’m confident I will be able to do anything I want financially, using the Epic ecosystem as a base in the future. No need for BTC, USDT, Centralised Exchanges or any fiat currency.
With ECR you get to be the money printer.
You can create new currency EUSD, with the backing of Epic as the gold standard, for your own benefit.
Imagine you have $50,000 worth of Epic Cash and you want to buy a car. You will be able to issue yourself a loan of up to $25,000 in EUSD, that you will be able to use to buy that car. This loan will be interest free and will have no repayments because you will owe this money to yourself.
1 EUSD will always be worth 1 USD worth of Epic. The crypto market is volatile so the maximum loan you will be able to take out will be half the dollar value of your Epic Cash holdings. This is to ensure that the value of 1 EUSD remains constant at 1 USD worth of Epic.
This is great because you would be able to spend money without needing to liquidate your Epic Cash. Loans are tax free, so you won’t be liable to pay any capital gains tax, that you may need to, if you sell your Epic Cash.
Also, the value of Epic Cash is likely to rise over time, whereas, the value of the dollar is likely to diminish over time. You can spend money while not having to risk losing out on the future increase in value, of your Epic Cash holdings.
This feature will also reduce sell pressure on Epic Cash, because people will not need to sell their Epic in order to buy things. This is likely to help keep the value of Epic Cash on an upward trend.
While the loan is issued, your Epic Cash will be locked, and you won’t be able to unlock it until you have paid yourself back the EUSD loan.
ECR contains the smart contract you need in order to issue yourself this interest free, tax free loan with no repayments. You will need ECR tokens in order to do this so ECR could become quite valuable in the future.
ECR is also a governance token. You will be able to vote on the future direction and development of the project, receiving a financial incentive to do so.
ECR and EUSD will live on 30+ other chains such as Polygon and Wanchain. You will be able to issue yourself an EUSD loan, to buy lots of other cryptos on these chains, or it could be used as an off ramp into fiat, that you can use in the real world.
N.B. Receiving money in 3–5 business days is for western countries and can be a lot longer in less developed countries. Also, debit and credit cards leave the shopkeeper vulnerable to chargeback fraud. Using EUSD will also protect the shopkeeper from this.
Transaction speed is very important because if you go to a shop and to buy a can of Coke, you don’t want to be waiting 30 minutes for the transaction to go through. BTC processes on average 5.5 transactions per second (tps) and has a 10 minute block time. They would be able to increase transaction speed by increasing the block size from 1MB. But the gatekeepers of BTC don’t want to do this because they want it to be digital gold, not digital cash.
Bitcoin Cash and Bitcoin SV broke from BTC and created new chains with bigger block sizes. They did this in order to increase transaction speed, with the intention of it being more like cash. However, they suffer from the same issues with privacy and fungibility because their blockchains are transparent.
Often, BTC can get so congested that your transaction will not get processed in the next block. You could be waiting a while for your transaction to get verified. This can also cause transaction fees to get very high. Transaction fees for BTC have been as high as $60+ in the past.
Epic currently has a 1 minute block time with 1MB block size. But because transaction data is so small due to Mimblewimble, it can currently process 17 transactions per second (tps). Which is fine for now because not many people use it.
However, the developers believe they can safely take this to 1000 tps and possibly even 3000 tps. They intend to do this by gradually increasing block size from 1 MB to 16 MB, possibly even 32 MB, and reducing block time from 1 minute to 15 seconds.
They will test this on the separate ECK chain before implementing it into the main chain.
Epic, like Bitcoin, is deigned to be disinflationary so its value increases over time. This by nature, encourages saving.
ECK will be a separate chain designed to encourage spending. It will have really high inflation so it’s not designed to increase in value over time, unless its utility and velocity is sufficient enough to overcome its heavy emissions.
ECK is meant to be a meme coin similar to Doge, a social tipping service that will be integrated into use cases such karma, kisses, knowledge, kudos etc.
The idea is to create a high transaction volume so that the ECK chain can be used to test out increasing the transaction speeds before incorporating it into the Epic chain.
Most marketing in the crypto space is pay to play. You give lots of money to an influencer with a large following and they will use their powers to pump the price of a certain coin. Meanwhile the massive whales (large holders) are ready to dump on their unsuspecting victims when it reaches a price they are happy with.
It’s definitely possible for normal people to also make money from these pump and dumps, if they time the market well. But this doesn’t sit well with me ethically. For every winner there has to be a loser. I don’t want to get rich at someone else’s expense.
I’d much rather be part of something that grows organically, where everyone’s a winner.
This is a philosophy that the Epic community shares with me. I’m pretty confident that the vast majority of large Epic holders have no intention of dumping on the market, because they genuinely believe that this is the best form of money they will be able to use in the future.
The main focus of the marketing is education. They have a great community that is very friendly and happy to answer questions about any topic relating to crypto, technology, economics and finance. Obviously, they will answer these questions in a way to show you that Epic Cash is a great solution. You can learn more about Epic by joining these Telegram groups.
This is something that I didn’t really realise the importance of, until I recently read about the SEC and regulators wanting to come down hard on the crypto space. But this just emphasises the level of foresight that went into the design of this project.
Epic was launched fairly with no premine, no ICO, no corportion, no executives, no venture capital, no government affiliation and has no physical presence. It exists everywhere and nowhere at the same time. No funds were raised before hand and all the work that has been done on the project is through unpaid volunteering. Anyone can participate in this network if they want to, and can volunteer to work on the project if they want to.
Epic is governed through the Epicenter DAO (Decentralised Autonomous Organisation) where anyone who is an owner of ECR tokens can participate.
Using the CRC scorecard and the Howey Test, Epic has been declared as not a security. Not being a security makes it highly resistant to regulation in the future.
Screenshots from the mobile wallet currently in development.
There is a really good temporary solution however, and that is to keep your coins on the Vite decentralised exchange. Because it’s decentralised it’s still a pretty secure place to store your Epic, but I would recommend getting it into a private wallet if you don’t mind learning how to use CLI and opening up a http tunnel.
Vite is also a great place to send and receive Epic, so I still keep a bit on there for that, but have my main stash in the CLI wallet.
Where to buy?
I recommend buying Epic on Vite Exchange which is a decentralised exchange.
Here is a video with instructions on how to buy Epic on Vite.
Currently the options of places to buy is quite limited, but there should be many more places to buy both Epic and ECR, in the not too distant future.
Epic’s use of Mimblewimble for privacy, fungibility and scalability, its transaction speed, an emission schedule where the price is designed to go to infinity, the egalitarian approach to mining where anyone can mine if they want to, the ability to run a full node on your mobile phone, the ability to issue yourself an interest free tax free loan with no repayments, the foresight to make sure that it isn’t a security to avoid potential problems in the future, and an incredible community putting lots of energy into driving this project forward, for me, puts Epic Cash in a league of its own.
This project, stands head and shoulders above anything else I’ve come across so far in the crypto space and as a result I believe it to be an asset that is massively undervalued.
Earlier we asked, is Max Freeman and the Epic community completely insane, or will they cross the line into genius territory?
My verdict is…… Both
The level of genius that has gone into the design of this project is completely insane.
It’s going to be fun watching this project evolve into the absolute beast it’s designed to be.
In the words of Max Freeman (Epic founder) “our job is not done, until everyone on the planet uses Epic Cash.”
A lot of the info I’m providing here came from Uncle V’s Youtube channel where he interviews lots of Epic guys including Max Freeman, Yoga Dude, Todd Lewis and Izlo.
Also, I got lot’s of help with my understanding in the Telegram groups from; Max Freeman, Yoga Dude, Milton Freeman, Hayek Freeman, Murray R Freeman, Dave K Freeman, Tim Freeman, Ludvig Von Freeman, Stanislav P Freeman, Blacktyger Freeman, ZekeXz, Izlo, Dennis, tmbrwzz, UncleV, McMurphy, Thistle, Sam, Lydia, The Mother Trucker, Michael Freeman, Killing Joke and probably some others I missed.