More Info/FAQ
All the personal info abous us we are going to release is in the ANN.
"We belong to a european group of ethical hackers with enough notoriety and because we believe that the technology behind Zcash is the future in anonymity, our obvious step is to make a new version but removing its corporate vestiges", to be used widely on deep web thanks to our contacts/influence.
By the way, our group has a lot of contacts/influence, we are moving all our influences and making negotiations so that Ebitz will be available in the deep web from day 1, sponsored by a Dark Market with really high daily volume. We would be the only coin next to bitcoin to be used there.
Our first move is be listed in one of the biggest market (we already made the agreement but for security reasons we can disclose the name of the market), but we already made a lot of public alliances (two china news company, bitlox, coolbitx and more are coming). And because of the anon advantages between bitcoin vs ebitz, a lot of people will start to use it in the market, so we will have a good amount of money interested in ebitz. Remember that bitcoin in the early days progressed thanks to the volume and movement provided by the deep web. After, we will try to make more and more agreement with dark markets owners.
To do that and working closely with the markets in the deep web we need to try to be anonymous, we dont want to be the next Ross Ulbricht. Our goals is to make this coin widely used, especially in the deep web because this is the sector that really needs this technology and can help to spread the adoption really fast. Remember that bitcoin in the early days progressed thanks to the volume and movement provided by the deep web.
Ebitz will be the project that brings the tech behind the Zerocash protocol to the deep web to fill the gap searched by the Dark Markets and finally bring complete anonymity.
About our difference with zcash:
We found two big problems: On the one hand, an excessive (more than 20% of the supply the first four years) "founder rewards" to private investors and on the other his disastrous mining solution, not only by the slow start but because a few private investors have access to exclusive gpu miners, which are to ensure them the vast majority of the coins created. While other users will be content with an underperforming CPU miner. So, the private investors are only attracted by quick profits and will be the first to dump his excessive amount of coins to investors attracted by the technology presented for Zcash.
These two issues affected and continue to affect the state of zcash. That is why we want to offer an overcoming proposal without these problems.
Our solutions: - Change the algo to PoS / - Destroy the founder rewards / - We are not an US company.
Plus that, we want to develop new features on top of ebitz like thezerg said, the decentralized debit cards looks like a killer feature. But this is only want user suggestions, we are open to receive more feedback. The tech that thezerg comment is really disruptive, if we can combine that with zerocash anon would be amazing. Currently there is no coin with this type of technology, not even with bitcoin. This kind of cards will works without any central finance service.
1. How do you plan to manage the ICO so that distribution of coins is even or at least even enough to prevent a 51% monopoly on coin ownership occurring in the hands of a small cabal of owners.
- 19.95 million coins for 500btc isn't much for some people and whale dominance can completely override the benefits that PoS otherwise brings.
We receive a lot of pm and mails asking us to remove the limit of 500 btc and make the sale unlimited, but for the moment we dont have plan to change our initial idea. Yes, we have 19,95 million of coins but can be divided into smaller measures (satoshis, bits).
- Is there going to be a maximum limit per individual investor?
No. Its a good idea, but anyone can make a new account and deposit btc from another address.
- Do you think whale accumulation will damage community confidence in ebitz?
No.
- Do you have any other mechanisms in place to limit whale accumulation (e.g. single person ownership >15% total supply).
As we said before, any attempt to avoid accumulation will be unsuccessful. Our opinion is that the best would be to make limit per individual investor (but as I said before, it will not be efficient) and after the sale its the free market, anyone can buy or sell his coin without limitation.
2. Why don't you have your own dedicated whitepaper?
- Yes you explain the differences between zcash and ebitz nicely but you haven't explained how you are going to convert the zcash anonymity protocols to work on PoS.
We are the first zcash based project to change the algo to PoS, so we are not going to make available our code/paper until our project will be released. To do otherwise would be to the detriment of our investors.
- Where is the code for ebitz to explain how the PoS switch will be handled and scaled?
We are the first zcash based project to change the algo to PoS, so we are not going to make available our code/paper until our project will be released. To do otherwise would be to the detriment of our investors.
3. What is the method by which you will be receiving funding?
- I appreciate you are accepting bitcoin but having signed up to your wordpress website I see no explanation of how the ICO funds will be received/sent and how the tokens will then be issued after.
Remember that the ICO (http://www.ebitz.org/invest/) and Stats (http://www.ebitz.org/stats/) page will be available when the ICO starts.
- Is there an escrow service?
We will announce our decision during the weekend because in our group are different views about this but we have not made our final decision yet (some of us are not 100% comfortable with the idea to use an escrow). For the nature of our project and our plans we will make some enemies and that can become a witch hunt that we want to avoid. Read this: https://bitcointalksearch.org/topic/m.16886493
- How do I know this isn't just a scam to steal my money?
You must do your own due diligence and decide if the information provided by us gives you the confidence to invest in our proposal. I can say a thousand words, but they would be just that, words.
4. Does this implementation still require a trusted setup?
Yes, there are two options: 1) Use the same parameters from Zcash (as komodo did) or 2) generate our own trusted setup. The option 1 it is the most reliable and safe, because for the other option, we need to find 8-12 trusted people in the community with tech skills to be part of the process (Who would these people be?) and, delay the launch (because we will need to organize and coordinate the whole process). But we will use the same parameters from Zcash (we will not generate our own trusted setup). This the most reliable and safe, because the guys behind Zcash were working a lot of time to be prepare for the "ceremony" and they are working with people with the knowledge necessary for that task. Take a look: https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trusted-setup-ceremony.
1. Roadmap
2. Solution to Zcash Problems
3. Alliances
4. Escrow
5. DarkWeb Connections
TheKB, how are you?, let me answer you each point:
1) About our development roadmap, as we said we are using the zcash code with three changes. This changes are particularly important and will allow the expansion of our project and his extensive use in dw. Zcash weaknesses were detected to create a better version. Plus to fork each zcash updates, we will add our own features to our project, not included in Zcash. We are not thinking about that, because is not the most important right now. We are open to suggestions like thezerg did. His suggestion is still valid and we will study about that. By the way we are open to more suggestions.
2) Sorry but I don havet answer for this, what is your specific question? 5% is really low amount of premine (the majority of project take 10-20 % as premine) and will be in a public address, so everyone could see if we spend it or not. The founder rewards on Zcash generate a sales pressure hard to maintain.
3) The agreements reached with each particular company will not be disclosed as it is obvious. But if you doubt the legitimacy of them you can consult with any of the companies named for the moment. We made a tweet to announce it and as far I know will be RT or comment for this companies to give it legitimacy (EDIT: Check https://twitter.com/BitLox/status/801621601280258049 - https://twitter.com/CoolBitXCOO/status/801697785300992000). More agreements will be revealed in the coming weeks. This is to create an ecosystem for Ebitz from the first day and to have a real use (and not be another useless coin).
4) It does not make sense, they are two different things. For the move we made with SebastianJu we use our own private funds and was a pretty low amount. If we reach our goal and we continue with our plans we will make some enemies for the nature of our proposal and that can become a witch hunt that we want to avoid. As we said before in our group are different views about this. But we have not made our final decision yet. During the weekend will be published our final decision. If our decision does not convince you simply do not invest in our solution.
5) It is quite the opposite, it is precisely because we have the contacts and the agreements that we need to create a proposal open to the public to give legitimacy to Ebitz. We do not want to create a closed sale like it was the case of Zcash but an open proposal for any user, that is the nature of Ebitz. It would do no good to create a closed proposal, it would have no use. As you know, we established a limit of 500 btc that we expect to achieve but still that amount is not excessive for the nature of our project. And as we said, we will contribute with our own funds (as we have already done) for the development of Ebitz.
We already made 4 public agreements (Wanbizu, Blockvalue, Coolbitx and Bitlox) that everyone can check (https://bitcointalksearch.org/topic/m.16886491) and the fifth (the dark market), we will not be able to disclose the name until the end of our sale. There are a lot of good reasons to not disclose the name of the market until the launch, one of them is to protect the market (we accept this in the agreement we make) in case the sale dont reach enough btc to pay our part of the agreement (If we reach 250 BTC, we can do it. Given the importance of this agreement in our proposal, if we do not reach this amount we will make a full refund), another is to protect us from trolls, ddos during the sale from users & investors from other markets (of which they are direct competitors) and so on. The situation is not as simple as you may think. The current focus is on correcting the three big problems found in the Zcash approach and creating an attractive product for use in the DW. In order to generate a demand for incoming money to Ebitz.
About the limit of 500 btc, a lot of users ask us for remove the limit. The truth is that with more funds, we could hire more developers, generate more promotion and make more agreements. But from a beginning our idea was to limit the sale, to avoid an overbought that would harm the initial investors. That is why, in the announcement that we will make later today we will establish our decision, which will be to maintain the current limit or increase it, but not remove it.
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