Letter from UpBitFrom: Project Communication <
[email protected]>
Date: Sat, 12 Jun 2021 at 12:14 am
Subject: [Upbit] EMC2 has been put as an Investment Warning Digital Asset
To: <
[email protected]>
Dear EMC2 Team,
We’re writing to inform you that EMC2 has been put as an Investment Warning Digital Asset as of June 11, 2021.
(Please refer to:
https://upbit.com/service_center/notice?id=2013)
(Upbit Transaction Termination Policy:
https://static.upbit.com/guide/market_policy_close.pdf)
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Reasons for Designation
: The project did not meet the internal standards for investor protection from a thorough evaluation on 1) Team competency and business 2) Public disclosure of information and Communication 3) Technical competence and 4) Global liquidity.
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Up to one week after designation of investment warning digital asset, Upbit will communicate with the project teams and proceed with elucidation process.
During the process, if the elucidation is not fulfilled or is unsatisfactory, we will announce the termination of transaction support on Upbit through a separate notice on our website.
In your response, please include a detailed description of the achieved roadmap within the last 6 months, past business performances, and your efforts to prepare for compliance with Korean and global regulatory environments.
Accordingly, we sincerely ask you to provide a reasonable elucidation through this email by June 18, 2021.
We would very much appreciate your kind consideration.
Warmest Regards,
Dunamu(Upbit) Team
EMC2 Team Response -
This is our 2nd(more detailed) response to UpBit. 
The content of the letter in the attachment:Dear Upbit Operations Team,
This response is in regards to your recent notice on digital assets. First, thank you for your recent message and for operating an excellent exchange for the global crypto community. Einsteinium and Upbit have a strong relationship together, especially as it relates to our footprint within the Korean community. We take your message seriously and we have taken clear steps to address the issues that were brought up. Below you will find an explanation of our action items.
Einsteinium is managed by the Einsteinium Foundation, a nonprofit organization and the first NPO to be backed by cryptocurrency. Our mission is to develop blockchain technology towards the financial support of scientific research. We have a history of directly funding fellowships and awards supporting academic and industrial science. During the early days of the COVID-19 pandemic we pivoted our efforts to support frontline workers. The moment required fast, decisive action as money and supplies were desperately needed. Therefore, we provided direct support to Serim General Hospital and administration of our donation led to an immediate impact on the ground. We continue to actively search and fund innovation for therapies, drugs, and vaccines in this area.
In response to our team competency and business The Einsteinium Foundation is a non-profit organization (NPO), and the world's first NPO to be backed by cryptocurrency. The defining characteristics of The Einsteinium Foundation is its ongoing commitment to research and charitable missions throughout the world, and to the safeguarding, maintenance, and development of Einsteinium, an international digital currency built on a secure, decentralized open ledger, or blockchain.
Combined our team has decades of experience in the blockchain space. We have been among the earliest of movers in the cryptocurrency revolution and continue to maintain and operate a successful project in Einsteinium. Our core leadership has experience in the following areas: technical, financial, operations, scientific, marketing and communication. Furthermore, provided below are short descriptions of several members of the current Einsteinium Foundation leadership.
Alex is a bioinformatician and PhD candidate at Temple University with classroom education and real world practical experience. His track record demonstrates focus, a thirst for knowledge, and a commitment to scientific contribution and collaboration. He has a deep interest in the impact at the crossroads of science and crypto. He brings to the Einsteinium Foundation a scientific voice, perspective and accuracy.
Jo a University student in Computer Science, Jonathan found interest in cryptocurrencies in late 2013. He started mining (GPUs) in the beginning of 2014. He followed the evolution of new coins that were rising while simultaneously learning about them. In September 2014 he was part of the team who took over the Einsteinium Foundation after most of the original team left. Has been working on Einsteinium since then.
Vladan is software developer with extensive experience and management skills. Started working at a young age as a developer for globally successful companies. He is well-versed in all phases of the software development life cycle, with a strong knowledge of web and mobile technologies, networks, data structures, testing and many more. Currently leading development of all software projects under Einsteinium Foundation and guarantee that they are stable, secure, high quality products delivered on time.
Malden IT Consultant with over 12 years of experience analyzing, designing, developing, testing, deploying and supporting n-tier enterprise applications using a variety of methodologies, technologies, development tools and programming languages. Industry experience: marketing, media, finance, manufacture, consulting, IT services and software providers.
Not all team members are listed on the main Einsteinium Foundation website. Often EMC2 creates strategic partnerships with small or large IT firms (hardware and software providers), carrier gateways, game producers, and publicly traded companies. Some of our recent collaborations have been with:
https://www.maxeler.com/ ,
https://itcentar.rs/en/ ,
https://www.diyomisoft.com/. Additional press releases could be found online.
A recent workshop held by the Einsteinium Foundation for training and education in cryptocurrency
In response to our public disclosure of information and communication We operate a number of active social media and communication channels with our community. Overall, our community and the public disclosure of information remains very engaged. We have discussed communications and readily make available information to the public that is timely, factual, and accurate. We have continued to follow legal and regulatory requirements, and ensure that our messages are broadly disseminated to our global community. Furthermore, we consistently share information regarding important technical updates and material and news releases. In the broader press, we participate in events and conferences which are video-recorded and widely available. We also released a highly anticipated and detailed annual report to our community Einsteinium 2020 annual letter.
Additionally, we extend our public disclosure of information and communication to oral statements made in meetings, telephone conversations, interviews with media, and speeches. We have a vibrant and highly engaged community, especially within Korea. In order to rapidly disseminate our news and updates we maintain the following communication channels:
Website:
https://www.emc2.foundation/Blog:
https://www.emc2.foundation/blogTwitter:
https://twitter.com/einsteiniumcoinReddit:
https://www.reddit.com/r/einsteinium/Discord:
https://discord.gg/PzRVc6tTelegram:
https://t.me/emc2channelFacebook:
https://www.facebook.com/einsteiniumfoundationBitcoinTalk:
https://bitcointalksearch.org/topic/annemc2-einsteinium-funding-the-future-with-the-future-of-currency-494708Blockfolio Signal:
https://blockfolio.com/coin/EMC2/signal/PfB97Xwbpn
This screenshot shows our recent blog (
https://www.emc2.foundation/blog) posts for our community.
Included are both our monthly updates and near real-time technical memos and documentation.
In response to our technical competenceWe continue to recruit and use senior level developers to further development of our initiatives, as well as junior level developers to maintain our user interfaces and websites. We continue to operate in a highly competitive technical environment. This requires a high degree of technical competence. Evidence for this is plentiful over the long life of this project. Especially so in an attempted attack on the EMC2 chain which we thwarted.
A number of articles in the press at the time :
(1)
51% Attack Planned for Einsteineum | Bitcoinist.com (2)
Mischief-Maker Promises to Livestream a 51% Altcoin Attack – Altcoins Bitcoin News(3)
Komodo enhances dPoW security mechanism for verifying transactionshave documented the malicious intent of external actors and our team's technical response to defend the EMC2 chain.
Furthermore, our GitHub repository available at
https://github.com/emc2foundation/einsteinium does not reflect an accurate measure of the software and technical development effort that has gone on within the Einsteinium Foundation.
While we maintain a secure and highly operational blockchain in EMC2, our focus has been in developing a new coin: Milevium (MIL). We have provided a detailed description of this new coin in our MIL Blue Paper. While in the testing phase, MIL software and ecosystem development has occurred in a closed-source environment. This is to ensure that we can truly develop this technology and for our development team to anticipate and address software robustness issues early. MIL is code completed, genesis mined, and ready for an AirDrop. With more details provided at the end of this document.
For those who followed EMC2 for long enough with excitement would remember moments when EMC2 released new features like SegWit and Lightning Network. EMC2 has been on the cutting edge and always among the first 10 coins to incorporate the latest and greatest industry standards. This is strong proof of not only our team competence but also unexceptional blockchain skills (hard to find in days of blockchain infancy) as well as strong drive and high initiative and motivation.
Long story short, looking over the history of EMC2 it has always had its guardians and the current team has been its vanguard.
In response to our efforts to prepare for compliance with Korean and global regulatory environments. We have members located in Korea (JM) who are monitoring the situation and requirements, actively updating and advising the rest of the team, and will coordinate our actions in the future accordingly.
In response to our global liquidity Einsteiniums global liquidity has been focused within the Korean community and Upbit represents a major source of our current global liquidity. However, Einsteinium as a coin has community members distributed globally and are fiercely active. Therefore we have taken recent steps to list on additional exchanges (Komodo AtomicDEX, Coinspot, Poloniex, Bitfinex, Gate.io), which will drive global adoption and volume. In addition, our community is highly interested in the airdrop from MIL, which we highlighted in our Blue Paper. Evidence of this is present because at a minimum we release monthly updates regarding MIL development on our blog
https://www.emc2.foundation/blog and these posts are typically met with increased transaction volumes. We anticipate a MIL snapshot date and distribution to occur in the near future, which will dramatically increase liquidity.
The following is an overview of our next action items which will drive widespread adoption and usage and which will be made materially public in the near future.
Ongoing maintenance and technical support of EMC2. This includes our wallets, miners, relationships with exchanges, and marketing the coin to academic institutions, scientific industry participants.
The release of our MIL development timeline / roadmap. This includes details of our MIL main-net, open-source release and maintenance of wallet code/builds, branding of MIL, instructions for migrating from EMC2 to MIL.
We will release our MIL code and recent wallet builds to the community. This is in order to promote the ethos of cryptocurrency and encourage an active group of dedicated software developers. MIL open-source code release is publicly available through a Github repository at
https://github.com/emc2foundation/mil.
Additionally, as we continue to operate as both a cryptocurrency and philanthropic organization, we have a number of initiatives that will increase adoption and usage in terms of B2B partnerships and initiatives which allow for transparent support of scientific research.
Release of our crowd-funding platform.
Einsteinium Foundation Fellowships.
Execution of our marketing plan for MIL to drive global demand. This includes but is not limited to the following items.
Media day celebration for release
Media engagement with academic and scientific industry leaders.
Sponsorship of scientific events including MIL award events for fundees.
Our marketing and distribution will drive a dramatic increase in global volume for both EMC2 and MIL in the upcoming months.
Einsteinium foundation is constantly working on its custom wallet Weeee Cash
http://weeee.io/ and in current negotiation with multiple exchanges and credit card processing companies like
https://indacoin.com/ about mutual service and product integration which will provide EMC2 wider reach and increase liquidity. In addition to that EMC2 is also maintaining great relations with others crypto communities / products. Some examples from the past include OK Rokos and KMD Atomic Dex.
In summary, it is important to note that our highly anticipated MIL software development cycle is complete. Our next direct steps follow the implementation and distribution of this coin and its supporting software ecosystem. In this regard, the MIL MainNet chain has begun mining and can be verified live at
http://pool.mil.emc2.foundation/. In addition, all of the wallet source-code is available for immediate distribution here
https://github.com/emc2foundation/mil. Our technical development team is finalizing wallet builds and crypto-explorers. The EMC2-MIL airdrop date needs to be scheduled in the immediate future. We would highly appreciate feedback from UpBit in regards to participating in the AirDrop event, thus there are two key questions:
Are you willing to perform EMC2 to MIL AirDrop?
If Yes, considering your schedule and resources, what would be an appropriate timeframe for that? For the Einsteinium team, we anticipate any date after August 1st would be great.
We hope that our response has alleviated your concerns. Our team is focused on the growth of our project and a strong future with UpBit.
Sincerely,
Leadership of the Einsteinium Foundation.
