EnLedger Release Notes

Energy Efficiency Coin - Frequently Asked Questions

Q1) How do I buy EECoin?
A1) To buy EECoin from EnLedger at the EECoin Energy Index Price, create an account at EnLedger.io

1) Create an account at EnLedger.io You will need to click an email confirmation link, using a working email.
2) Log In to your account at EnLedger.io and visit your EECoin Wallet Page
3) Create an EECoin wallet by generating a passphrase on your EECoin Wallet Page, or using the offline StandAlonePassGenerate tool.
4) Secure your wallet by storing your passphrase OFFLINE! EnLedger will NEVER email/text/slack or otherwise contact you asking for your passphrase! Your passphrase controls the funds in your wallet, like a master key. Never give it to anyone.
5) You can send Bitcoin or Ether (only) to the Bitcoin or Ether addresses shown in your EECoin Wallet Page.
6) Deposits may take up to 6 block confirmations, but 5-10 minutes is the expected average wait time. Once your Bitcoin or Ethereum deposit transaction is confirmed, you will receive a "pending" EECoin dispersement at the current market rate when the confirmation is automatically verified. Pending EECoin dispersements may take up to 24 hours to be approved and the EECoin will be finalized into your EECoin Wallet.

Q2) How do I use my EECoin?
A2) EECoin is a green energy asset class which can be used as a "gas" in the EnergyChain blockchain, which has industrial and commercial usages in the decentralized energy grid. It can also be used as a voting share when we decide whether or not to bring in new green energy stock or bond sub-indices into the EECoin Green Energy Index price.

- most EnergyChain transactions can be free, however there are micropayment per usage charges or "gas" fees for state-changing EnergyChain function calls which would store or change the permanent blockchain datastore and therefore incurr memory and storage costs at the node layer.

- EECoin allows token investment funds to go into green energy stock and bond indices, thereby raising incentives for green energy in society, and providing funding for a blockchain project focused on modernization and utility in the decentralized energy grid, and towards providing blockchain technology with positive ecological impact and a zero-emissions platform.

- EECoin has a "stable" value relative to most other cryptocurrencies, because of the nature of the Green Energy Index Pricing mechanism, thereby providing a more constant and reliable alternative, and also a mechanism for EECoin investors to speculate on the future value of the EECoin Green Energy Index Price via subsidiary currency exchanges.

Q3) What is the EECoin Energy Index Price? How is it calculated?
A3) As of 7-22-17, the EECoin Green Energy Index Price is $413.81, as computed with a 50-50 weighting of green bonds in S&P Global Clean Energy Index (^SPGTCLEAN) and green stocks in NASDAQ Clean Edge Green Energy (^CELS). The price is tracked to within a 15-minute time-window of the real-time price as calculated from live NASDAQ ticker feeds, and displayed on our site.
Q4) Is there a minimum and maximum purchase amount?
A4) Minimum purchase amount is 0.1 ETH or 0.01 BTC. Maximum purchase transaction size during beta will be 5BTC and 15ETH with higher limits available to accredited traders who have personally verified with EnLedger. AML/KYC registration and "fiat" currency buy-ins are a feature we are working on.
Q5) Q: How do I do an EECoin transaction?
A5) In order to do an EECoin transaction, you need to actually download and install the EnergyChain node, and sync your machine with the full block history, and do a command-line transaction, just like in the old days of bitcoin. Right now the project is in BETA, and will be expected to reach a stable release in Q1 2018, which will and to enable transactions via more user-friendly tools. Until then you should be aware that EnergyChain could hard-fork during updates, and so your safest bet is to leave your EECoin in your wallet until EnergyChain goes into stable release and EECoin becomes listed on blockchain asset exchanges. Hard-forks are never expected to roll-back transactions, but during beta this is not guaranteed. Please see the EnLedger Github repos for instructions on installing EnergyChain, a Tendermint Cosmos-SDK plugin.
Q6) Where can I sell / exchange EECoin?
A6) EECoin is compatible with other Tendermint blockchains in cross-chain atomic-swaps including Ethereum via the Ethermint project (?). So the first exchange EECoin supports is the Cosmos Hub network. We are also working to bring EECoin to a more traditional exchange that supports fiat currency transactions early in 2018, once EnergyChain goes into a stable release.
Q7) When does the EECoin token sale start?
A7) Launch date is set for 10pm EST, Oct 10th, 2017. A countdown timer has been set on the site.
Q8) When does the token sale end?
A8) There is no end date. EECoin remains on sale for the EECoin Green Energy Index Price for the foreseeable future, which means this is not an initial coin offering (ICO), this is a sustained token generating event (STGE).
Q9) Is there a cap on the token sale?
A9) We are implementing an EECoin sales cap at $100 million during the "beta" token pre-sale, and may transition out of beta as early as a funding target of $50M investment into EECoin, or after the first three months. Once the beta period for EECoin ends (heralded by a stable release on the EnergyChain code repository), fund intake will become uncapped. There is a planned 2-week minimum time between token-sale "beta" period ending at EnLedger and any new currency exchange listing event authorized by EnLedger.
Q10) Is there an "early adopter" bonus for getting involved during beta launch?
A10) You know it! You'll be able to purchase EECoin at a 5% discount on EECoin Green Energy Index Price during the beta period (first 3 months expected).
Q11) How many EECoins will exist, over time?
A11) The total number of outstanding EECoins in issuance will monotonically increase as users buy EECoin directly from EnLedger at the EECoin Green Energy Index Price. Because the value of EECoin is theoretically pegged to the EECoin Green Energy Index Price, there is no inherent inflation of the asset itself, so the inflation rate is theoretically zero. EnLedger acts to mint the supply of EECoin in batches of 10,000 at a time (when batched amount reaches zero), and to sell them at the EECoin Green Energy Index Price as calculated according to a modified market capitalization weighted index pricing formula based on constituent green energy indices (see whitepaper).
Q12) How do I backup / protect my EECoin (EnergyChain Wallet)?
A12) A: We will have two wallet creation tools - the EnLedger online wallet and the StandAlonePassGenerate OFFLINE wallet generation and restore tool. You will get a passphrase that you must keep private. Never give or type your passphrase into another site or give your passphrase to another person. Your passphrase is the master-key to your wallet and all of your funds held on the EnergyChain ledger.

When you are visiting EnLedger, make sure you are only connected to https://www.enledger.io and that you see the TLS security “lock” symbol in your browser. We will never email/txt/slack you or otherwise contact you asking for your password or passphrase. The only time you should ever NEED an email from EnLedger is for the initial confirmation of your account sign-up link, or if you forget your password and request a password reset link to your email on file.
2-Factor Authentication:
We will be implementing 2FA on our site as soon as possible (google authenticator) to secure all accounts. USE IT. It makes logging in and accessing your site far more secure. Google Authenticator requires no trust in Google to use, Google is not a gateway to your data in any way when you use it. We will also offer an online backup tool that will allow you to print out an encrypted version of your wallet, but only for 2FA-enabled accounts.
Q13) How is EECoin different than other blockchain asset classes?
A13) EnergyChain, and EECoin as a token project itself differ from other blockchain projects in these main ways:

1) EnergyChain is a blockchain with minimal energy usage and minimal hardware turnover.
2) EECoin can be used as a gas payment in EnergyChain internal functionalities, and the gas price is not tied to the block-height, but controlled by an internal bidding market, minimizing transaction fees.
3) Money invested into the EECoin equity pool is used to buy green energy stocks and bonds (via index funds), thereby directly providing capital to research, development, and deployment of real-world green energy projects and installations, and helping to create greener energy grids for all humans.
4) EECoin has a positive ecological impact in that it's a mechanism for society to directly provide a market incentive for production of renewable forms of energy as opposed to non-renewable ones.
5) EECoin is pegged to the EECoin Green Energy Index Price, providing greater market price stability than most other blockchains.

Q14) What happens to the funds I use to purchase EECoin?
A14) 95% of Funds received by EnLedger from the purchase of EECoin are placed into an asset pool that includes traditional green energy stock and bond index shares, fractionally apportioned among EECoin Green Energy Index constituent indices according to pre-defined weighting factors. Some portion of this 95% asset pool will also be used to hold EECoins and cash at brokerages and exchanges, by EnLedger, and used by EnLedger to purchase of EECoin as needed on the market to maintain the EECoin Green Energy Index Price in markets that EnLedger sanctions and decides to participate in. 5% of the funds goes to EnLedger, as a one-time up-front fee, and can be used by EnLedger for development, asset management, to pay license or trading fees, or other company expenses. Transparency is achieved via reporting of total assets held at monthly intervals on our website. Any future dividends or divestments related to assets held in the EECoin Green Energy Index fund are owned fully by EnLedger and go back into the asset pool if it is not fully capitalized, and otherwise to EnLedger itself.

Q15) What is the purpose of the EECoin Green Energy Index Price, and "price-point" mechanism?

1) Maintaining the price index peg becomes the incentivized trading strategy and revenue stream for the token equity holding company, EnLedger, ensuring future funding for capital management and technical platform development.
2) Token-holders are granted a periodic vote on which constituent indices and the weighting of those indices in the EECoin energy index price formula. A user’s vote will count proportionally to the number of tokens they vote with and the total number of votes received.
3) Because of the index pricing mechanism, usage and funding of Energy Efficiency Coin promotes the creation of renewable versus non-renewable energy, as opposed to blockchain token systems which utilize Proof-of-Work protocols, where higher utilization and coin market prices mean more incentive for “miners” to burn electricity to gain the tokens.
4) EECoin has a positive ecological impact in that it's a mechanism for society to directly provide a market incentive for production of renewable forms of energy as opposed to non-renewable ones.

Q16) What happens if the market price of EECoin does not equal the pegged amount?
A16) In general this would represent a potential profit opportunity for speculators, and the price on any individual market may be expected to stray a few percent during normal fluctuations due to intraday market activity. It may take EnLedger anywhere from milliseconds to days to recapitalize any market fully to bring market prices back in line with the EECoin Energy Index Price, and EnLedger is never required to do this. This is an important point. Those who buy EECoin from EnLedger should not have the expectation of being able to sell EECoin on an exchange at the EECoin Green Energy Index Price. If there are no outside buyers, eventually (from ms to a week), EnLedger’s recapitalization strategy itself should pick up their sell order - but there is no guarantee of this. EECoin will begin with a 90-95% fractional reserve, and all trading profits from the recapitalization fund go back into the EECoin reserves until it reaches at least 100% reserves. EnLedger expects to be able to operate with greater than 100% reserves for EECoin within the first year.

It’s in EnLedger’s best interest to trade promptly but not instantaneously on the underlying asset markets in response to user buy-ins, to limit liability but also obscure the predictability of our trading patterns and buy/sell at the most opportune times, including divisor adjustment during market close times.

Q17) How can I use an EnergyChain smart-contract, and pay the gas in EECoin?
A17) EnergyChain does not include a full Turing-complete virtual machine, but has internal functionalities tailored to use in a decentralized energy grid, maintained and updated to suit affiliate requests and needs over time. This strategy offers EnergyChain a tighter security model than a blockchain platform with a full virtual-machine, and allows us to minimize blockchain data bloat and transaction costs. EECoin is still used to pay gas, by sending an amount of EECoin to be picked up and distributed to the validating nodes upon the next block consensus event, at a known acceptable gas/EECoin rate.

Q18) What is EnLedger’s role in this EECoin token sale and EnergyChain?

1) The for-profit structure of EnLedger allows Energy Efficiency Coin long-term fiscal solvency, avoiding an initial token-sale and then burn-down of funds for development followed by reliance on volunteer developers that characterizes non-profit tokenization efforts.
2) EnLedger acts in its own best interest to maintain a market value-peg according to the price-weighting formula, and via recapitalization across multiple markets as necessary.

Q19) Is EECoin an energy-negative or "carbon-neutral" corporate project?
A19) As we grow, we hope to offset usage of our network’s energy consumption through sourcing our computer networks’ and back-up facilities’ power from renewable energy utility supplies. We may also may retire RECs and/or own some renewable energy assets on our corporate balance sheet. We aim to make the world's decentralized energy grids more energy efficient, and to become energy neutral by 2020. Our dedication is to become the world's first "zero energy" blockchain platform.

Q20) What happens if EnLedger stops running the validator network?
A20) At the beginning, EnergyChain could halt if EnLedger stops running the validator node network. Our goal is to bring on enough corporate affiliate network-approved nodes such that EnLedger will not be maintaining more than one third of the validating nodes within the first year. We run a set of six nodes on three clouds, with a global node network, whitelisted to known subnets to protect from DDOS.

Q21) Who is the EnLedger Team?

The dream of EnLedger began when Jason and Ryan met on a chance Icelandic adventure and fused a fast bond over decentralized energy and modern applied cryptography.

Jason Dispenza has 11 years of CEO experience at EDGE Energy, an energy auditing and renewable energy systems design and installation operating in MD.

Ryan Molecke holds a B.S.E. in Computer Engineering and a Ph.D. in Nanoscience and Microsystems Engineering. He’s worked at several notable and successful finance-tech startups, helped architect trading systems and brokerage/exchanges, and is now focused on permissioned ledgers and blockchain systems integrations, tokenizations, and credits programs.

Christina Garcia brings an international engineering and MBA degree plus a network of international project developers with energy contract PMP experience.

James Barry is a well-respected business and computer science guru from the early days of Silicon Valley, with executive experience at IBM, APD, and most currently in blockchain start-up incubation and advisement.

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