A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, (EROS) Erosion is the first hypodeflationary currency originally based on the ethereum blockchain.
"Deflation is, more or less, a theoretical term, and there is no exact measure of difference between it and deflation. However, deflation, like deflation, can lead to a deflationary spiral in which a deflationary environment leads to lower production, lower wages and lower demand, and thus lower price levels. This scenario creates a positive feedback loop that continues until an outside force (the government, for example) steps in.
Deflation is additionally identified with hazard avoidance, where speculators and purchasers will begin storing cash since its worth is presently expanding after some time. This can create a liquidity trap or it might prompt deficiencies that lure speculations yielding more occupations and item generation. In a shut economy, this is on the grounds that charging zero intrigue likewise means having zero profit for government protections, or even negative profit for short developments. In an open economy it makes a convey exchange, and debases the cash. A debased cash produces more expensive rates for imports without essentially animating fares to a like degree."
With that being said, Erosion token (EROS) is a descending (deflationary) currency on the Ethereum blockchain. Initially, 10,000,000 EROS were created and will no longer be cast.
Now that I have your attention, let’s get right to it.
What exactly is Erosion?
(EROS) Erosion is the first hypodeflationary currency originally based on ethereum blockchain! Let me explain to you who doesn't know about Ethereum, ethereum is that Ethereum is a Blockchain platform with Smart Contract functionality. Developed by Vitalik Buterin in late 2013. ETH, also known as Ether, is the currency of Ethereum's Blockchain system. This is what you can trade on the current exchanges. In a nutshell: Ethereum is a Blockchain platform, and ETH is the monetary unit in the foundation of Ethereum. The blockchain is a database system that contains information, used to store information in linked information blocks, and is managed by everyone involved in the system, rather than on one side. 3rd individual such as state or central bank.
Erosion token (EROS) is a descending (deflationary) currency on the Ethereum blockchain. Initially, 10,000,000 EROS were created and will no longer be cast. Every time Eros is sent, 0.01% of the transaction disappears from the total FOREVER supply. A low 0.01% combustion amount allows these tokens to be much more feasible when used in dapps.
We all know bomb token, it is after all the bitcoin of deflationary currencies, but there is one major problem in bomb. Dapp unfeasability.
How do you expect any DAPP to even work with a 1% burn every transaction?
That too with a minimum burn of 1 bomb?
Simple dapps like a cointoss or dice games already have a house edge, and now plus a 1% burn would turn the players bankroll to dust.
You cant expect any real DAPP to become popular with economics like this. This problem is what EROS tries to solve.
With a 0.01% burn, EROS is 100x more feasable to use in dapps, while still providing the long term benefits of deflation.
Erosion also has a feature to prevent self destruction at the end of its life, which is to round off the decimal burn at the 14th decimal place, this makes it so at the end, no matter what, atleast 0.000000000000010000 EROS remain
Hypodeflationary 0.01% Burn Rate
During each transfer made 0.01% of the transaction will be burned and removed from existance.
ERC20 standard protocol for easy Dapp intergration while still providing the long term benefits of deflation.
10 Million Max Supply
There will only ever be 10 million EROS tokens created. This supply will decrease overtime increasing scarcity.
Non Self Destructing Asset
EROS burns down to the 14th decimal meaning there will be a remaining supply once all burning has completed.
Expansive Dapp Ecosystem
EROS will be integrated into a large expansive ecosystem of dapps that will help drive mass adoption.
With 10,000,000 EROS released to the market, how do Spacesrop / airdrops be distributed fairly? To solve this problem, Erosion has caused 8,000,000 EROS to be locked in a smart contract, will reduce 500 EROS for each address listed in the whitelist, to list your address, you will need to post your address (must be in any form before 30 days begin) and your twitter profile link (must forward the tweet pinned on EROS's official twitter account) to @ErosionSpacesrop. If the message passes these requirements, the bot will instruct the user on how to receive airdrops! Each address or twitter account can only be used once. This reduction of space will only last for 2 months and if by the end of two months, any tokens left in the contract, they will be burned.
Does EROS Have a Minimum Burn?
EROS does not have a minimum burn, unlike bomb, EROS has 18 decimal points in its token contract, allowing for precision transfers, EROS also does not burn further than 14 decimals, meaning that in the far far future, EROS will not self destruct.
Total supply- 10,000,000 EROS
Spacedrop total- 8,000,000 EROS (80%)
Bounty total- 1,000,000 EROS (10%)
Team + Miscellaneous(listing payment, etc) - 1,000,000 EROS (10%)
Burn roundoff - 14
Burn rate- 0.01% of each transaction
Token name- Erosion
Token symbol- EROS
How is it distributed?
Erosion Token (EROS) is a gradually deflating (hypo-deflating) currency on the Ethereum blockchain.
Total supply- 10,000,000 EROS
Total- 8,000,000 EROS (80%)
Bounty total- 1,000,000 EROS (10%)
Team + Miscellaneous(listing payment, etc) — 1,000,000 EROS (10%)
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Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.