euShare White Paper
Table of Contents
2. Project Vision
3. Project Details
euSHare is a Decentralized Autonomous Organization (DAO) organization whose essential operations are automated agreeing to rules and principles assigned in code without human involvement.
The naming of euShare is inspired by the concept of sharing, and wellness This ecosystem is also known as a distributed system which its productivity relies on thousands of individual input.
This self-sufficient ecosystem has the following characteristics:
1. Recognition in the existence of individuals and modules within the organization: Individuals and modules own a high degree of independence yet maintain close contact with each other. Independence means that each module has its own division of labor and close contact means a convenient way of communication between related parties.
2. Powerful accommodation ability within each module: Each module is able to maintain its equilibrium by accommodation in the absence of a central authority.
3. Unified objective and unique capability of individuals and modules: in order to fulfill the characteristics stated above, each individual and modules share the same objective and each of them would contribute to the objective in their own way, for example, some independently extract honey, while some independently work as pathfinders.
2. Project Vision
Currently the core team is one member, but many are welcome!
The initial development euShare is mainly funded by anonymous sponsors and the project will continue to draw further sponsorship. We will announce the list of core team members soon. The one core member of euShare currently owns all the eu but wants share it with all euShare participants to create an active community who what to share!
euShare is committed to utilizing blockchain technology to establish an open internet platform and an ecosystem of Dapp (decentralized application). We will also progressively introduce options to earn more eu, and share.
User Development Phases
Phase 1: from 0 to N million users. Every hour users will accrue .5 eu. As long as the log in each day.
Phase 2: from N million users to 10 million users. To ensure the safety and privacy of euShare and its users, the core development objective of phase 2 will be launching KYC (Know Your Customer) practice to ensure the validity of users. In addition to KYC, we will also establish community service which allows community members to contribute their ideas for defining the core development objective of next phase. Furthermore, during Phase 2 we will also introduce Node and Dapp ecosystem so that operation of euShare is sustained stably by user interactions within this dynamic community.
Phase 3: from 10 million users to 25 million users. During phase 3 we will develop a euShare value exchange marketplace and launch it when the development of euShare ecosystem is mature and sustainable. By utilizing euShare blockchain technology, the use and transaction via an open internet platform will be fostered.
3. Project Details
euShare is a new blockchain innovation that provides an fair trade for users to earn eu, a cryptocurrency that can be mined on a mobile device. By playing the roles of Miner, Referrer and Verifier, euShare participants earn eu. To make eu valuable, euShare is specially designed as a network consisting of genuine people which fosters players to participate with their activity and expertise in real life with making eu valuable with the purpose of eventually becoming a full cryptocurrency exchangeable with other crypto or fiat currencies.
The euShare economic model is built upon the following principle, i) new supply of eu becomes 0 when the total user base has grown to 25 million worldwide ii) earlier joiner should be rewarded better than late joiners iii) users with more contribution to the community should be rewarded better iv) contribution made by euShare‘s core development team should be recognized and rewarded v) total supply of eu is dependent on number of users.
The total supply of eu = M + R + V + C when euShare ceases eu supply when it hits the 10-million-user mark. M, R and V refers to the total eu earned by all miners, referrers and verifiers before supply ceases. C refers to eu rewarded to euShare’s core development team, which is 100% of (M + R + V). Hence, the actual amount of total supply of eu is dependent on the total users activity before euShare hits the 10-million-user mark.
As cryptocurrencies and blockchain are still relatively new technologies with vast potential yet unknown to the mass public, we at euShare hope our application serves as a useful tool to educate everyone on cryptocurrencies. euShare is free to download and play, so while learning about cryptocurrencies, users also have the opportunity to be rewarded in a growing asset without investing from their own pockets.
How does euShare work?
There are three main roles in euShare – Miner, Referrer, and Verifier. Once you have pressed the share button to kick start your 24-hour mining session, you will earn eu with the formula of (base rate) + (base rate) x 25% x (number of active miners in your earning team) in the next 24 hours until your mining session ends. Base rate as miner starts at 1.6 eu per hour, and will be down 50% to 0.8 eu per hour when total user base has grown to 100,000 user worldwide, a further 50% cut to 0.4 eu per hour when it grows to 1 million users worldwide, another 50% cut to 0.2 eu per hour when it hits the 10 million, another 50% cut to 0.1 eu per hour when it hits 25 million and eventually no new supply when euShare has reached N million users worldwide. So the keys to earning more eu is to mine and refer new users to join your earning team as much as possible when the base rate remains high.
A Miner can earn the base rate of 1.6 eu per hour (as mentioned above, it will be cut to 0.8, 0.4, 0.2, 0.1 and 0 according to the growth of user base) by logging into application every 24 hours and clicking the mining button. Unlike mining companies, you do not need a vast amount of energy to mine eu on your smartphone as you will automatically earn hourly mining rate after clicking the mining button. Each mining session will automatically end after 24 hours, and all you have to do is open the application and click the mining button again to keep earning eu.
A Referrer is someone who helps build a bustling application community with trusted members. The value of eu increases as the community grows larger and more members conduct transactions of goods and services with their eu. A Referrer can refer new miners to join your earning team. For each active member in your team, you will earn an extra 25% base rate as your referral bonus. If you have 10 members in your earning team and all of them are actively mining, you will earn an extra 10 x 25% = 250% Eu of your base rate. Therefore, the key to earn more eu is to refer more new miners to join your mining division and remind them to login daily for mining. For example, given your base rate is 1.6 eu per hour, you have referred 10 new miners to join your mining team, yourself and 7 of them are actively mining today, you will earn at 1.6 (base rate) + 1.6 x 7 x 25% (referral bonus) = 4.4 eu per hour today. Please note that there is no cap in the number of new users that you can refer to your earning team.
Therefore there is no ceiling in referral bonus. You can imagine the difference in earning when you have built up an earning team of 200 users versus mining alone.
Verifier (The role of Verifier will only be launched since euShare has entered Phase 2)
A Verifier’s main objective is verify the identity of members in their network to ensure that the euShare ecosystem is fully transparent and trustworthy. A Verifier will add verified users in their earning team to his security circle. When euShare has entered Phase 2, there will be a KYC (Know Your Customer) process, all members within your security circle should pass the KYC process before you can trade eu with other users’ goods & service via eu opportunities. Hence, a Verifier shall only verify pending members they know in person and have enough trust to corroborate their authenticity to prevent any unethical or fraudulent activities on the network. Verifiers can earn extra 0.2 Eu x number of verified people per hour to their base mining rate. If a Verifier believes that any members in their network are no longer trustworthy, they can report the suspected members by clicking the “no longer trusted” button.
Verifiers who have reported members who are confirmed to be involved in fraudulent activities will be rewarded with extra eu, with the amount varying depending on a case by case basis.
Early euShare participants will have an advantage to earn more eu as the base rate as a Miner will be reduced by 50% from 1.6 -> 0.8 -> 0.4 -> 0.2 -> 0.1 -> 0 eu per hour when the total user base is grown to 100,000, 1 million, 10 million, 25 million and N. Hence, it is always important to get started now before the base rate is halved.