Why EOSCASH or ECASH?
Our vision is to make ECASH the digital cash of EOS, an expendable, stable, digital cryptographic asset.
In the following paragraphs we intend to illustrate why “crypto” assets have not been spent in the past. We also will show why ECASH is different, and unlike anything that has come before it.
Investors expect returns.
One of the fundamental challenges with Bitcoin is that nobody wants to spend it knowing that that tomorrow it could be worth 20% more. Bitcoin is held more for speculation than for currency use. What if there was a crypto asset that you knew would be worth the same thing today as it was tomorrow? Would you spend it? We know we would. ECASH is a stable asset, and users are encouraged to spend it rather than holding it for the long term. ECASH is designed for transferring value across borders, daily crypto trading, and as a cash replacement for things like taxi rides and groceries. ECASH is meant to act as a currency, not a speculative investment.
Scalability barriers.
Up until now, blockchain transaction confirmations were painful and very time consuming. We are harvesting the efficiency of EOS, the fastest blockchain ever built, to power ECASH. You can now confirm ECASH transactions nearly instantly thanks to the EOS blockchain.
Not easy to obtain.
Our ambition is to conquer the payroll market with our affordable Global Payroll Software and trigger major innovations in the payroll industry. We plan on introducing crypto-currencies to the Global Payroll Market and to put ECASH into every pocket of the global workforce. It will only be a matter of time until merchants realize that we are all ready for an upgrade to the legacy monetary system.
How will ECASH be backed initially without an active EOS reserve?
ECASH will be backed with “payroll storage” (a resource in our platform that is similar to how Ram is used in EOS) which is valued equivalent to $1 USD.
We are still exploring some other alternatives as well.
We will follow the same mechanism as Steem Dollars. Meaning that ECASH can be viewed as ownership in the community, similar to a convertible note. This proven approach will make ECASH independent from the need of an EOS reserve.
“A convertible note can be viewed as a debt denominated in any other commodity or currency. The terms of the convertible note allow the holder to convert to the backing token with minimum notice at the fair market price of the token. Creating token-convertible dollars enables blockchains to grow their network effect while maximizing the return for token holders.” -Steem Whitepaper.
Users will be able to redeem ECASH for payroll storage in our platform, and then trade that payroll storage (via a smart token) by using the Bancor protocol. By sending ECASH to the contract, it will allocate the payroll storage to your account, that extra memory will then be added to the Bancor protocol, which will allow you to trade it for EOS.
Temporary increase to staking!
We are excited to announce a temporary increase in the percentage earned on stakes of 100,000 HORUS to 499,999 HORUS from 0.1% to 0.2 %. Also those holding 500,000 to 999,999 will see an increase from 0.1% to 0.5%. This increase is effective today, and will be in effect until a full working version of our Beta Payroll platform is released.
Legal Disclaimer: In order to facilitate the eosCASH (ECASH), HorusPay writes a smart contract code that backs ECASH to an EOS Reserve. We cannot guarantee that the EOS reserve will actually be deployed, work as intended, or that ECASH will ever have any financial value. The intent is for eosCASH (ECASH) to be pegged to the price of $1 USD and to help our users interact with the HorusPay platform without the concern of price fluctuations. They are not intended for speculative investment. This technology, while potentially revolutionary, is still in an early developmental stage and we want to make sure our community members understand the risks associated with their participation.