Next Gen Digital Mining App
A Gamified Ecosystem
Content
1. Introduction
2. Mission and Vision
3. Why Eagle Network?
4. What is cryptocurrency?
5. How does cryptography work?
6. Cryptocurrency Industry Overview
7. Problem: Accessibility of 1st Gen Cryptocurrencies
8. Solution: Eagle Mining Network
9. Beyond The Mining App
10. Eagle Mining App Ecosystem
11. Eagle Network Mining Rate
12. Why get involved?
13. Eagle Economic Model
14. Eagle Economic Model: Balancing Scarcity and Access
15. Utility: Pooling and monetizing our time online
16. Roadmap / Deployment plan
17. Disclaimer
INTRODUCTION
Eagle Network is a complementary digital currency that has been developed to allow anyone, regardless of technical ability, easy access to new Eagle digital currency. Within a few minutes of installing the mobile app any user can see Eagle being added to their wallet via the unique mobile mining experience.
The naming of Eagle Network is inspired by the concept that Eagles fly high with their own kind. We will associate with people of vision just like the Eagle, operating at same level high above others just like the Eagle. People willing to grow, and participate at the birth of a new digital currency as the world is about going through a paradigm shift in the ways we transact with one another.
Not everyone will share the same vision or dream. We find people who think the same so that we all can soar, dream and grow together with wings reaching all corners of the world. Just like the Eagle has excellent vision and concentration, Eagle Network will focus with likewise intensity, and set out to leave foot prints in time. The Eagle Network core team will set goals. Focus on one thing to accomplish at a time. Give it complete effort, time and energy. Spotlighting it and setting out to achieve it with record time.
Our Mission:
Build a platform secured and operated by everyday people.
Our Vision:
Build the world’s most inclusive peer-to-peer marketplace, fuelled by Eagle, and make it the world’s most widely used cryptocurrency.
Why Eagle Network?
Nearly all cryptocurrencies are “mined” with specialist equipment, but Eagle can be obtained via the mobile mining experience on the app by checking in every 24 hours. We’ve developed a fully functioning digital asset with some very unique features. We’ve identified multiple enormous markets and we’ve created a free Apple and Android app that allows us to start penetrating those markets after we launch phase 2!
What is cryptocurrency?
In very basic terms, cryptocurrency can be thought of as virtual money. When we speak of what most like to call “crypto” for shorter, we’re talking of a digital currency secured by cryptography. This last word gives this means of exchange its name. A couple of examples of it are Bitcoin and Ether. You might have heard of these the most, but there are many others as well. Cryptocurrency isn’t issued by a bank or central authority. It’s simply distributed across a network of computers, so it’s immune to government control, let’s say. You can still transfer it online or through a regular bank, however. As Eagle specifically designed for smart phones, it will be issued by mining on member’s phone without any equipment needed.
How does cryptography work?
Cryptography is a way to secure transactions and control any new currency units. Basically, a blockchain is used as distributed ledger technology. Still, we won’t get to a complicated explanation of how cryptography works at a technical level. This kind of encoding basically ensures the integrity of transactional data. And it makes it extremely impossible stop the process ones its done and running.
Cryptocurrency Industry Overview
The cryptocurrency, crypto tokens and other digital assets based on blockchain technology are currently experiencing an explosive growth period. Blockchain technology allows the first true internationalization of a store of value, and recently the adoption rate has meant explosive growth in wallet numbers. Bitcoin as the number one cryptocurrency with a market capitalization of more than 500 billion US dollars. Ethereum, a very young upstart of a cryptocurrency was valued for more than 50 billion USD. The market is excited by the opportunities that blockchain technology and decentralization of currency present. There are over 1000 alternative crypto currencies trading today, with a new use case for blockchain emerging every week.
Problem:
Centralization of power and money put 1st Generation Cryptocurrencies out of reach
In the early days of Bitcoin, when only a few people were working to validate transactions and mining the first blocks, anyone could earn 50 BTC by simply running Bitcoin mining software on their personal computer. As the currency began to gain in popularity, clever miners realized that they could earn more if they had more than one computer working to mine. As Bitcoin continued to increase in value, entire companies began to spring up to mine. These companies developed specialized chips (“ASICs”) and constructed huge farms of servers using these ASIC chips to mine Bitcoin. The emergence of these enormous mining corporations, known drove the Bitcoin Gold Rush, making it very difficult for everyday people to contribute to the network and get rewarded. Their efforts also began consuming increasingly large amounts of computing energy, contributing to mounting environmental issues around the world.
Solution:
Eagle Network – Enabling mining on mobile phones
After identifying these key barriers to adoption, the Eagle Network Core Team set out to find a way that would allow everyday people to mine (or earn cryptocurrency rewards for validating transactions on a distributed record of transactions). As a refresher, one of the major challenges that arises with maintaining a distributed record of transactions is ensuring that updates to this open record are not fraudulent. While Bitcoin’s process for updating its record is proven (burning energy / money to prove trustworthiness), it is not very user (or planet!) friendly. For Eagle Network, we introduced the additional design requirement of employing a consensus algorithm that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones.
Beyond The Mining App
From the genesis of the Android and Ios mining mobile app, Eagle Network will kick start a mass exodus into the world of easy minting of digital currency right in smart phones, that will be more accessible and more understandable for the average person even though Eagle will eventually utilizes a tried and tested blockchain (the same blockchain model as the 2nd largest cryptocurrency by market capitalization – Etheruem) it has been developed to have some unique features which make it far more accessible for the average person, breaking down the barriers to cryptocurrency entry.
Current cryptocurrencies are new (relatively!) and exciting, but beyond the reach of your everyday person. To access cryptocurrencies you have to make or buy a G.P.U. mining rig or send copies of your passport and personal documents to a website that you have probably never heard of. Eagle has all the great security and anonymity of the leading crypto coins but it’s controlled by a free, easy to install app, which gives instant access to Eagle with no card details or ID from the start.
The Eagle app also lets you manage your wallet and send or receive Eagle in a secure way. (Transfer will be activated from phase two) Mining Eagle from your phone installing the free Eagle app (Apple or Android) immediately gives the user the ability to start gaining Eagle in their wallet. All the time the app is live (even in background mode) it will be running the unique app based crypto mining experience, which requires ZERO technical knowledge. It takes up very little bandwidth, so doesn’t cost much to run on 3G or 4G data. We’ve made the token supply of Eagle relative to the numbers of users, to enable our app users to quickly gain some Eagle and start to understand its use. They will find the app interesting, recommend the app and send and receive Eagle easily with no technical ability.
Eagle Mining App Ecosystem
Miner – A user of the Eagle Network mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every day as they must open the app every 24 hours to be able to continue earning Eagle for free. A Miner can earn the base rate of 2 Eagle per hour, which cut down to 1, 0.5, 0.25, 0.20, 0.15, 0.10 and 0 according to the growth of user base. By logging into application every 24 hours and clicking the mining button, users are participating in the gamified experience. Unlike mining companies, you do not need a vast amount of energy to mine Eagle 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.
Keeper – A user of the Eagle mobile app is that miner who is actively introducing other users into Eagle network. The value of Eagle increases as the community grows larger. This will be very crucial on later updates of the app where members conduct transactions of goods and services with earned Eagle. A keeper can refer new miners to join their earning team. For each active member in your team, you will earn an extra 25% base rate as your recommendation 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% Eagles of your base rate. Therefore, the key to earning more Eagle is to invite more new miners to join your mining team and remind them to login daily for mining activation.
Witness – A user of the Eagle Network mobile app who is contributing by providing a list of miners he/she knows and trusts. In aggregate, Eagle witness will build a global trust graph. A Witness will add verified users in their earning team to his security circle. When Eagle Network has entered Phase 3, there will be a KYC (Know Your Customer) process; all members within your security circle should pass the KYC process before you can trade Eagle with other users’ goods & service via Eagle Marketplace.
Hence, a Witness 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. Witness can earn extra 0.2 Eagle x number of verified people per hour to their base mining rate. If a Witness believes that any members in their network are no longer trustworthy, they can delist the suspected member by clicking the “delist” button.
Delegates – Delegates are high level miners of the Eagle Network mobile app, and is also running the Eagle node software on their desktop or laptop computer. The delegate role will be active from phase three when the Eagle Blockchain mainnet will be launched. There will be only 210 Eagle Network Delegates to ever exist securing the Eagle Blockchain nodes. The Eagle node software is the software that runs the core algorithm, taking into account the trust graph information provided by the Witness. A user can play more than one of the above roles. All roles are necessary, thus all roles are rewarded with newly minted Eagle on a daily basis as long as they participated and contributed during that given day. In the loose definition of a “miner” being a user who receives newly minted currency as a reward for contributions, all four roles are considered to be Eagle miners. We define “mining” more broadly than its traditional meaning equated to executing proof of work consensus algorithm as in Bitcoin or Ethereum.
Eagle Network Mining Rate
At the start of Eagle mining experience for members the mining of Eagle is designed in such a way that the initial users earn more Eagle than members coming later. This is the standard set by the first cryptocurrency Bitcoin. The mining of Eagle will start with 2 Eagle per hour, and each mining session lasts for 24 hours. This means Eaglets gets to min 48 Eagle each day they open the mobile app and click to activate mining process. Active miners who also share the mining experience with others like minds get to earn much more.
See below to understand further:
0 – 50,000, Miners earn 2 Eagle per hour = 48 Eagle a day
50,001 – 100,000, Miners earn 1 Eagle per hour = 24 Eagle a day
100,001– 1 Million, Miners earn 0.5 Eagle per hour = 12 Eagle a day
1m – 10m, Miners earn 0.25 Eagle per hour = 6 Eagle a day
10m – 100m, Miners earn 0.2 Eagle per hour = 4.8 Eagle a day
100m – 500m, Miners earn 0.15 Eagle per hour = 3.6 Eagle a day
500m – 1b, Miners earn 0.1 Eagle per hour = 2.4 Eagle a day
Other Mining Upgrades
Miners can upgrade their base mining rates from the mobile app
Nest – 2 Eagle per hour – Free for a year
Eaglet – 3 Eagle per hour – $0.99 per year
Eagle – 7 Eagle per hour – $1.99 per year
Golden Eagle – 12 Eagle per hour – $2.99 for a year
This is to enable miners of the Eagle Network get the gamified user experience and earn more Eagle without taking on any active role. Funds generated would be used to secure and grow the network even more so, and attain phase 3 much sooner.
Why get involved?
Eagle Network is not just coins, app or a cryptocurrency. It’s a mission to help everyone in the world to take advantage of blockchain and cryptocurrency by simplifying many things. We are on the development of the next-gen global payment ecosystem based on blockchain technology.
If you want to play a part in the future of cryptocurrency or learn all you can while earning and mining Eagle as you know more, join now and be part of the next next-gen global payment ecosystem, which will break down the economical, financial lifestyle barriers and open new doors.
No risk, more return!
Investing in crypto is risky because it is too volatile. But not anymore, with Eagle Network, you can reduce the risk associated with crypto investing. You can earn unbeatable rewards every time you open the mining app. This means you can earn free Eagle every day for every action, so the risk is minimal here and the earning potential is high.
Eagle Economic Model
Balancing Scarcity and Access
Pros and cons of 1st Generation Economic Models
Pros
Fixed Supply – Bitcoin’s economic model is simple. There will only ever be 21 million Bitcoin in existence. This number is set in code. With only 21M to circulate among 7.5B people around the world, there is not enough Bitcoin to go around. This scarcity is one of most important drivers of Bitcoin’s value. Decreasing Block Reward – Bitcoin’ distribution scheme, pictured below, further enforces this sense of scarcity. The Bitcoin block mining reward halves every 210,000 blocks (approximately every ~4 years.) In its early days, the Bitcoin block reward was 50 coins. Now, the reward is 12.5, and will further decrease to 6.25 coins in May 2020. Bitcoin’s decreasing rate of distribution means that, even as awareness of the currency grows, there is less to actually mine.
Cons
Inverted Means Uneven – Bitcoin’s inverted distribution model (less people earning more in the beginning, and more people earn less today) is one of the primary contributors to its uneven distribution. With so much Bitcoin in the hands of a few early adopters, new miners are “burning” more energy for less bitcoin.
Hoarding Inhibits Use As A Medium Of Exchange – Although Bitcoin was released as a “peer to peer electronic cash” system, the relative scarcity of Bitcoin has impeded Bitcoin’s goal of serving as a medium exchange. Bitcoin’s scarcity has led to its perception as a form of “digital gold” or a digital store of value. The result of this perception is that many Bitcoin holders are unwilling to spend Bitcoin on day-to-day expenses.
The Eagle Network Economic Model
Eagle Network, on the other hand, seeks to strike a balance between creating a sense of scarcity for Eagle, while still ensuring that a large amount does not accumulate into a very small number of hands. We want to make sure our users earn more Eagle as they make contributions to the network. Eagle Network goal is to build an economic model that is sophisticated enough to achieve and balance these priorities while remaining intuitive enough for people to use.
Eagle Network Economic Model Design Requirements:
Simple: Build an intuitive and transparent model
Fair distribution: Give a critical mass of the world’s population access to Eagle
Scarcity: Create a sense of scarcity to sustain Eagle’s price over time
Meritocratic earning: Reward contributions to build and sustain the network
Eagle – Token Supply
Token Emission Policy
Total Max Supply = M + K + W + E
M = total mining rewards
K = total referral rewards
W=total witness rewards
E = Eagle Core Team rewards
E = 25% of (M + K + W)
Utility:
Pooling and monetizing our time online
Today, everyone is sitting on a veritable treasure trove of untapped resources. Each of us spend hours day on our phones. While on our phones, each of our views, posts or clicks creates extraordinary profits for large corporations. At Eagle Network, we believe that people have the right to capture value created from their resources.
We all know that we can do more together than we can alone. On today’s web, massive corporations like Google, Amazon, Facebook have immense leverage against individual consumers. As a result, they are able to capture the lion share of value created by individual consumers on the web. Eagle Network levels the playing field by allowing its members to pool their collective resources so they can get a share of the value that they create.
Roadmap / Deployment Plan
Phase 1 – Design, Distribution, Trust Graph Bootstrap
The Eagle server is operating as a faucet emulating the behaviour of the decentralized system as it will function once its live. During this phase improvements in the user experience and behaviour are possible and relatively easy to make compared to the stable phase of the main net. All minting of coins to users will be migrated to the live net once it launches. In other words, the livenet will pre-mint in its genesis block all account holder balances generated during Phase 1, and continue operating just like the current system but fully decentralized. Eagle is not listed on exchanges during this phase and it is impossible to “buy” with any other currency.
Phase 2 – Testnet
Before we launch the main net, the Node software will be deployed on a test net. The test net will use the same exact trust graph as the main net but on a testing. Core team will host several nodes on the test net, but will encourage more miners to start their own nodes on the testnet. In fact, in order for any node to join the main net, they are advised to begin on the testnet. The test net will be run in parallel to the Eagle Network emulator in phase one, and periodically, e.g. daily, the results from both systems will be compared to catch the gaps and misses of the test net, which will allow developers to propose and implement fixes. After a thorough concurrent run of both systems, testnet will reach a state where its results consistently match the emulator’s. At that time when the community feels it’s ready, We will migrate to the next phase.
Phase 3 – Mainnet
When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Eagle network will be launched. An important detail is that, in the transition into the mainnet, only accounts validated to belong to distinct real individuals will be honoured. After this point, the faucet and Eagle network emulator of Phase 1 will be shut down and the system will continue on its own forever. Future updates to the protocol will be contributed by the developer community and core team, and will be proposed by the committee. Their implementation and deployment will depend on nodes updating the mining software just like any other blockchains. No central authority will be controlling the currency and it will be fully decentralized. Balances of fake users or duplicate users will be discarded. This is the phase when Eagle can be connected to exchanges and be exchanged for other currencies. There will be scaling and burning of Eagle to further give it appealing value.
