1. What is Eagle Network and Eagle?
Eagle Network is a new blockchain innovation for users to earn Eagle, a cryptocurrency that you can mine on your mobile phone. By playing the roles of Miner, Keeper, Witness, and Delegates Eagle Network players will earn rewards in Eagles. In order to make Eagle valuable, Eagle Network is specially designed as a network consisting of genuine people which fosters players to exchange goods, service and in real life with their Eagle balance and eventually list Eagle on major cryptocurrency exchanges for trading Eagle with fiat money.
2. Can I withdraw my Eagle now? What is the timeline for withdrawals?
No, you cannot withdraw Eagle yet in Phase 1. Eagle will be able to be transferred from phase 2. The final stage (Phase 3) of Eagle Network’s roadmap is the launching of the Eagle Blockchain and listing of Eagle Network on major cryptocurrency exchanges to allow players to utilize the Eagles earned from Eagle Network to trade and sell which is targeted in Q4 2022, depending on user growth and the community dynamics. Please refer to our project road map in the White Paper: https://eaglenetwork.app/white-paper. Bear in mind that it takes time and a collaborated effort to build the value of Eagle and the ecosystem of Eagle Network, if you are looking free money then Eagle Network is not the place for you.
3. What does it cost to earn Eagle? Do I need to pay any money?
You do not have to pay any money to join Eagle Network and earn Eagle. However, it does not mean Eagle is given for free. To make Eagle Network’s experience fun and rewarding, we strive to build a network of genuine people, foster interaction between players in real life and encourage players to exchange, services or goods in real life with Eagle balance. Hence it takes your consistent commitment to make contributions to the community and Eagle is your reward. The least you can do is to log in on a daily basis and activate a new mining session.
4. Why is the mining rate reduced?
In order to ensure the stability of the price of Eagle and prevent any negative fluctuation common among cryptocurrencies, cutting supply (or known as ‘halving’ in the cryptosphere) is imperative to maintain the supply and demand chain of Eagle. By reducing the Eagle supply, Eagle Network can maintain the scarcity of Eagle tokens to secure the value held by our Eagle Network users – including you. Take Bitcoin for an example. Halving is a common occurrence that happens roughly every four years to the world’s biggest and most valuable cryptocurrencies, and the price of Bitcoin actually rises with each halving event that has occurred. In simpler words, cutting the supply of Eagle for each major user milestone safeguards the price of Eagle while protecting it from price inflation. According to our project roadmap, there will be a total of 7 rate halving in the entire project roadmap. The 1st rate halving (-> 1 Eagle / Hour) will be active as soon as miners reach 50,000 in number. The 2nd, 3rd and all the way to 7th rate halving happen when the entire Eagle population has grown to 100 thousand (-> 1 Eagle / Hour), 1 million (-> 0.5 Eagle / Hour), 10 million (-> 0.25 Eagle / Hour) 100 million (-> 0.20 Eagle / Hour), 500 million (-> 0.15 Eagle / Hour), 1 billion (-> 0.1 Eagle / Hour) and eventually there will be 0 new supply of Eagle when the user base is 1 billion worldwide. While it might feel not very comfortable when you realize the rate of earning is not as fast as the old time, it is an extremely important measure to create and grow the value of Eagle by rate halving.
5. What is the total supply of Eagle?
The Eagle Network economic model is built upon the following principle. i) New supply of Eagle becomes 0 when the total user base has grown to 1 billion worldwide. ii) ii) Earlier joiner should be rewarded better than late joiners. iii) iii) Users with more contribution to the community should be rewarded better. iv) Contribution made by Eagle Network‘s core development team should be recognized and rewarded. iv) v) Total supply of Eagle is dependent on number of users. The total supply of Eagle = M + K + W + E when Eagle Network ceases supply when it hits the 1-billion-user mark. M, K and W refers to the total Eagle earned by all miners, keepers and witness before supply ceases. E refers to Eagle rewarded to Eagle Network’s core development team, which is 25% of (M + K + W). Hence, the actual amount of total supply of Eagle is dependent on the total users activity before Eagle Network hits the 1-billion-user mark.
6. Why is there a difference in Eagle balance?
The balance on the main page of the application is an indicator of your “temporary” earning in the current session. However, the actual eligible balance will be transferred to your account after a mining session of 24 hours completed according to the formula. For example, given your base rate is 2 Eagle per hour, you have referred 25 new miners to join your mining team, yourself and 10 of them are actively mining today, you will earn at 2 (base rate) + 0.5 x 10 x 25% (inviter rewards) = 7 Eagles per hour. If you have signed out before a session ends, your earning of that incomplete session will be forfeited and therefore you will see the difference between the indicator and your actual earnings.
7. Does the App drain data or battery?
No, the Eagle mining app does not eat up your data or battery, as the algorithm runs on cloud server. You do not need to leave the app open to mine. Eagle does not affect your phone’s performance, drain your battery, or use your network data. Once you open the app each day and activate your 24 hours mining session, you can even close the app and you will continue to mine.
8. Who is a 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.
9. Who is a Keeper?
Miners of the Eagle Network achieve KEEPER status when they are actively getting new miners to join their earning team. Only new users who use your sharing code to register on the app can be on your earning team. The reward for this is a 25% Each member of your earning team provides a 25% increasement of your daily earning as long as they also activate their 24 hours mining session each day. Any day they did not activate you lose that 25% more Eagle. So make sure to actively remind them. This also have the added advantage to increase cryptocurrency awareness as more and more people are mining by opening the Eagle mining app.
10. Who is a 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.
11. Who is a Delegate?
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.
12. What is the upgrade?
The upgrade within the Eagle Network is a gamification functionality by which members of the Eagle Network can increase their mining rate for a year. This boost the earned Eagle in a short time and by so doing members are supporting the further growth into the next phase. Note that upgrades are not compulsory at all.
13. Is Eagle Network legit?
Eagle Network mining app is the first step into a full scale Blockchain project. We know Blockchain without people and users is pointless and useless hence the need for an initial starting point which sets the stage for real world use case of the upcoming Blockchain applications. The theory is well proven. Real-life applications are seen on assets like Bitcoin, Etherum, Tether which people today are trading for goods, services and fiat money like US dollars. The backbone of the community of Eagle Network rides on blockchain technology. You may refer to our white paper for better understanding.