It’s actually happening! Ellipticoin is going live Wednesday June 17th at 11am. We’ve had a trail run running on Mainnet for the past week without any issues so we’re ready to flip the switch!
First off this can’t be repeated enough: This is an early prototype. Do not purchase more Ellipticoin than you’d be happy to loose.
Normally teams pay for tens or hundreds of thousands of dollars to have their blockchain networks audited before launch. Since we’re bootstrapping we can’t afford an audit. We also think it’s important to launch early and get as much feedback as possible.
That said, if the network gets DDOSed or a bug is discovered state will be reverted to right before the problem occurred. If the fix is trivial we’ll make the fix and start the network again from there. If it’s more involved we’ll copy the state at the last successful block and use that as the genesis state in the next phase. In other words once you’ve successfully purchased Ellipticoin and downloaded your private key you can be assured that they’re safe no matter what.
Phase II is planned to launch in the late summer/early fall of 2020. In phase II the community bridge will be shut down and replaced with a bridge running on RenVm. The RenVM bridge will allow users to lock any ERC token on Ethereum into the bridge and mint that token on the Ellipticoin network.
We’ll also be building a simple automated market maker contract similar to Uniswap version 1 on Ellipticoin so users can trade those tokens cheaply and quickly. Since we’ll have access to all the tokens on Ethereum we’ll have all the Ethereum wrapped tokens as well. All of this means that in in phase II we’ll we able to cheaply and instantly buy sell and trade Ethereum, Bitcoin and any of token on the Ethereum network. This is when the Ellipticoin network really becomes interesting.
In phase III and beyond ownership of the network will be transitioned to a decentralized autonomous organization. Some portion of transaction fees will be allocated to the DAO to fund future development. We also plan for full EVM smart contract support to allow users to easily port their Dapps to Ellipticoin.
As always if you’ve got any questions or comments on any of this we’d love to hear from you! Swing by our Telegram channel and say hello!