New digital currencies seem to pop up all over the world on a daily basis, although we have rarely seen a coin trying to become eco-friendly. Granted, some altcoins claim to attempt and achieve this goal in the future, but EDRC seems to be something better. But in the end, there is absolutely nothing noteworthy to this altcoin clone, other than having a fancy press release. Digital currency enthusiasts need to be aware of these potential scams, as there is a very real chance somebody will end up losing a lot of money.
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One of the major things that shows how little the people behind EDRC really care about their project becomes apparently from reading the press release itself. Not only are there major English language flaws to be found in there – such as “based on USA-Dollar rate” to express the coin’s value – but the digital currency is apparently developed by Blockchain.
Moreover, one EDRC is worth US$1 at any given time, which is a very ridiculous claim in its own right. Granted, they would not be the first digital currency pegging itself to the flat value of 1 US Dollar, but this also means there is zero volatility involved. Investors will not be attracted by this price point, and even though Bitcoin’s volatility has always been a thorn in the eye of financial experts, a flat value isn’t all that exciting either.
What is even more concerning is how the EDRC team refers to this project as their “latest cryptocurrency”, indicating they are running other projects on the side. Although it may seem rather easy to develop and maintain multiple digital currencies, nothing could be further from the truth. In fact, Bitcoin has several developers working on this project full-time, which just goes to show how much work there is waiting to be done.
To make matters even more worrying, EDRC has partnerships with “independent private farms” in undisclosed locations around the world. There is no lack of ambition, though, as the EDRC team is planning to build new solar panels and restore mangrove forests in Asia. With one coin being worth US#1 at all times, there will need to be a boatload of coins to support those plans.
Speaking of coin generation, EDRC mining has been possible for quite some time now, and will conclude at the end of 2017. IN total, there will be 22 million coins – which is not enough value to support either of their big plans – and the supply will keep growing due to its proof-of-stake nature. Last but not least, the people behind “Blockchain” are Charles Chen and Marco A. Fernandez, but good luck finding information about them.
Source: Newsfactor
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