Ecoin sets sights on reaching 100 million users, moves to Telos for its leading ease of use, performance and scalability.
Ecoin, a startup focused on referral marketing and digital identity, is bringing to the Telos network its vision of a world with much wider use of blockchain technology.
To ease the setup of crypto accounts, Ecoin has built a system that allows a user to sign up with just their email address, then receive a small airdrop of Ecoin’s native token. The company enables these features by using what it describes as “an email-based proxy identity engine” driven by artificial intelligence.
“Our system mimics a normal website, where you can sign up with your email,” says Krishna Yogi, CEO and co-founder of Ecoin. “The idea here is to build the network, to get an initial 100 million users or more into the ecosystem. In turn, this should help crypto as a whole move beyond just the audience of more technical folks who have been involved so far.”
According to Ecoin’s website, its airdrop process has three key parts:
- Distribution of some free Ecoins to each user who signs up with an email address. The current airdrop is 600 Ecoins per user, but that will decline over time to incentivize early adopters.
- Simple referral process that earns the user additional Ecoins when their friends sign up.
- Advanced fraud detection engine ensures a single person cannot claim with dozens of emails.
Ecoin initially began building on EOS but recently decided to move to the Telos chain because of its low operating costs and capacity to handle hundreds of millions of transactions per day. The Telos governance system and community have allowed the chain to successfully address problems like RAM speculation, expensive account creation, and network congestion that have plagued EOS.
The initial version of Ecoin’s platform launched Feb. 28 and has so far seen more than 1.5 million unique users sign up, Yogi said.
Ecoin is expected to expose millions of new users to the rapidly growing list of Telos-based dapps. Ecoin will also be performing an airdrop of Ecoin tokens to active Telos accounts to better integrate with the strong Telos community.
A steady stream of dapps are moving to Telos due, in part, to its strong lead in capacity — currently number two on Blocktivity’s list of highest performing chains — as well as very low congestion and costs. Telos is also among the most advanced chains in terms of governance, which its community has used to swiftly address issues as they arise.
As a Telos dapp, Ecoin will be able to use the Telos Decide governance engine to easily evolve its own governance features in the future, adding to Ecoin’s power, resiliency and community empowerment.