EPIC Strives to Be the Most Decentralized Cryptocurrency Network
NEW YORK, NY, March 22, 2023 (GLOBE NEWSWIRE) — EPIC announces further improvement of its technology, aiming to become the most decentralized cryptocurrency network. In the original Bitcoin design, Satoshi envisioned that each user would run their own node, however due to technological limitations that haven’t been overcome since the 2009 release of Bitcoin, the ground-breaking grandfather of cryptocurrency, more than 99% of the world’s 150 million coin owners prefer to let others do the heavy lifting.
And it is heavy. While Bitcoin started out as a phenomenon that could be operated on ordinary PCs, it has descended into an expensive endeavor best left to the technically-savvy. A recent survey in Nigeria determined that full node hardware on average costs $400-$800, which is far beyond the means of most users.
Why is it so expensive? It’s bloated! A lot of data needs to be processed – 465 GB at the time of writing, and bloating rapidly due to ordinal NFT’s, the latest fad.
Enter $EPIC. Epic Private Internet Cash is a challenger for the title of “Satoshi’s Dream”, fair-launched in 2019, that uses a novel blockchain compression design known as Mimblewimble.
Mimblewimble compresses unnecessary excess data after every block, which results in a lean, compact chain that is 90+% more space efficient than BTC. EPIC nodes occupy < 5 GB on disk and can be run on the types of hardware commonly found in emerging markets, such as low-end notebooks, obsolete PC’s and tablets.
According to data provided by Bitnodes.io, Bitcoin nodes are found in 89 countries.
While the EPIC network has only been operational since September 5, 2019, with 100% uptime since April 2021, it is already running in 129 countries, with far greater coverage in economically-disadvantaged regions where the world’s 1.7 billion unbanked are likely to live.
Why does this matter? Many reasons. Blockchain users who run their own nodes cannot be denied the service. People in certain unpopular countries may be blocked through location-based “geofencing”, as is currently practiced in Ethereum with Metamask wallets and Infura nodes both refusing to serve those unpopular regions.
A user in Crimea can download free open source software from Github.com and be up and running, with the 5GB blockchain fully synchronized, in under an hour. Once they do, only the complete cut-off of internet access could prevent a user from executing a P2P transaction.
Contrast this with BTC: Bitcoin Core, whose nearly 500 GB blockchain currently takes 3+ weeks to synchronize.
Ethereum’s 12+TB chain requires months to bootstrap, which is why 50+% of transactions run through a node hosting service such as Infura. Centralized commercial providers must observe appropriate regulations, with an eventual negative impact on the network’s accessibility.
In addition to denial of service, relying on the node of another reintroduces trust into what was originally conceived as a trustless design. Locally validating the blockchain ensures that the data is correct, whereas connecting to someone else’s node creates the possibility that they may be presenting an alternate view of the network’s current status.
Decentralization is also fundamental to the delicate and nuanced game theory of cryptocurrency networks. The recent transition to Proof-of-Stake consensus in Ethereum has led to the unintended consequence of fully 61% of Ethereum blocks directly censoring transactions according to the diktats of the United States’ OFAC SDN sanctions list, as well as founder Vitalik Buterin admitting that Circle effectively has the power to determine the course of future network forks.
EPIC Private Internet Cash, thanks to its revolutionary Mimblewimble blockchain compression, eliminates these concerns.
By seeking the “Spirit of Satoshi”, following the original DNA of Bitcoin faithfully while making clever use of 2023 vs. 2009 technology, EPIC puts the bold cypherpunk dream of permissionless, private P2P payments within reach of everyone, everywhere.
“Bitcoin” is defined by its creator as a Peer-to-Peer Electronic Cash System, one in which online payments may be sent directly from one party to another without going through a financial institution. Only by running a local node is it possible to avoid going through a financial institution or resorting to trust. In this way, epic.tech and its 129 countries, are arguably “More Bitcoin than BTC”, which has only 89.
Epic Private Internet Cash is free software maintained by a community of 300+ volunteers in 100 countries. The GiverofEPIC.com crypto faucet offers free samples through the 5-star rated Epic Pay wallet. The Epic Cash Help Desk offers 24/7/365 support for new users, especially miners.
To buy Epic Cash, please visit BuyEpicCash.com
Media Contact
Company: EPIC
Contact: Edward B Freeman
Email: ed@epic.tech
Website: http://epic.tech/
SOURCE: EPIC
