The Euclideum project.

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Introduction to Euclideum

Two years after Vitalik Buterin announced the Serenity project at Devcon in 2018, Ethereum 2.0 remains a project, not a reality. The launch of the new, scalable Proof-of-Stake network has been delayed many times. Numerous testnets – Schlesi, Witti, Atona and now Medalla – are all steps in the right direction, but the goal remains distant. The launch of Phase 0 is now scheduled for December 2020 or January 2021, but it’s likely to get delayed once again.

Meanwhile, the pressure on the Ethereum network keeps mounting and we are seeing more and more lags and freezes and increases in fees. From just $0.05 per transaction, the miners fee has grown to $1.5. Ethereum isn’t the fast and near-free means of payment that it once claimed to be.

The Euclideum project is a result of the efforts of a group of developers to solve these problems as fast as possible. Waiting for another year or two or more for a more scalable version of Ethereum isn’t a practicable solution.

Euclideum is a version of the Ethereum blockchain that features Proof-of-Stake consensus and delegated staking. The name of the cryptocurrency itself is Euclid. Launching a node will require a smaller stake than in Ethereum (30 ECL vs 32 ETH). Users who don’t want to bother with a node will be able to delegate their ECL coins to one of their choice and receive a share in the rewards, like with Cosmos or Tezos.

At launch, the expected processing capacity of the Euclideum blockchain is circa 100tps, with an average block time of 10 seconds. Already at this stage, transactions will take 2-3 times less time to process than on Ethereum.

About ArchimeDEX

Provide liquidity.

You can become a liquidity provider on Archimedes and earn a passive income of 3-8%. You can even create your own liquidity pool. Most of the trading fees will be distributed among the pool members.

Adjustable fees.

On other DEXes, transactions often fail because the transaction fee is too low. But on Archimedes, it’s very easy to change the fee manually when placing the order. There is also the suggestion mode: the platform will suggest the optimal fee size every time.

Pre-launch ECL

buy orders. You can place a buy order for ECL/ETH even before the launch of the Eucledeum network. It will filled as soon as there are sell orders for ECL, in the first few days after launch. Preliminary orders are your opportunity to enter the market before the price starts rising (like a pre-sale).

Ethereum’s problems

Ethereum has become congested and slow, and transaction fees have surged. At times, as many as 100,000 transactions are left pending in the mempool. Instead of $0.05, users now have to pay $1.5 for each transfer. In a last-ditch attempt to reduce the bottlenecks, Ethereum miners keep rasing the gas limit per block. This allows to reduce the fees for a month or two, but then the gas limit has to be increased again. Moreover, as blocks become bigger and bulkier, there are more uncle blocks that don’t receive a reward.

It’s clear that the Proof-of-Work consensus algorithm cannot support a scaling ecosystem. The only real solution is a transition to Proof-of-Stake, but it is constantly being delayed. It will take Ethereum at least another year to active PoS. Meanwhile, fees will keep getting higher and the network will keep lagging.

Solution to the problem

The team of Euclideum made the decision to launch the network as a PoS blockchain from the start in order to demonstrate that it does work – and that it doesn’t require years to test and launch. The expected processing capacity at launch is circa 100 tps, which is more than twice than Ethereum’s present speed.

At launch, Euclideum will already have several validator nodes run by the team. Users can immediately start staking and start their own nodes. To become a validator, one needs only 30 ECL as opposed to 32 ETH on Ethereum. The expected annual profit from staking is 8-10%, with the initial yield being 6.5% (as opposed to 5.6% on Ethereum).

Every Ethereum holder will automatically get a significant amount of ECL during the airdrop. If you hold 10 ETH, for example, you can immediately get the required 30 ECL and enjoy the rewards without any initial investment.

Building an Euclideum dApp ecosystem

Euclideum offers all the same possibilities in terms of writing and deploying smart contracts as Ethereum. With PoS already in place and a higher processing capacity of 100tps or higher, it’s a good alternative for the slow Ethereum.

Now that large projects like Tether can sometimes almost bring the network to a halt, projects that don’t want their transactions to lag and pile up might want to transfer to Euclideum. Since it supports Solidity, any existing smart contract can be easily re-deployed on the Euclideum blockchain for very little cost (less than $10).

The platform will provide additional incentives for developers:

Grants for the best dApps

A developer can submit a draft of a dApp that creates real value for the ecosystem. This can be a DeFi protocol, an interoperability proposal, a decentralized oracle etc. If the community and the founding team of Euclideum approve of the idea, the developer will receive a grant of up to 300 ECL. Projects of questionable value (such as gambling) won’t be eligible for grants. The grants will come from the Euclideum development fund, though individual users will be free to make donations, too. In the future, a full-scale crowdfunding platform for dApps is planned.

Free smart contract audit

Every dApp developer or asset creator can get their smart contracts audited for free. This will be done both by developers and analysts associated with the Euclideum project and by verified users in the community. Contract audit will be partly subsidized from the Euclideum development fund.

ECL release and distribution

The first stage in launching Euclideum is the release of preliminary ECL tokens on the Ethereum blockchain (we can call them ECL ERC20). These are standard ERC20 tokens, and their only function is to verify their holders’ right to receive ‘proper’ Euclids when the mainnet is released.

ECL ERC20 will be distributed via the following channels:

Airdrop for all ETH holders

Bounty campaign

Bug bounty campaign

Referral program

KYC rewards

Euclid is divided into several smaller base units:

euclid – 1e18 bohrs

newton – 1e9 bohrs

bohr – the smallest unit

ECL ERC20 – the pre-launch stand-in for ECL

When the mainnet is launched, a special Ethereum smart contract will be used to convert the pre-launch ERC20 tokens into real ECL coins. When a user sends their ECL ERC20 to the contract, they are instantly burned and the holder receives an equivalent number of ECL coins.

Network snapshot and airdrop

To make sure that Euclideum has a large user base from the beginning, we decided to distribute most of the ECL coins via an airdrop. This also solves many legal issues that usually arise from token sales being categorized as investments.

Every ETH holder is entitled to free Euclideum coins at the ratio of 3 ECL to each ETH coin. Important! ETH holders are not required to pay anything or convert their ETH into ECL. The distribution is an airdrop, so ether holders will simply get Euclideum – or rather, ECL ERC20 tokens at first – for free.

In order to determine how many ECL ERC20 should be airdropped to each ETH address, we will carry out a network snapshot. It’s an operation that records a full list of Ethereum addresses and their balances at a certain moment. The snapshot is scheduled for 15:00 GMT on August 27, 2020.

Next, the number of ECL ERC20 to be issued is calculated as follows: (current supply of ETH at the moment of the snapshot)*3*(1.05)

This means that there are enough ECL tokens to airdrop 3 coins for every Ethereum coin held in any public address, plus an additional 8% for the bounty, referral and KYC campaigns, development fund, etc.

One might note that the addresses with the largest amounts of ether belong to crypto exchanges. Thus, if User A stores 5 ETH on an exchange, their ether is held in the exchange’s vast ‘pool’. So if ECL was simply dropped to all the addresses automatically, crypto exchanges would get the majority of it.

The solution is to require that users claim the ECL they are entitled to. This can be done easily through any wallet that supports ECL. At launch, the only such wallet is the platform’s official Plato wallet, tied to the ArchimeDEX exchange. though additional interfaces created by third-party developers are expected to appear in the upcoming months.

Users can choose either to import their existing Ethereum account into the ArchimeDEX exchange. or register a new one. ArchimeDEX is open-source, so that any user can access the code to verify that the wallet cannot be used to hack their existing wallet or steal their ether.

Advantages

100+tps at launch
PoS staking: earn up to 10% with your own node
Delegated staking: earn up to 8% without a node
Liquidity pools and DEX
Sharding coming in 2021
Free smart contract audit
Airdrop for Ethereum holders: 1 ETH = 3 ECL

Roadmap

Q3 2020

On August 27, 2020, we’ll take a snapshot of the Ethereum network to determine how many ECL tokens each ETH address holder is entitled to. From August 28, 2020, we’ll begin our epic airdrop of ECL ERC20 tokens. If you hold ETH, you are entitled to 100% FREE ECL coins at the 3:1 ratio.

Q4 2020

Once the airdrop is complete and we have the first PoS nodes running, Once we launch the Euclideum blockchain in September, you’ll be able to swap your ERC20 tokens for ECL coins. You can also launch your own node (requires a stake of 30 ECL) and earn with PoS mining. Trading on ArchimeDEX will start, too.

Q1 2021

It’s time to introduce delegated PoS staking! Unlike Ethereum, which requires you to run your own node, Euclideum allows you to delegate your coins to another node and enjoy the rewads. You can stake as much or as little as you like and earn up to 8% a year. At this point, we also have the first dApps and smart contracts running on Euclideum.

Q2 2021

In mid-2021, we’ll activate our dApp development fund — a special ECL reserve created to support blockchain projects that can bring real value to Euclideum. Dapp developers can submit their blueprints or ready code and get significant grants. We’ll also audit selected smart contracts for free. Meanwhile, we’ll be working on the sharding.

Q3 2021

By September 2021, we expect to have at least 10 decentralized applications running on the Euclideum blockchain, some of them supported by our fund. We’ll also launch a public funding platform where users will be able to invest ECL in the best projects in a decentralized way (instead of risky, non-transparent IEOs).

Q4 2021

After almost a year of testing, Euclideum sharding protocol will be launched, taking the transaction processing capacity from 100-150 tpx to 400 tpx or higher. At first there will be 4 active shards. Meanwhile, there should be between 30 and 50 dApps running on Euclideum, including DeFi, wallets, prediction markets, etc.