The world economy is stagnating as humanity reaches the limits of capitalism to create wealth and income equality. Despite developing the technology to do incredible things in transportation, health care, communication and energy, we are no longer seeing measurable improvements in the quality of life for the average worker. Humanity faces a conundrum: How can we improve our quality of life while consuming less and decreasing our impact on the environment? The answers lie in our money system. Who creates money? How is the quantity controlled? And how does it get injected into the economy? The money system is ripe for disruption. So far, digital currencies like Bitcoin and Ethereum have begun to chip away at the seemingly untouchable monetary system, but they have not yet shaken the foundation. The underlying technology behind digital currencies, the blockchain, doesn’t represent a drastic shift from the current Automated Clearing House (ACH) system that all credit cards and debit cards currently rely on. Sure, the blockchain is more efficient than the ACH, but due to the way it is injected, it doesn’t stimulate the economy. eQuid provides a solution. The real power to initiate change lies in the way currency is created and injected into the economy. This is the nut at the very core of the eQuid mission. We provide a platform for new currencies with specific goals to seamlessly be injected into the economy through labor, resulting in job security and a healthier, cleaner planet. All we need is participation.
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Cryptocurrency White Paper
Digital currency: a game changer……………………….1
What is traditional currency good at?……………………………..2
Where does traditional currency fall short?………………..3
What can digital currency do?………………………………………..4
How is eQuid different?….5
How does eQuid work?….6
How do I join eQuid?………7
How do I participate in the pre-sale?…………………………….18
Digital currency: a game changer
Why do humans harm the environment? Does anyone actually want to see fossil fuels depleted, endangered species go extinct or the temperature increase?
These questions started Garth Wells on a journey that led to the creation of eQuid in the early 2000s. After much research, observation, and pontificating, Wells concluded that we the people do this because we don’t have a choice. We do whatever it takes to survive, whether that means buying products made through unsustainable processes or subsistence hunting endangered wildlife in order to eat.
When we measure success in money, the economy focuses on profitable ventures, neglecting the unprofitable sectors of health care, education and planet care.
Some companies are starting to embrace the concept of the triple bottom line, looking out for people and the planet as well as profit. But as long as the source of their capital comes in the form of a loan, they will always be hamstrung by the need to create a profit, leaving the end goals of people and planet at the mercy of the profit. And while governments play a small role in regulating planet care, they cannot afford to actively fund the work needed to protect the planet.
But digital currency, and the invention of secure and cheap peer-to-peer transactions, is changing the game.
This transaction technology opens a world of possibilities for implementing a money system that can launch us into a new era of prosperity. Digital currency offers a solution from the private sector, with a decentralized currency that can incentivize previously unprofitable activities and allow us to put back more than we take.
Alternative Cryptocurrency White Paper
What is traditional currency good at?
Traditional money has had an undeniably positive overall impact on the world economy thus far. The industrial revolution, unbelievable advances in productivity through robotics, and many life-saving health care discoveries all owe their creation to the motivation of a capitalistic society seeking increased profit.
The current monetary system exists through the cooperation of banks and governments, who regulate and verify money creation and money transactions, all of which helps companies produce consumer goods and services and advance their goals. It has also paved the way for technology advances that allow humans to produce more goods with less effort, and it raises the question: Will there always be enough work to go around?
Where does traditional currency fall short?
Look at the two primary players in the current monetary system: banks and governments. Banks, in search of a profit, can’t make loans to companies unless those companies can produce a profit, so the banking system leaves unprofitable—but desperately needed—services out in the cold.
Government has a limited set of tools for impacting the economy through money. They can borrow and spend on infrastructure and human services while putting the burden of interest payments on taxpayers, but the system is unsustainable in the long term. Unfortunately, this debt-based money system of banks cannot sustainably create jobs whose chief objective is to invest in human and natural resources.
What can digital currency do?
Digital currency puts the power to create and regulate money into the hands of the people. Many innovators have responded by creating
a variety of currencies that focus on the almost-free transactions, calling their currency the new ‘digital cash.’ If a small business were to adopt Bitcoin as a valid payment option, it could save money on transaction fees associated with credit and debit cards. Digital currency also provides transparency — every transaction is recorded publicly — and accountability for all users of the currency. Banks are most interested in this aspect of the technology, because it promises a way to lower their costs, and their customers’ costs.
But the real power of digital currency lies in experimenting with the new ways currency can be generated. Bitcoin models itself after gold, rewarding digital “miners” with units of Bitcoin if they successfully “find” more by solving complicated math problems, a time consuming process that requires expensive hardware. The theory behind Bitcoin is that if it’s difficult to mine coins, they will be valuable by virtue of their scarcity and the amount of work they represent.
To a limited extent, Bitcoin has created new jobs: skilled coders can buy the hardware and download the software and begin mining, and earn Bitcoins in exchange for their time.
How is eQuid different?
eQuid taps into the power of digital currencies to create jobs and impact the planet for good. eQuid is built on a similar block chain technology enabling secure peer-to-peer transactions as other digital currencies, but instead of mining coins into existence through difficult coding, eQuid members can earn coins that didn’t yet exist (earn them into existence) by performing work that enhances the welfare of people and the planet.
eQuid will do this through not just one currency, but an entire network of currencies built and maintained by private companies that meet the strict guidelines of the eQuid platform. Much like Bitcoin, which has spawned the creation of multiple coding teams each with different strategies for mining coins into existence, eQuid will trigger the creation of multiple companies with different tactics for earning coins into existence. Unlike most digital currencies, which simply mimic existing currencies or commodities, and can only be used in limited circles to pay for goods and services, eQuid will completely disrupt the money system
How does eQuid work?
As an organization, eQuid provides the platform for members to create new currencies, earn coins, and perform secure financial transactions. eQuid will develop this platform with the proceeds from the launch of its flagship currency. Once that currency is established, eQuid will move into its regulatory role to oversee transactions and the creation of other currencies. Our job is to make sure that the user experience when making transactions is as easy as or easier than our current technology. Making purchases with eQuid should feel similar to using a debit card or using PayPal, and whenever possible, will use existing infrastructure (card readers and processing software). Anticipating the increased focus on using smartphones to make payments, eQuid will develop a secure payment method for smartphones.
eQuid will also support entrepreneurs in creating new currencies with specific goals. Those goals could include providing better health care, better dental care, educational support services, or any other humanitarian effort.
To qualify to create a currency, the company must meet eQuid’s criteria: 1) participate in open accounting, 2) operate with no more than a 10 to one ratio pay discrepancy between the highest paid and lowest paid employee, 3) present a valid plan for accomplishing its goals for the planet or people, 4) meet its own established milestones for that work and 5) maintain a minimum membership threshold.
Some currencies might resemble company stocks while others will resemble grants and some will be similar to insurance. The private company is set with the task of controlling the quantity and injecting it into the economy in a way that will achieve its primary purpose. For example, the first currency created will be the original eQuid, a currency designed to build a trade infrastructure that creates jobs and helps the environment. This will resemble a stock. Ocean coin, which resembles a grant, would invest in infrastructure to ensure we have clean oceans. And dental coin, functioning like insurance, would make it possible for everyone to receive excellent dental care for a nominal monthly payment.
To join as a coin creator, a private company must submit an application and plan. If the plan meets the criteria, the user will begin promoting the coin within the eQuid network. When the coin gains enough interested followers, the currency will launch. The company is then on the hook to accomplish the goals they set and keep their minimum followers in order to keep going. If the company doesn’t meet its goals or breaches the network rules, it will lose its license to create new coins and be dissolved or sold, while the existing coins remain in the system.
Earning v. Mining
A core difference between eQuid and other digital currencies is the concept of “earning coins into existence.” If you’re familiar with Bitcoins, you know they are “mined into existence,” a difficult, timeconsuming process requiring both know-how and proper equipment. The effort justifies the value of the coin. eQuid-affiliated coins will be earned by employees of private companies under the eQuid platform to tackle humanitarian challenges. Work will be completed, and payment will be received, in the form of the coin operated by the company. The finished work, which solves real-world problems, justifies the value of the coin. The mining process is also integral to the smooth operation of the Bitcoin system, but it falls short of the promise of digital currency: it does not automatically inject new capital into the economy. By contrast, when money is earned into existence under the eQuid system, it stimulates the economy by providing capital to fund necessary work without draining capital from other existing necessary projects.
Case Study: Tim is an entrepreneur and he has a great idea for a business that creates jobs and is good for the planet. This fits the eQuid criteria, and he is willing to follow the 10 to 1 pay ratio rule. Tim has two options: get funded by an existing coin or start his own coin. Either way, his first step is to get users to agree to accept his business. The number of users required is much fewer if funded by an existing coin. Once he gathers enough support he will be funded and can get to work. If he reaches his milestones as stated he will continue to be funded.
How do I join eQuid as a user?
Joining eQuid is free for everyone. The power to transform the world economy grows with each user that joins the system. When the network is live, an individual can create an account and begin using it like any other debit account. A user can invest in multiple currencies, similar to holding a diversified stock portfolio. The total value of the portfolio can be expressed in its equivalent in dollars, based on the market value of those coins. But instead of having to sell stocks in order to get a form of currency usable at most vendors, the coins themselves can be freely traded with vendors who accept them as payment.