Emotiq is aiming to lead the new generation of blockchains by incorporating the latest research in blockchain technology by combining innovative cryptographic breakthroughs to form a new, diverse, and flexible blockchain.
Emotiq is developed with powerful scalability in mind, privacy of confidential transactions, and introduces a natural-language approach to smart contracts with the adaptation of programming language Ring. Built on top of OmniLedger technology and combining sharding with a delegated proof of stake consensus model using zero knowledge bullet proofs for privacy, Emotiq aims to become the blockchain to achieve mass market adoption and bring cryptocurrencies to the stratosphere.
EMOTIQ Value Proposition
The greater adoption of blockchain rests on two pressing issues that must first be resolved:
1) Scalability; and
2) Privacy of Transactions.
Without a scalable blockchain, the amount of transactions that could be processed would never satisfy the level of transactions required for global adoption and use. This would be akin to the Internet being capped at a speed of 56 kilobytes per second. If the internet was capped at 56kbps ad infinitum, the vast amount of Internet use cases and services we see and use today would not simply exist.
The confidentiality and privacy in personal and sensitive financial information is another crucial aspect to be addressed for individuals and corporate users alike as no one wants their personal financial information to be publicly available for everyone to see. Emotiq’s unique value proposition is in addressing the issues of scalability and privacy whilst also introducing a natural English smart contracting language system using Ring.
Natural language smart contracts are the true differentiating factor of Emotiq as they aim to make blockchain freely accessible and open to anyone for use, including non-programmers and those who are not technical. Emotiq aspire for anyone with literacy in English to be empowered to write and deploy smart contracts as they see fit. This has the potential to open a diverse array of potential use cases and creative means for all to leverage blockchain technology.
The Emotiq ecosystem consists of Emotiq’s native mainnet blockchain and natural language smart contracts. Emotiq’s native mainnet token is EMTQ and there will also be “child tokens” available on their platform, which is Emotiq’s ERC20 token equivalent.
EMTQ will be used to pay for computing power and resources consumed in running smart contracts and making transactions throughout the network. EMTQ will follow a deflationary schedule with a fixed percentage of yearly transaction fees collected and burnt each year.
Emotiq will build and provide their own decentralized exchange to allow EMTQ tokens to be freely swapped between BTC and ETH via cross chain atomic swaps. The decentralized exchange will also allow child tokens to be easily swapped for BTC and ETH.
Oracles to Bring Off-Chain Data On-Chain
Oracles will also be provided to bring off-chain data and information on-chain to settle any smart contracts requiring information that is external to the blockchain. Developers will be incentivized to build oracles as they will be rewarded on a per request basis for information that is pulled from oracles.
Users: Participants within the network who make transactions and use decentralized applications and smart contracts built on Emotiq.
Validators and Nodes: Through Emotiq’s delegated Proof of Stake system, validators stake EMTQ tokens which then determines the percentage chance they are selected as a lead validator for the creation of a new block. All lead validators are rewarded with a percentage of transaction fees that are collected in each block.
Developers: May be coders or everyday users who create smart contracts or dApps in Ring or Lisp with the help of Emotiq’s software development kit. Emotiq also provides oracles to bring off-chain information onto the blockchain with developers incentivized to create oracles by compensation on a per request basis of information for oracles.
EMOTIQ Team and Roadmap
Development of Emotiq began early 2018 with the team currently having over 10 full-time employees. Joel Reymont, CEO and Founder of Emotiq was the previous CTO of Aeternity where he built and led their development team to successfully execute and deploy on Aeternity’s project milestones. Reymont possesses 25 years of diverse programming experience with the rest of the members in the team possessing an extensive amount of programming experience across various industries. From a technical standpoint, Emotiq is by far one of the strongest teams within the blockchain space. There has been no public mention of advisors or partnerships for Emotiq currently as the team work towards achieving the milestones along their roadmap.
The Emotiq roadmap can be found below:
EMOTIQ Private Token Sale Details
Emotiq cancelled initial plans for a public crowdsale event due to regulatory risks and concerns. The team have instead opted to privately raise money as shown below:
A total of 51.25% of Emotiq’s tokens will be sold to private investors during the private sale as shown below. The tokens will be distributed and sold through a series of private round sales. Emotiq are currently wrapping up their final and last round for their private sale of tokens.
Token Name: Emotiq
Blockchain Platform: Emotiq Mainnet
ICO Hard Cap: USD $39M
Total Tokens: 1 billion EMTQ tokens
Available for Private Sale: 512.5 Million EMTQ tokens (51.25%)
Token Release Date: 2018 Q4 with the launch of Emotiq’s Mainnet
The Emotiq blockchain has several competitive advantages when compared to other blockchain projects as detailed below:
- An extremely strong and capable technical development team
- Blockchain built from scratch and designed with the implementation of features such as privacy, sharding, and a natural smart contracting language at a root level
- Targeting an untapped mass market of users with great potential for tremendous growth if successfully adopted
Perceived weaknesses of the Emotiq project have been detailed blow:
- Many projects are striving to solve scalability and privacy. There is immense competition to become the blockchain that rules them all
- Natural language smart contracts is a new and unproven concept that may be difficult to adopt
- Emotiq tokens will only be made available to private investors initially so tokens will be distributed in a concentrated manner over a small subset of users
- Emotiq is being developed under programming language Common Lisp. Lisp is a niche language with a small community of developers in comparison to other common languages so future support and development of Emotiq in the future could be limited
The Emotiq project focuses on the ambitious goal of making blockchain more accessible and available to people that do not possess an understanding or knowledge of blockchain technology. CryptoLingo sees immense potential value in the Emotiq mission and finds their combination of proven cryptographic research not only creative and exciting, but also strong enough to forge the path for the future generation of blockchains.
To unlock the full potential of blockchain Emotiq will need to generate mass market adoption to truly challenge the status quo of blockchains today. We will be watching closely as Emotiq strives to make blockchain as friendly and as accessible as Apple products, such that any child is able to interact with smart contracts on the blockchain without technical proficiency.