eBitcoin describes itself as a community-driven, blockchain-enabled cryptocurrency. Find out how it works today in our review.
What is eBitcoin?
eBitcoin is a cryptocurrency that has no connection to bitcoin (BTC) whatsoever. The development team appears to be capitalizing on the bitcoin name. It’s not built on its own blockchain. Instead, it’s a tokenized version of bitcoin built on the Ethereum blockchain as an ERC20 token.
There’s limited information about eBitcoin available online. The company’s official website, eBitcoin.org, vaguely describes the project as “the currency of the future”. The website mentions debit cards and other products in development.
Like bitcoin, eBitcoin has a total supply of 21 million. As of December 2017, each eBitcoin is worth about $0.58 USD. The currency has a market cap of $11 million USD (putting it in the #338 spot in terms of market cap, according to CoinMarketCap).
Is eBitcoin a legitimate project? Let’s take a closer look at how it works – and what makes it unique from other cryptocurrency projects.
How Does eBitcoin Work?
eBitcoin was built to combine the best features of bitcoin and Ethereum into one convenient currency. It’s an ERC20 token built on the Ethereum blockchain.
The development team describes their project as “a tokenized version of bitcoin on the Ethereum blockchain.” It’s different from Ethereum because the supply is capped at 21 million, and it’s different from bitcoin because the currency has faster transaction times.
Another difference is that the entire total supply of eBitcoin has been pre-mined. The company describes this as an “eco-friendly” approach: while bitcoin is scheduled to be mined until 2130, eBitcoin has its entire total supply already on the market.
Instead of launching through an ICO, the developer of eBitcoin decided to launch through an airdrop. Project development is led by a group called the eBTC Foundation. The coin launched in November 2017.
So far, one of the major products offered by eBitcoin appears to be the ProxyCard. The ProxyCard is a hybrid wallet scheduled for release in January 2018. eBitcoin users will be able to manage their funds through the ProxyCard wallet. ProxyCard is accessible through a mobile wallet (a mobile app) and a debit card (a physical card you can use online or offline).
eBitcoin also claims to be working on a payment plugin for messengers like Facebook, WhatsApp, and more. That payment plugin would allow users to send and receive money as easily as sending and receiving an ordinary message.
eBitcoin’s website lists some very ambitious goals for the future. The roadmap for 2018 mentions iOS And Android apps, a global marketing campaign, payment solution partnerships with Magento and Shopify, in-house DApp development, and more. They also claim to already be accepted by 4 merchants just 45 days after launch (the currency launched on November 1, 2017).
Who’s Behind eBitcoin?
eBitcoin describes its team as a “global” group of developers who “work 24/7 and have over 200 combined years’ worth of experience in all kinds of businesses.”
The eBitcoin.org website lists project manages as John O, Zaki S, Miguel Macedo, Guru Dev, and Ferriandy Ch.
A developer who calls himself “Satoshi21” is also apparently involved with the project in some way, although it’s not clear how or why.
eBitcoin is a tokenized version of bitcoin on the Ethereum blockchain. It’s an ERC20 token with no connection to bitcoin whatsoever – aside from the use of the bitcoin name. The project was launched in November, and the total supply of eBTC has been pre-mined. The development team describes its project as a “community-driven” project, although it’s not clear how many people are involved outside of the core development team listed on the eBitcoin website.
Meanwhile, the eBitcoin whitepaper is just 16 pages long, and it doesn’t feature much technical information about the project or its goals. The website vaguely mentions a partnership with a company called ProxyCard, which appears to be some type of mobile wallet and debit card system.
Ultimately, you can decide for yourself if eBitcoin is worth an investment by visiting online today at eBitcoin.org.