Update 05/05/17: The first Embermine sale was canceled because of a malfunctioning sale contract. The sale is back on.
Embermine aims to be a platform for content creators to manage and distribute their creative projects. The Embermine project is part content distribution network, part collaborative project management platform, and part social media network. It is somewhat similar to Steemit, although the team does not draw that comparison. Underpinning the network is a system of three currencies, though it’s not clear whether each are actual tokens.
- Spark: Used to conduct transactions on the network. It is a form of payment for goods and services. Embers are pegged to the US dollar and 100% backed by USD cash reserves. They are also liquid and can be withdrawn at anytime.
- Embermine Tokens (EMB): Used to stake nodes in a proof-of-stake consensus process. They are tradable on public exchanges. One Ember is required to create an account on the network, and is subsequently burned.
- Heat: A unit of “energy” used to execute activities and interactions between users, such as collaborations and the establishment of new projects. Heat is used as a measure of activity within open projects and as a measure of content quality.
The object of the token sale are Embermine Tokens (EBM).
Embermine claims to have a technical whitepaper. However, given the technological complexity of the project, which apparently incorporates solidity smart contracts with a Bitshares forked blockchain, the white paper is not detailed enough and leaves many questions unanswered. At the time of writing, Embermine does not have a detailed product roadmap, a working prototype, or project code available other than forks of Solidity and Bitshares. Smith + Crown has not interviewed the team, but their identities are transparent and they have been responsive to our requests for information.
|Identifiable Executive Team:||LinkedIn profiles, Public acknowledgement|
|Technical White Paper:||Existing white paper does not explain underlying blockchain|
|Available Project Code:||Github account contains forks of Solidity and Bitshares|
|Role of token:||Block Creation and Access|
|Token supply:||150 million|
|Distributed in ICO:||127.5 million|
|Emission rate:||Remaining 15 million coins emitted in proportion to the number of users|
|Sale period:||April 13th 2017 to May 13th 2017|
|First price:||33,333 EMB per 1 BTC|
|Token distribution date:||Immediately distributed|
|Minimum investment goal:||200 BTC|
|Maximum investment cap:||4,000 BTC|
|How are funds held:||Escrow services provided by TokenMarket|
|Mainnet release date:||TBA|