ECR (Every Citizen's Reserve) is the governance token of the Epicenter ecosystem.
ECR at a glance: /ecr_at_a_glance_v01.pdf
Be your own bank with ECR: http://youtu.be/dSDfXsTA4hU
Where to buy ECR? https://epicenter.epic.tech/investors/
A Conversation About ECR
> HOW CAN I BE MY OWN BANK USING ECR?
Ok, so let's say 11k coins *$3, that is $33k. Let's say you wanted to buy a car for $15k.
You will put 10k coins ($30k worth) into your own personal "Bank of Richie" vault and issue yourself a loan for 15k EUSD. You give these 15k EUSD to the seller of the car. Let's say you want to pay off the loan when EPIC is $30 a coin, and get your coins back. It would require only 500 coins ($30*500) to pay back 15k EUSD, so you are left with +9.5k coins plus a car. Make sense?
So, net-net, you go from 11k EPIC -> 10.5k EPIC + a car. Whereas if you sold the coins, you would have sold almost half your holdings (11k -> 6k) and lost the future appreciation... not to mention a hefty tax bill!
You basically use the Every Citizen’s Reserve system as a pawn shop for your coins when you need cash - they stay there until you feel like repaying the loan, then you get them back.
The dollar declines in value, so it requires fewer and fewer coins to satisfy the loan
The collateral, unlike whatever junk ends up at a pawn shop, increases in value due to the scarcity profile.
> Now, what happens if the car dealership doesn’t understand crypto and doesn’t accept EUSD as payment? “Sorry partner, it’s either cash or a certified check from your bank.”
You sell the EUSD for USD and use USD to pay. Imagine if you traveled to Saudi Arabia with Euros in your pocket and you had to convert them to Rails, same sort of thing.
>And if I understand correctly, this can all be done (ultimately) with one of the new wallets that is “at the ready” once V3 is completely transitioned, right?
The logic lives in smart contracts, and any wallet or decentralized application service can call upon it - it will be like Android with many options vs Apple where there is just one.
>Got it. And those smart contracts require ECR? Tell us where ECR comes into the process please.
You can't shop at Costco without a membership. You can't borrow EUSD unless you have ECR.
< Okay. I get that. So I need ECR to create a Smart Contract to borrow against my collateralized Epic Cash. Where does the Smart Contract live in the ecosystem?
On Ethereum, Solana, Polkadot, Cardano... 30+ different blockchains.