Epic Project Litepaper
Exchanges vs Peer to Peer
Conventional exchanges like Coinbase, Bittrex, Gemini, etc., require you to put your trust in a centralized exchange, who hold your funds and private keys. If they were to become victim of a hack, and unless they have a way to cover those losses, you would lose your digital assets and essentially lose your money. They have ridiculous fees for their services and often take a ridiculous amount of time to fund your account. With the volatility of cryptocurrency, missing an opportunity to purchase a crypto asset by minutes, hours, or days can possibly cause you to miss out on potential profits. However, dealing on the peer to peer level isn’t like that. Peer to peer is trading directly with another human being, meaning you cut out the middleman and secure the best deal possible directly with the person you are transacting with. Our main goal at Epic is to establish an international peer to peer network, where users interact directly with other users and utilize Epic as a safeguard.
Introducing the EpicTrader Platform
Here at Epic, we see the need for consumers to have a platform where they can buy and sell cryptocurrency with fiat, on a peer to peer level. A platform that is very simple to use, that requires no previous cryptocurrency or trading experience. After all simple is better, especially when you are dealing with buying and selling digital assets. By using our EpicTrader P2P Platform, sellers can easily liquidate their Bitcoin, Ethereum, Epic, and other altcoins directly to the fiat of their choice. Our platform acts as a 3rd party escrow service, simply holding and locking users cryptocurrency for the duration of an ad and completed trade. This ensures the user purchasing the cryptocurrency is guaranteed to receive that cryptocurrency. If a user does not have the correct amount, or any, cryptocurrency to match an ad, there’s no way he will be able fulfill that ad.
Currently we have 6 payment method options available: 1) PayPal 2) Paytm 3) Alipay 4) WeChat Pay 5) Western Union 6) Bank Transfers.
When a user creates an ad for selling his or her cryptocurrency, they we will be able to select as many payment options as they would like to receive payment. When buyers select an ad, the seller’s payment information will displayed allowing the buyer to send the fiat funds directly to the seller. This enables faster payment times as the fiat payments do not have to go through our platform first.
After payment is sent, the buyer will notify the sellers by selecting a “I have sent payment” button within the trade transaction. The seller will get an email or text notification saying payment has been sent for that particular ad. Once the seller confirms payment has been received, he will release the cryptocurrency to the buyer by selecting the “I have received payment” button within the trade transaction. If for any reason the seller refuses to release the cryptocurrency, or if he claims to not have received payment, the buyer has the power to supply payment proof to our support team. It must include a timestamp, payment amount, and must match the account information provided by the seller. Since the cryptocurrency is locked for the duration of the trade, the support team at Epic can verify the buyers support ticket and manually release the cryptocurrency to the buyer.
EpicTrader’s Platform Utility Coin - EPIC
EPIC is a masternode and proof-of-stake cryptocurrency specifically designed for use with our EpicTrader platform. There are three benefits for using EPIC on our platform:
1) Users are able to pay the fees generated on the platform with EPIC.
All successful trades are subject to a 1% trading fee.
2) When you use EPIC to pay fees, you will receive a 50% discount on those fees.
3) Every quarter 50% of all platform fees will be distributed to EPIC masternode holders.
A snapshot of the active masternodes at the time of generating the quarterly report will be taken and those masternode holders will be credited.
In order to run an EPIC masternode users will need 10,000 EPIC coins. We have a very easy to follow guide if you would like to set up a masternode on your own, or you can join one of our many masternode hosting partners and they can do all the hard work for you. Masternodes receive 85% of the block reward. Masternodes have multiple benefits, not limited to the following:
1) An increased number of masternodes means better network stability.
2) Private and instant transactions are accomplished through masternodes.
3) Anyone in the world can run a masternode without special equipment, therefore making it more decentralized.
If you do not have enough to purchase a masternodes worth, EPIC is also proof-of-stake. Meaning you can stake your coins and receive a reward proportional to the amount you are staking. The larger amount of coins you stake, the more frequent your rewards will come in. Proof-of-stake receives 15% of the block reward.
EPIC Coin is not solely limited for use on our Epic P2P Platform. Through our official partnerships with KuboCoin and Aeryus, EPIC will become a coin for everyday purchases through many different vendors. Imagine having a cryptocurrency debit card linked directly to your EPIC wallet that enables you to utilize it as you would a regular bank debit card. We are creating a cryptocurrency payment processing ecosystem with point of sales, liquidity of crypto to fiat, and the platform to handle that all.