Search…
⌃K
Links

V2 Upgrade Outline

The V2 upgrade is still in planning phase
The V2 upgrade is still in the planning phase, please do not respond to anyone reaching out to you for token migration, wait for a communication through our official channels.
The Essential Coin's current contract was developed as deflationary token (same as Safemoon fork) which rewards its users in reflections, i.e., users get more ESC tokens with each transaction.
Within a week's time after the launch, The Essential Coin reached its All Time High (ATH) and killed a zero. The price was stable there for a while and with the huge selling pressure (traders taking profits) and the bear market hitting the floor at the same time, it reached back to almost an ICO price level over the next several months. The typical cycle through which every crypto project goes. Despite this, we kept delivering what had been promised in the roadmap. (Another factor that affects the price is BNB, as our liquidity is pegged to BNB -its price movement impacts the price of ESC, too. When we launched, the price of one BNB was $560, currently its trading around $400.)
Learning from the experiences we gained during these few months, we have come to the point where we think there is a necessity to upgrade the contract to the next version. There are following pain points in the current ESC contract:
  • The marketing tax is received in ESC and not in BNB, which makes us unable to use those funds entirely. To use those funds we need to sell ESC in exchange for BNB, which will drain the liquidity further. To date we have not sold anything from the marketing wallet.
  • During our Certik audit, with the demand of few community members, we renounced our contract. While this may be seen as a good thing by a few individuals, it is not beneficial for the project at all. The reason is, as per the current contract, the transfer of ESC from one wallet to another is taxed at 15%. This limits our ability to launch the staking function for ESC as the transfer for staking of ESC will be taxed 30% in and out making it impractical for the holders. Because the contract is renounced, we cannot make any changes to write off those taxes for staking purposes and our holders are missing a big opportunity to earn passive income.
  • The contract has very basic functions. With V2 we can add advanced functions to the contract and make it appealing for the investors.
  • The bear market and the selling started as soon as we hit CMC (CoinMarketCap), which caused the chart to not look attractive for new investors to pitch in. With the launch of V2 we can list on CMC and CG as soon as possible and gain the attention we need as those charts will start from the base price and will show the correct growth.