Mission Statement
Mission
With the emergence of Bitcoin, the proof of work concept together with the cryptocurrency mining fad, the energy consumption associated with blockchains and cryptocurrencies has reached unsustainable levels.
A group of four like-minded finance and advanced technology professionals,[1] acting as responsible and globally conscious citizens, has developed the EXC Platform, a digital system which consumes only 0.22 μW, or 2.2E-7W, or 0.22/1,000,000W per transaction.[2]
We are determined to proliferate the EXC Platform, not only as the next generation cryptocurrency, but also as a supranational currency working with those countries whose governments are eco-conscious and feel a sense of responsibility towards global climate change by pursuing the goal of cashless societies.
Thesis
By combining the high-tech digital payment system with high tech financial engineering, a group of engineers has designed the next generation digital currency platform. This advanced platform offers a far higher level of security, a fast, eco-friendly and scalable anti-money laundering (AML) functionality. The platform is designed, not only to attract cryptocurrency fans, but also to attract those who are engaged in the promotion of cashless societies, which includes central bankers and financial institutions.
The EXC token, by its design, is an alternative to a vehicle currency in the digital world as well as being an alternative to being a unit of measure if the US political economy were to face unpredictable challenges over the next few years resulting in a possible depreciation. The EXC token is designed to be immune to a devaluation war amongst major industrialized countries which might lead to a domino effect type of depreciation movement of the five major fiat currencies which constitute SDR. This type of depreciation movement can already be seen vis-à-vis recent asset price moves globally.
About EXC
EXC is a new generation digital currency which has the potential to become the freely floating exchange version of a supranational currency, as proposed and envisaged by Lord John Maynard Keynes in 1942. EXC could be used as an alternative unit for measure when central banks, issuers of fiat currencies, have seen their balance sheets expand rapidly. The EXC Platform is designed to be viewed as neutral to any countries’ national debt. It is also intended to have a superior function to store value.[3]
High Security Feature
Most cryptocurrencies have weaknesses when it comes to security, as evidenced by recent events. This is irrespective of whether their proponents claim that their security level is at a reasonable level. We, however, have addressed the security issue as being an overriding priority. GVE, our system development partner based in Japan, has developed a proprietary security feature.
Liquidity Problem addressed by adding Store of Value Function
Experts including government officials have pointed out that Bitcoin has a liquidity problem and also has too high a risk for many segments of its users. This issue could be solved by having a store of value function.
In order to have a store of value functionality, the EXC Platform’s Special Purpose Vehicle, called GMF, is to issue, circulate, and buy back tokens according to the algorithm programmed into the system. The current technology, together with our unique design, are sufficiently robust to create an automated system once the legal system around the world catches up with advanced technology in the future.
Scalability
The scalability of a digital currency platform consists of three factors: settlement speed, energy cost per transaction and the number of transactions per second. The EXC Platform is designed to achieve the following:
- Transaction confirmations happen within a second on average. The theoretical settlement speed is 0.2 seconds per transaction or less,
- 0.22 micro watt energy consumption per transaction; and
- A single platform is able to process 2,000 transactions per second, 172 million transactions per day. This is able to support users comprising a 30 million population.
Distributed Ledgers Possibility v. Low Cost Operation
The design of the Platform is flexible enough to keep a record of proprietary database systems around the world, similar to the concept of distributed ledgers. The distributed ledger idea, however, has a cost implication, and common sense tells us that 50,000 servers competing to solve the same mathematical question is not optimal. EXC design together with 600 super high speed servers is expected to be large enough to cover up to 9 billion people, the entire global population.
Potential Benefits of holding EXC tokens
The EXC Platform has superior features as compared with those of Bitcoin (65 mins settlement time, 32 transactions per second, with $30 per transaction fee charged) or ETH (3 mins, 16 transactions settled per second).[4] As such, crypto users are likely to allocate a portion of the total market cap of $200 billion[5] into EXC.
Changes to structure
The supervisors of GMF may amend this document and the structure, functions or any other aspects of Excor, GMF, the EXC Platform, the EXC token and/or the token offering at any time in their sole discretion if, for example (but not limited to), the tax, legal or regulatory position changes or it is more favourable from a tax, legal or regulatory position to make such amendments.
[1] The collective number of experience of the group is 80 years in advanced technology, in finance or in both.
[2] This calculation is based on the following set of assumptions: 1. The security levels between EXC Platform and FeliCa would be the same, and the energy consumption is the same, 2. Use a similar contactless card (embedded FeliCa) for execution, which is 2 milliW=2 mJ/h, 3. The execution time equals 0.2 second, 4. The server execution energy is equal to card energy consumption as long as we use the same LSI.
[3] The patent application covers the US, Europe and Japan.
[4] Source: https://www.mintcoinofficial.com/
[5] See: IMF report, Global Financial Stability Report, on 10th April, 2018 https://www.imf.org/en/publications/gfsr
