ECR

Every Citizen's Reserve

ECR is the governance token of the Epicenter ecosystem.

Like the MKR token under the Maker Protocol, the ECR token is instrumental in maintaining the value of the Epicenter stablecoin, EUSD. Holders of the ECR token are the trustees for the Epicenter ecosystem in that they have voting rights — one vote per token — when it comes to setting the policies and parameters that govern the system. ECR holders have skin in the game: they can expect to profit when the system is functioning smoothly, but they also assume the risk if the EUSD token comes under attack. The ECR token is diluted as necessary to maintain the EUSD soft peg.

ECR

Your own Federal Reserve

1

Seigniorage

If a user’s Epic Cash account can be considered their savings – their digital gold – then EUSD could be considered a checking account for dollar-denominated expenses. In the same vein, ECR could be thought to fill the role of the Federal Reserve for this monetary universe – it stabilizes the currency (EUSD) and the ECR holders get seigniorage and other compensation for the risk they assume.
2

Risk and Reward

ECR is equivalent to an investment, with both risk and reward, but through their voting rights — selecting the parameters that govern the system — ECR holders can have a direct impact on their own success. They are strongly incentivized to maintain the stability of the system and are rewarded to the extent they succeed.
3

Howey Compliant

Note that the ECR token does not fall under the SEC regulatory structure: it is not a “security” as defined by the Howey Test since its profits are not solely derived from the efforts of others. Rather ECR holders are directly involved in the profitability of the token by choosing the goldilocks levels for all of the system parameters — not too hot and not too cold… and the incentives are structured so that ECR holders will not actually profit unless they participate in the Epicenter governance.

Staking your ECR

Download ‘An Introduction to ECR’ for more information

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