FAQ Frequently Asked Questions
What is Emotiq?
Emotiq is a next-generation blockchain with powerful scalability and privacy, combining the latest research in distributed ledger technology with an innovative natural-language approach to smart contracts. Emotiq was founded by Joel Reymont – the ex CTO of Aeternity – in late 2017, after he envisioned a blockchain that takes the very latest techniques for scaling, privacy, and accessibility, and combines them all into the very first blockchain that provides real-world usability for everybody.
More specifically, Emotiq introduces horizontal scaling through sharding, zero-knowledge proofs (Bulletproofs) for transaction privacy, and Ring – a plain English smart contract language that allows non-programmers to interact with the blockchain. Emotiq is developed by a team of heavy-duty developers and experts, sourced from across the globe, united in the aim to deliver a private and scalable blockchain that is fit for enterprise and usable by the mass market.
What problems can Emotiq solve?
There are three fundamental problems that no blockchain has managed to solve: scalability, privacy, and accessibility. Some blockchains address one of the aforementioned issues, very few attempt two, and so far none have achieved the trifecta necessary to light the fuse of wide scale adoption. Until now. Emotiq takes a holistic approach and finally solves the ultimate problem: how to make a blockchain that truly works.
One of blockchain’s biggest problems is scalability. Through sharding, Emotiq will be able to scale effectively to handle the large transaction loads needed by businesses which demand proven and consistent performance under all network loads, not just under optimal conditions. Networks that cannot scale also cannot be relied upon by serious enterprises that don’t want their systems and customers disrupted by the latest animal-related dApps.
Addressing the problem of privacy, Emotiq ensures that transaction amounts are completely hidden from public view, free from snooping eyes, ensuring that your business stays your business and nobody else’s.
Finally, Emotiq, through its innovative Ring smart contract language, solves the problem of accessibility. No longer will blockchain functionality and integration be open only to those who know how to code. Using a natural language approach, Ring will make Emotiq accessible not only to those who can already code, but also to “regular people” and those not currently served by existing smart contract languages.
Why do we need another blockchain? Why not just improve Ethereum?
To put it simply, because there isn’t yet a blockchain that is up to the task. The large chains - Bitcoin and Ethereum - are slow and lack efficiency, speed, and functionality. And the approach taken by most blockchains is to focus on solving one problem, rather than taking the approach that there are numerous problems to be addressed before real-world utility will be achieved.
So why not improve what’s already there? Improving Ethereum is not a simple task; it’s a complex, established system that can’t be fundamentally be redesigned. Altering Ethereum is like changing course in an ocean-going oil tanker: it takes forever. Adding features such as sharding and better privacy protection can only be done on an “aftermarket” basis, and are features bolted on rather than incorporated into the design from the very beginning. As such, any solutions are extremely complicated and compromised due to issues of backward compatibility. Even if it was possible to modify Ethereum to give it acceptable performance, progress is hampered by the bureaucracy inherent in large organizations. Getting everybody to agree on the best way forward takes months, if not years. Emotiq, in contrast, is a small and dynamic company that can make decisions quickly and act with enough speed to stay ahead of the curve, in addition to working from a completely blank sheet and building a blockchain that incorporates the very latest technology into its DNA.
Who are Emotiq’s competitors? What makes Emotiq stand out?
Without sounding immodest, there are few direct competitors. Existing blockchains are simply not fit for purpose. Newer chains in development today - the likes of Zilliqa, for example, often cited as a competitor of Emotiq due to its scalability through sharding - does not address the need for privacy and accessibility, and thus is an incomplete solution from the very beginning, and a niche solution at best. Our true competitors are only those blockchains that aim to solve the problems of scalability, privacy, and accessibility. There are none of any note.
What are the differences between Emotiq and Bitcoin/Ethereum/(other key competitors)?
Scalability, scalability, scalability.
Privacy, privacy, privacy.
Accessibility, accessibility, accessibility.
So how does Emotiq scale, and why is it important?
Emotiq uses sharding for its scalability needs. Traditional blockchains based upon Proof-of-Work “scale” by throwing more and more computing power into the nodes in a process called “vertical scalability”. Emotiq is a Proof-of-Stake blockchain that uses scalable and bias-resistant distributed randomness to select the “minter” of each block. Proof-of-Work is expensive, wasteful, leads to centralization (because only large organizations can afford to play), and the speed of the network decreases as it grows larger unless large investments are made in network infrastructure. Sharding, on the other hand, is a form of “horizontal scalability” whereby the transaction load is split into numerous different shards made up of subsets of the total number of nodes in the network and operating independently without compromising integrity.
Is Emotiq a public blockchain?
Absolutely. Emotiq is not a private or “permissioned” blockchain and is accessible to anybody who wishes to use it for any purpose.
Is Emotiq open source?
We only do open source at Emotiq. We want our community to feel part of the project - so our door is always open. Anybody can examine our code and examine the inner workings of Emotiq, and we encourage everybody to do so.
Being open source is vitally important for building up trust in the Emotiq blockchain. Without trust, we might as well pack our bags and go home. The only way we can develop our users’ confidence in the security and reliability of the software is to throw the doors wide open and let everybody examine it for themselves. Open source software also promotes innovation, education, quality, and freedom. Running a decentralized ecosystem on centralized software doesn’t sit right with us.
Can Emotiq be used for ICOs?
Absolutely! Child tokens are Emotiq’s equivalent of Ethereum’s ERC20 tokens, which have underpinned the vast majority of recent ICOs. Child tokens provide the same functionality and flexibility, yet because they exist on the Emotiq blockchain, they inherit Emotiq’s speed, scalability, and privacy. Emotiq will also have a decentralized exchange built in, allowing for instant liquidity. If you’re thinking of launching your project and want to ensure that the underlying blockchain can handle what you want it to do without being crippled by performance factors beyond your control, then you’re in the right place.
Can Emotiq support dApps?
Yes. Emotiq will support smart contracts and child tokens, and can therefore be used in exactly the same way as any other smart blockchain. The limit will soon be your own imagination, not the limit of the underlying technology. Unlike most other blockchains, with Emotiq, you will no longer have to worry about whether the platform you’re building upon can handle your needs. If you can think of a use for a blockchain, then Emotiq will provide a solid foundation that can deliver the performance you crave.
What is your release date for the testnet/mainnet?
The testnet is due for launch on May 15, 2018. The mainnet will be launched around the fourth quarter of 2018, barring any unforeseen circumstances. Once the mainnet has been released, the temporary placeholder ERC20 tokens issued during the private sale and public TGE will be migrated to the Emotiq blockchain and converted to native EMTQ.
Who’s in charge of Emotiq?
Joel Reymont, the CEO of Emotiq, will be responsible for Emotiq’s technical vision during its formative months. Once the mainnet is stable, blockchain governance will be migrated to those holding EMTQ. Joel’s focus will then shift to developing the Emotiq ecosystem by seeking out opportunities and partnerships that will benefit the platform and help it mature into what we hope will be one of the next decade’s top blockchains. Joel is the mastermind behind Emotiq, and his focus will remain firmly on bringing his unique vision to reality. Don’t worry - he’s not going anywhere else!
Can I get in contact with the team directly?
Sure! They’re busy, but never too busy to deal with the community. The best place to start would be a quick email to Emma, the Global Community Manager - [email protected] She’ll quickly put you in contact with the right person within Emotiq.
How can I subscribe to updates?
There’s an opt-in email sign-up on the Emotiq webpage, and subscribers will receive regular updates about Emotiq. Don’t worry - this list remains tightly controlled by us, and we’re not selling your details to spammers.
Do you have Telegram/Facebook/Medium/etc?
For 24/7 information about the latest goings-on at Emotiq, you can follow us on Twitter (@Emotiq_AG) or join the main Telegram group (t.me/emotiq). We publish regular blog posts and articles on our Medium page (medium.com/emotiq), and we can be found on Facebook (facebook.com/emotiq.ag). We also have a Russian language Telegram channel (t.me/emotiq_ru).
Why don’t you have any advisors?
To be perfectly candid, we don’t need them right now. It’s no secret that most “blockchain advisors” don’t add anything of substance whatsoever. They lend their profile to the company to make it seem legit in return for a large payment, because that’s what investors want to see. We’re not playing that game; it’s insulting to our users’ intelligence, and it’s a waste of our investors’ money. We are bringing on advisors who can actually advise, and we’re liaising with multiple universities and expert software engineers to access their unique skills and experience. Besides, take a look at our development team. Any single one of them has more experience than most blockchain teams put together. Joel doesn’t hire people who can’t get the job done without having their hands held.
Are you going to be at any conferences soon?
Yes, we are planning a full conference schedule throughout 2018 and 2019, to the extent that we can get Joel away from the office. Obviously, developing the platform comes first. But developing the community comes a close second, and there’ll be plenty of opportunities to hear some of the team speak at conferences across the globe. We’ll also be holding casual meetup sessions at conferences, so join us for a beer. We’re also interested in conducting outreach at universities, so if your computer science department is looking for someone to come and chat about blockchains or Emotiq, get in touch!
How can I get an Emotiq t-shirt?
Emotiq swag will be available at any meet-and-greets that are organized. If you want t-shirts, stickers for your laptop, and suchlike, then come out and say hello!
How can I get involved?
The best place to start is by joining us in the communities and digging in. The wider we can collectively spread the word about Emotiq, the better. For those who can write or produce quality content, there will be a bounty program, the details of which will be published on our website. If you’re a genius-level Lisp developer who can hit the ground running, by all means get in touch. Most other positions will be advertised on the website.
Where can I view the Emotiq code?
You can view the Emotiq code on our Github page: https://github.com/emotiq/emotiq
What is OmniLedger?
OmniLedger is a protocol for sharding a blockchain, outlined in a paper written by researchers at École Polytechnique Fédérale de Lausanne, Switzerland. It represents the state of the art when it comes to scalability. Unlike most technical papers, it’s not a particularly difficult paper to get through; give it a try! https://eprint.iacr.org/2017/406.pdf
Will sharding mean that Emotiq is not decentralized?
Not in the slightest. While some blockchains take a semi-centralized approach to sharding, specifically in determining which nodes are in control of how the network shards, Emotiq utilizes a Proof-of-Stake algorithm which randomly determines which nodes are in control. This unpredictability ensures that the Emotiq network is never centralized, and thus operates fairly for all participants.
How many transactions per second can Emotiq support?
Emotiq will initially aim to support Visa-level transaction throughput of 6,000 transactions per second and beyond. This is at least 1,000 times greater than the throughput of Bitcoin. And that’s only the beginning.
Will Emotiq be based on Proof-of-Work or Proof-of-Stake?
Proof-of-Stake. Proof-of-Work is unfit for purpose in any high performance blockchain.
Why is Emotiq written Lisp and not [pick fashionable language]?
Lisp is about as powerful and flexible as languages come. It’s been proven over many decades, and remains part of an elite set of languages that are used for high-performance applications. Sure, it’s not the flavor of the month and it’s not what the “cool kids” are learning about in their online coding courses, but our programmers aren’t “cool”; they’re real life virtuoso computer scientists with poor dress sense, gray hair, a distinct lack of tattoos, and decades of hardcore experience working on some of the most advanced projects ever undertaken. They can do things with Lisp that make the average coder gasp in amazement.
Blockchains are complex pieces of technology. They require lots of very complicated programming, difficult mathematics, and experience to piece it all together. Lisp gives Emotiq’s developers the flexibility to nail the task with the utmost control over the finer details, producing a blockchain that will outperform the competition.
What is an oracle? Will Emotiq support oracles?
Absolutely. Oracles are the means by which data enters the blockchain. Without oracles, the blockchain is essentially isolated from the outside world and smart contracts are, well, not smart.
Emotiq envisions the development of a wide variety of oracles, each supplying specific data into the blockchain. Smart contracts can connect with whatever oracles they need to obtain the data they need, and oracles will receive payment for supplying that data.
Will Emotiq’s oracles be complex and expensive systems that try very hard - and always fail - to eliminate the concept of trust (i.e., how can the blockchain trust that the data supplied by the oracles is trustworthy)? No. The issue of trust is one that people have to decide for themselves. While other oracle systems tie themselves in knots trying to solve the trust issue through all manner of convoluted and inefficient algorithms that merely kick the trust can down the road, Emotiq will keep it simple and allow simple economics to provide a sensible level of trust, just like humans have done for thousands of years. In essence, proven-trustworthy oracles will generate an income by providing high quality data, while unreliable or dishonest oracles will be shunned.
What is a state channel? Will Emotiq support state channels?
No. State channels are a “cheat” to get around a blockchain’s inability to scale. Emotiq will scale, so state channels won’t be relevant.
Is Emotiq based on Aeternity?
Hell no! Don’t get us wrong - Aeternity is a good start, made all the better by Joel’s influence back in the day. But it can’t scale, won’t shard, it won’t be private, and it won’t be accessible. The idea of using Aeternity as a base never crossed Joel’s mind once.
What is Ring?
Ring is an innovative natural language for writing smart contracts. Natural language is essentially what these FAQs are written in; plain English.
Where did the name come from?
Joel is a big fan of Tolkien.
Is it the same as the other Ring language?
No. It’s nothing to do with the other language called Ring.
Why is Ring needed? What’s wrong with Solidity?
Solidity is difficult to use. Even coders with extensive Solidity experience make mistakes. Expensive mistakes which result in the loss of hundreds of millions of dollars worth your cryptocurrency with zero consequences to the people who messed it up. A badly-designed programming language is fine for, say, the software that runs your robotic vacuum cleaner. Not so much for systems looking after people’s money.
Part of the problem is that people can’t understand Solidity just by looking at it. Errors and loopholes are often almost invisible and therefore overlooked. And to outsiders who can’t code, there’s no hope of being able to decipher exactly what they’re entrusting to store their hard-earned cash.
Enter Ring. By writing smart contracts in natural language (pretty close to English), everybody - even non-programmers - will be able to see exactly how the smart contract works, and mistakes will be easier to see and correct before they cause any harm.
Will Ring be Turing complete?
No. Turing complete languages can have infinite loops, which will require a way of being stopped before they clog up the network. Ethereum solves this problem with ‘gas’; when the gas runs out, the processing stops. Emotiq avoids the problem altogether by avoiding infinite loops in the first place.
Are non Turing complete languages any less capable? Not in any practical sense, no. And they come with advantages extremely useful in smart contract applications, such as being far easier to analyze.
Will Ring be easy to learn?
Extremely. For those users who speak basic English, Ring will look very familiar. If you can string a basic sentence together and think through a problem logically - two skills that most people have learned by the time they go to high school - then you’ll find using Ring very simple indeed.
I’m a developer. Can I use Ring?
You can. Or you can code your smart contracts in Lisp. Or Solidity. Emotiq will support all three. Lisp for the programmers, Solidity for, ahem, “programmers”, and Ring for those who aren’t programmers at all. You can also write oracles in Lisp, make them accessible to Ring developers, and make money by providing real-world data to the blockchain.
Will other blockchains be able to use Ring?
We certainly hope Ring will be widely adopted as the gold standard for blockchain accessibility.
Will Ring make it easy to use oracles?
Ring will make using oracles extremely easy by hiding the interface between smart contract and oracle behind a high level of abstraction. As simple, in fact, as asking somebody a question and getting an answer.
What is Zork? Where can I play Zork?
Zork is the seed of Joel’s vision for Ring. Zork is the quintessential text adventure game, written in the late 1970s by the MIT Dynamic Modelling Group. At the time it was groundbreaking stuff, and even today, it’s an afternoon well spent. You can try it here: https://classicreload.com/zork-i.html
What does EMTQ do?
EMTQ is the native token on the Emotiq network, and will be used in much the same way as ETH on the Ethereum network.
How can I buy EMTQ?
The public Token Generation Event will launch on June 15, 2018. EMTQ will be priced at $0.14 per EMTQ, and the ETH/EMTQ rate will be fixed one hour before the TGE begins. Further details will be published on our website - http://emotiq.ch.
How many ETMQ tokens will be created?
There will be a total of one billion EMTQ created, up to 36% (360,000,000) of which will be sold in the public TGE.
Will more EMTQ be created after the TGE?
No. All EMTQ that will ever exist will be created at one time. As there is no mining on the Emotiq network, no more EMTQ will be produced.
What happens if all the EMTQ runs out?
Forty years of darkness. Earthquakes, volcanoes. The dead rising from the grave. Human sacrifice, dogs and cats living together, mass hysteria!
Don’t worry. It won’t happen for a very long time. That said, Emotiq’s tokenomics is deflationary, so over time, EMTQ supplies will be reduced. EMTQ will be gradually destroyed as part of each transaction, increasing the value of the remaining EMTQ.
Can I mine EMTQ, and will I need special mining equipment?
No. So no.
Will the price of EMTQ go up?
We can’t say what the markets will do; one only has to be involved in cryptocurrency for a few weeks to figure out that fundamental truth. But based on the fact that Emotiq is an innovative blockchain that solves the problems frustrating the current industry leaders, coupled with deflationary tokenomics, we at Emotiq are hodling!
Who can participate in the TGE?
The list of those who are ineligible to participate in the upcoming TGE will be published soon. Suffice to say there won’t be any surprises. The US will be barred, as will other countries whose governments frown upon cryptocurrencies. We aim to keep this list as short as possible though.
When does the public TGE open/close?
The public TGE opens on June 15, 2018, and will close as soon as all the EMTQ has been purchased, or earlier should market conditions make continuation impractical or undesirable.
Do I have to complete KYC? Why?
Yes, you will have to complete KYC. Why? Because Emotiq complies with the law and is required to make sure that we know who is investing and that they aren’t barred from investing.
What documents must I provide for KYC?
A government-issued ID. Your passport will generally suffice. If you haven’t got a passport, now’s the time time apply.
How long will KYC verification take?
It won’t take very long. Depending on which KYC provider we choose to work with, approval will probably take only a few minutes.
Will you accept contributions in Bitcoin? Ethereum?
As we’ll be issuing a “placeholder” ERC20 EMTQ token to give our investors something to play with until the Emotiq mainnet is released towards the latter part of 2018, we’re accepting ETH and not BTC.
Can I change my contribution address?
No. The EMTQ placeholder token will be sent to the address from which you submitted ETH in the TGE.
Who can I speak to for more information about the TGE?
Your first port of call for any questions should be Emma, the Global Community Manager. She can be reached at [email protected], or on Telegram at @anxiolytic. Most questions she can answer directly, and if she can’t she’ll either find out or put you in direct contact with the team member who can.
How does the public TGE differ from the private sale?
The private sale took place in the early part of 2018, and was a small financing round aimed at a select group of large investors. The token price was lower - $0.07 instead of $0.14 - to reflect the far higher risk undertaken by the participants. The private sale tokens cannot be dumped onto the market though. Fifty percent of the tokens sold in the private sale are locked for six months from the date that the tokens are issued.
Was there a seed round? (And what was the token price in the seed round?)
Yes, there was a very early seed round in 2017 to generate the funds to take Joel’s initial ideas and allow him to form Emotiq AG (the company building Emotiq), hire developers, and start work. The risk was immense, and $2,000,000 was raised through the sale of 15% of EMTQ, a token price of $0.013. But as with the private sale, these tokens are locked - 100% for one year - so they absolutely cannot interfere with the market.
Is there a minimum or maximum contribution I can make?
There will be a minimum contribution of 0.5 ETH. The maximum contribution is up to you.
Is there a gas limit?
There will be a gas limit, to be announced nearer the TGE via Emotiq’s usual channels.
Can I submit my ETH from an exchange?
No! Your ETH must come from an address for which you have the private keys. If you send ETH directly from an exchange, you are unlikely to receive your EMTQ, and Emotiq will be unable to intervene and correct the mistake on your behalf. If you need to set up a wallet from which you can send ETH to the public TGE, MyEtherWallet is a good starting point: https://www.myetherwallet.com/
Will my tokens be locked?
Absolutely not! EMTQ obtained in the public TGE will be completely unlocked and yours to do whatever you please with.
What exchanges will EMTQ be listed on?
Exchange listings are out of our control. Emotiq will, however, do whatever it possibly can to ensure that EMTQ is listed on the better exchanges so that EMTQ is a highly-liquid token.
Will you be offering bounties?
Yes, bounties will be offered. We’re still working through the details of the program, so stay in contact via Telegram, our mailing list, or regularly check the Emotiq website for further details.
What will the tokens retained by Emotiq be used for?
For future development needs. Emotiq plans to be around for a very long time, and that costs money. We also plan on rapidly expanding the Emotiq ecosystem, creating partnerships, forging connections, assisting in the development of third party uses for the network, and ensuring that Emotiq thrives following the public TGE.
What will the funds raised in the TGE be used for?
For immediate development needs, including hiring more world-class Lisp developers, expanding the business development team, and ensuring that the mainnet is successfully released as soon as possible. We have aggressive goals to reach in terms of platform development and promotion, and these don’t come cheap.
Is a TGE the same as as ICO?
Not quite. ICOs are downmarket and generally linked to some very flimsy Ethereum-based “businesses”. Our TGE, on the other hand, is a high-end distribution of tokens for a world-class core blockchain project.