eCurrency, documented atecurrency.org, is payment infrastructure built as a Layer-1 blockchain. The architecture prioritises fast, low-cost value transfer as its core design goal. Smart contracts in eCurrency follow a two-tier model: Tier 1 covers native tokens directly within the base-layer consensus, while Tier 2 handles complex logic through a client-side execution environment to keep the main network lean and fast. The protocol combines the UTXO transactional model with a Proof-of-Stake consensus mechanism, aiming to support high transaction throughput without the energy requirements of Proof-of-Work mining.
From the 2018 Proof-of-Work network to the 2026 upgrade
The eCurrency network launched in 2018 using a Proof-of-Work (PoW) consensus model. This initial phase established the network’s original coin distribution, built a user base, and tested the protocol’s core mechanics over several years of live operation.
In 2025, the protocol migrated to Proof-of-Stake. Key changes introduced by the upgrade:
- Block time: Validation intervals were set to 10 seconds to support faster settlement.
- Energy use: The move to Proof-of-Stake removes the ongoing energy expenditure associated with PoW mining.
- Validator incentives: Rewards are drawn from a single Network Reward Fund, with a fixed per-block share paid to that block’s validator.
How UTXO-based Proof-of-Stake works
Unlike account-based Proof-of-Stake systems, eCurrency uses an unspent transaction output (UTXO) accounting model, the same base structure used by Bitcoin, adapted here to a staking consensus.
Staking Weight Calculation (Wstake):
According to Section 4.1 of the eCurrency White Paper, the validator’s stake weight is defined as Wstake = v * a, where v represents the UTXO value (in ECR) and a represents the coin-age (the number of consecutive blocks the output has remained unspent). Once a block is successfully forged, the consumed coin-age a resets to zero for that specific UTXO without requiring a locked or bonded deposit.
Validators do not lock their coins in the traditional sense — stake weight is computed from UTXO value and age rather than a bonded deposit. However, the protocol does apply slashing for equivocation: if a validator signs two conflicting blocks with the same staked output in the same timeslot, anyone can submit cryptographic proof of this on-chain. The offending validator forfeits 10% of the equivocated stake, which is routed entirely into the Network Reward Fund.
Capped supply, migration window, and validator rewards
eCurrency’s supply parameters are fixed by protocol rules rather than set by ongoing policy decisions.
- Maximum supply: ECR supply is capped at approximately 318 million coins.
- Migration window: Coins transitioned from the legacy PoW chain to the current protocol via a verified burn-and-claim bridge. That migration window has now closed, completing the transfer of legacy PoW coins onto the upgraded ledger.
- Post-migration issuance: With migration complete, the protocol is now issuing new coins into the Network Reward Fund on a fixed, halving schedule — 0.1 ECR per block, halving approximately every 10 million blocks, up to 2 million ECR in total. Total supply is bounded by two mechanisms: the migration-era coins carried over from the legacy chain, and this capped post-migration issuance.
- Validator rewards: Validators are compensated from the Network Reward Fund, which pools transaction fees, migration fees, slashing penalties, and the terminal emission, paying each block’s validator a fixed share of the balance.
Falcon signatures and the currency-first roadmap
eCurrency uses Falcon, a digital signature scheme selected by the U.S. National Institute of Standards and Technology (NIST) in its post-quantum cryptography standardisation process, to secure keys against quantum-enabled attacks such as those based on Shor’s algorithm. Falcon is built on lattice-based cryptography and is designed for compact signature sizes and fast verification, which suits a network handling frequent transactions. It runs within a crypto-agile signature framework, alongside classical Schnorr and ECDSA, so the network can rely on Falcon for long-term post-quantum protection while keeping compatibility with existing elliptic-curve tooling during the transition.
eCurrency pairs post-quantum security with a capped, predictable supply and UTXO-based Proof-of-Stake, forming a Layer-1 built around currency-scale payments: moving value quickly, cheaply, and securely.
