Einsteinium (EMC2) is an open source, Bitcoin-like digital currency which uses a proof of work script algorithm. Although this currency can be used for any type of transaction, its primary use is for scientific, charitable and political fundraising.
The genesis block was mined on March 1st, 2014. The total number of mineable EMC2 is 245,465,283. The mining of Einsteinium is divided into Epochs: each Epoch mines 36000 blocks of coins and is targeted to last approximately 25 days.
All coins will be in circulation by the year 2064. After this point of maturation, it is anticipated that a fork will occur causing a new (yet to be determined) governance system put in place, creating a natural inflation rate of 2%, making EMC2 ideal to be used as a stable global currency. As part of the design, a 2.5% mining tax was created. When coins are mined, 2.5% are automatically donated to the Foundation Fund. (2% to be given to science projects and 0.5% going towards faucets, donations and marketing costs.
This fund account is fully transparent and each transaction recorded on the public blockchain to ensure correct appropriation of funds.
Sometime during Autumn 2018. (exact date TBA) Einsteinium will fork, due to the algo-change.