OneCoin’s Transition to the New Blockchain: A Big Step Forward
During the global events in London – COINRUSH – 11 JUNE 2016 COMPANY ANNOUNCED ONECOIN whole set of exciting news, chief among them was the news of the impending transition to a new, much more powerful BLOKCHEYN that will solve the whole complex “growing pains”, which inevitably APPEAR WHEN THE COMPANY’S GROWTH RATE EXCEEDS ALL PRE-PLANNED LIMITS. THE RATE OF GROWTH IN THE NUMBER OF PAID PARTNERS HAS BEEN MUCH HIGHER THAN INITIAL FORECASTS. IN FACT, AFTER THE REVISION OF ITS GROWTH STRATEGY, THE COMPANY IS GOING TO A NEW START, BUT ON A SIGNIFICANTLY HIGHER AND TECHNICAL EXCELLENTLY EQUIPPED LEVEL!
WHAT CHANGES ARE COMING FOR USERS IN CONNECTION WITH THE NEW BLOCKCHAIN?
In this article, I will analyze the situation that has developed in OneCoin at this stage of its development, and will consider in detail all the features of this bold decision, which is designed not only to provide optimal solutions to the current “growth difficulties”, but also to raise the OneCoin brand to a fundamentally new level of development. , capitalization and popularity.
WHAT IS THE CURRENT SITUATION LIKE?
The current OneCoin blockchain, which was created and launched together with the company in 2014, has the following parameters:
– Coin mining limit is set at 2.1 billion coins;
– The blockchain update rate is 1 time per 10 minutes (as with BitCoin), i.e. any transaction that will be made with OneCoin coins will take about 10 minutes to confirm;
– Coin mining speed – 10.000 coins every 10 minutes (60.000 coins per hour, 1.44 million coins per day, more than 500 million coins per year).
WHAT ARE THE TOPICS IN THE FOCUS WHEN DEVELOPING THE NEW BLOCKCHAIN?
The mining principle of OneCoin, which is currently in effect and will not change, is as follows: The partner purchases a package, receives tokens on the account, sends these tokens for mining, waits for a certain time, and, ultimately, receives his coins.
TOPIC # 1: EXTENDING THE WAITING PERIOD FOR COINS
Due to the incredibly rapid increase in the number of partners over the past few months, the waiting period has increased from a few weeks to several months. This caused discontent among a huge number of people and led to increased pressure on the company in order to resolve the issue. But, since it is technically impossible to speed up mining in the current blockchain, it took radical steps in this direction to cut this “Gordian knot”. The option with artificial growth retardation (temporary suspension of registrations and sale of packages) was also considered, but was declared untenable, since it would cause serious reputational damage to OneCoin.
TOPIC # 2: BLOCKCHAIN UPDATE RATE
The second point, which was very carefully studied by the company in connection with the imminent launch of a trading platform for selling various goods and services for OneCoin crypto-coins, was the current blockchain update rate – 10 minutes.
After deep research of this issue, I realized that this speed does not meet the needs of future buyers on this trading floor. Very few people will be willing to wait 10 minutes to confirm their purchase with crypto coins. This will also entail reputational risks for OneCoin and can become a serious inhibiting factor for the dynamic development of the trading platform.
The management of the company understands that this circumstance, in view of its special importance, in no case can be neglected, since it is the trading platform, which over the next 2 years, according to the company’s plans, will be filled with 1 million online stores from all over the world, will become the world’s largest a trading hub and, as a result, will raise the power of the OneCoin brand to incredible heights. Therefore, the vital need for a significant increase in the speed of blockchain updates has become apparent.
THEME №3: LIMIT FOR MINING COINS
The third, very important point that was discussed in the process of defining the parameters of the new blockchain is the limit for mining coins. In the process of discussing this issue, first of all, the following two factors were taken into account: 1) A large number of coins are currently sent by partners to the irrevocable CoinSafe deposit (i.e. temporarily frozen) with a decent benefit for themselves; 2) A lot of partners consider investing in OneCoin crypto coins as a long-term investment and do not plan to sell or use their coins as a means of payment in the next few months, expecting a significant increase in the value of coins on the exchange. All this currently “binds” most of the coins and does not allow them to be in free circulation, which, of course, will create in the foreseeable future the problem of an acute shortage of liquidity for traders. This can slow down the process of connecting online stores to the marketplace.
In addition, OneCoin’s plans are extremely ambitious and cover the entire globe. In the future, as the strength of the OneCoin brand grows, one can also expect that these crypto coins, being immune to inflation and dynamically growing in price, will become part of the gold and foreign exchange reserves of many countries, and a very large number of coins will also be temporarily withdrawn from circulation. The status of the OneCoin cryptocurrency, as another world reserve currency, will become the absolute apogee of its development and assertion of itself in the financial world. Strategically, this circumstance also had to be taken into account when creating a new mining algorithm for coins and determining a new mining limit.
TOPIC # 4: ACCOUNTING THE IDENTIFICATION DATA OF PARTNERS
And one more moment, which was in the focus of attention, is the correct registration of identification data on the accounts of partners within the framework of the “Know Your Client” procedure. At present, it is already obvious to the vast majority that a cryptocurrency without proper user identification has no serious chances of becoming generally recognized and legalized around the world. But even the way this data is stored will matter in the future, which is why OneCoin has chosen the most advanced option here.
WHAT ARE THE PARAMETERS OF THE NEW BLOCKCHAIN?
So, after lengthy discussions within the company, the following parameters of the new blockchain were determined:
– The limit for mining coins is set at 120 billion;
– The blockchain update speed is increased 10 times (from 10 minutes to 1 minute);
– The speed of mining coins will increase 50 times (50,000 coins will be mined every minute – 72 million per day, that is, after the launch of the new blockchain, OneCoin will daily mine 5 times more coins than was mined in the BitCoin system for everything 7 years of its existence !!! );
– For the first time in the history of cryptocurrency development, user identification data will be written directly to the blockchain! By doing this, the company itself closes the possibility of manipulating user data, because, as we already know, what is recorded in the blockchain cannot be faked and can not be corrected!
AND WHAT WILL HAPPEN NEXT?
The new blockchain will be the largest, fastest and most informative in the history of cryptocurrencies! It will start working on October 1, 2016 and will create new unique competitive advantages for the OneCoin cryptocurrency, as well as allow it to very quickly increase its capitalization and continue its large-scale distribution around the world! Most of the questions that have accumulated to date, and the “growth difficulties” will be successfully resolved, the start-up stage will be completed and a completely new stage in the development of OneCoin will begin – the stage of transition to mature development.
Engine power will increase fantastically, so you can safely press on the gas! It is highly likely that soon after the launch of the new blockchain, the capitalization of OneCoin will increase so much that it will exceed the capitalization of BitCoin!
WHERE IS THE BENEFIT FOR US, THE PARTNERS OF THE ONECOIN COMPANY, FROM THE NEW BLOCKCHAIN?
THE COMPANY DECLARED THAT DURING THE TRANSITION TO WORK IN THE NEW BLOCKCHAIN, THE NUMBER OF COINS OF ALL PARTNERS WHO JOINED THE COMPANY BEFORE SEPTEMBER 30, 2016 WILL BE DOUBLE !!!
This is a one-time and very generous gift of the company to its partners who have contributed, contributes and will contribute to the growth of its image and popularity, as well as its distribution around the world!
JOIN THE FINANCIAL REVOLUTION!