Bitcoin has gained worldwide populatiry in the second half of 2013. With bitcoin’s price rising over 3000, its alternatives emerge in the market; investors have a hard time choosing which one to buy. As time passes, some virtual currencies with no distinctive features or practical functions slowly fade out, becoming “dead coins”.
Although there are over 100 bitcoin’s alternatives, most have no significant difference from bitcoin, and have no strong market support. Some currency creators try to attract investors with online forums and blogs. And such short time period marketing had gained some attention and profit, however in the long term it’s doubtful that most coins will survive. Some coins can’t even make it to the exchanges.
Recently we discovered a brand new crypto currency named OxCoin through bitcointalk forum. Drawn by the name we did some research about OxCoin. Similar to Dogecoin, Oxcoin is designed to have large total number. The name is catchy enough, like Dogecoin’s using shih tzu inu puppy for publicity. With 100 billion coins, 1 dogecoin attained a value of $0.01 at one point.
From OxCoin’s official website we can see Oxcoin’s technical team is ambitious to make Oxcoin into a real payment system. After interviewing Oxcoin’s technical team, let’s take a look at this brand new crypto currency.
First are the currency’s characteristics. With the total number set at 10 billion, and the output of mining is large then decreases, starting from each block 25000 Oxcoins, after a while the reward will decrease to 15,000, then to 7500. This output design is to make sure the difficulty of mining Oxcoin gradually rises, until it’s so difficult that miners stop mining and store their Oxcoins, and stabilizes Oxcoin’s value.
The design of 10 billion coin limit also supports commodity transactions through auction sites or online retailers, especially micropayments for goods and services. Since bitcoin’s value at around $500 a coin, most transactions are recorded at decimal point which is not practical.
Next is the characteristic of Oxcoin’s name. Oxcoin is also referred as OXC, it’s easier to remember especially for the Chinese. Using Oxcoin’s slogan: “Not every coin can be named Oxcoin.”
The third characteristic is the development of online retailer for crypto currency. There are other virtual currencies with similar concepts, however most are just a gimmick rather than implementation. Oxcoin’s team started with auction site and online retailer to try out the currency, and as the service expands, more goods and services can be paid with Oxcoin. When more merchants accept Oxcoin, it’ll help Oxcoin’s development to be one of the widely used payment methods.
The fourth feature is Oxcoin’s official website includes three main functions. Most crypto currency websites usually introduce the currency and how to download the digital wallet.
However Oxcoin’s official website not only shows basic introduction, it’s also an established trading platform. Users can trade Oxcoin with other popular crypto currencies, while most other virtual currencies only accept national currencies. Self established trading platform also guarantees safety of Oxcoin transactions. Another feature includes supporting auction sites’ payment system.
The fifth characteristic is the newest digital wallet that you can see when you log into Oxcoin’s official website. You can use the Oxcoins you have in the wallet for transactions, which makes transactions more effective and convenient. Oxcoin’s team continually improves the safety feature and guarantees best trading experiences for customers.
According to Oxcoin’s developers, they will introduce online gaming platforms using Oxcoin as currency. Connecting with domestic and internationally gaming platform, they will release the specific details soon.
In conclusion: only those who focus on application of virtual currency will be able to compete in the future. Those virtual currencies which rely on investors’ funds and speculation will be short-lived and disappear in financial history.