ONLICOIN

The most popular digital assets such as Bitcoin (BTC) and Ether (ETH) are too volatile and fluctuates often in value. This puts investors in a mixed-opinion state since volatility is a big factor in investing. For example, the value of a bitcoin often experiences large fluctuations, rising or falling by as much as 25% in a single day and occasionally rising over 300% in a month.

ONLICOIN AS A POLYMORPHIC CURRENCY

Onlicoin aims to mitigate that problem. Onlicoin is a polymorphic currency wherein a single coin is convertible to different types of cryptocurrencies. Cryptocurrency volatility in value can be mitigated by another cryptocurrency value. Meaning, for example, if bitcoin’s value fluctuates, it can be easily converted to another cryptocurrency, such as Ether or Monero to control its value. By switching to different kinds of cryptocurrency at any time, your investment reaches a stability point, regardless of the volatility of other cryptocurrencies.

ONLICOIN AND BLOCKCHAIN

Onlicoin’s greatest strength is in its security. The platform itself is secure, unbreachable, and reliable. Onlicoin achieves all of those through the use of blockchain technology.

What exactly is blockchain?

A blockchain, in simple terms, is a long list of information grouped together into blocks, bound together by a “chain”. To elaborate further, a block is a container which contains batches of validated transactional information. Every piece of transactional information is grouped together into batches. Batches are then grouped together in order to form a block. These blocks are grouped together by order of transactions, starting from oldest (first block) to latest (last block). Each block contains a cryptographic hash of the previous block (except the root block). The cryptographic hash from the previous block is what forms the chain. The process iterates up to the first block in the chain (oldest). The iteration is what links all the blocks together, creating a very long list of information, thus, the name blockchain.

What makes blockchain more secure compared to others?

It all boils down to three concepts:

Cryptographic Hash

A hash is a random combination of letters, numbers, and symbols that is unique and is used to identify blocks. Hashes are calculated when a new block is created and this is what binds the blocks together. Each block contains three components: the information stored inside the block, its own hash, and the hash of the previous block. The hash in every block ensures that every block within the blockchain is tamper-proof. Any changes to the block’s content, no matter how small it is, will drastically change the generated hash of that particular block. A hacker can try to edit transactions in a block, but that would make the entire block’s hash vastly different from its original hash.

Proof of Work

This is a consensus algorithm in a blockchain used to confirm transactions and produce new blocks in a chain. This feature allows the blockchain to be virtually impossible to manipulate by rewarding miners who are constantly checking, verifying and creating blocks in a seamless way.

Peer to Peer Network

A distributed type of network where each node has the exact copy of the entire blockchain and constantly updates it along with other nodes within the network. Adding to that, the peer-to-peer network ensures that there are multiple backups of the entire blockchain.

MULTI-PURPOSE USE OF ONLICOIN AS A DIGITAL CURRENCY

Proving Onlicoin as Stable and Secure, here are its applications:

Exchange Services

As mentioned above, Onlicoin is a polymorphic currency which makes it versatile. Other than its potential to be exchanged to different cryptocurrencies, Onlicoin can also be exchanged into various fiat currencies.

Remittance Services

Onlicoin is an easily transferable digital currency. Sending funds or receiving payments using Onlicoin are one of the features that the platform provides.

Investment Services

Through the help of the financial traders of the company, Onlicoin offers its subscription feature for people who are looking for low-risk investment opportunities.

FOOTNOTES

  1. David Ernst Hard Problems in Cryptocurrency. (https://github.com/ethereum/wiki/wiki/Problems)
  2. https://cointelegraph.com/explained/proof-of-work-explained
  3. (Link to How it Works Page)