What Is Whitecoin Cryptocurrency?

As the global blockchain ecosystem continues to foster digital innovation at an unprecedented rate, many market experts have raised valid concerns pertaining to the maintenance of new alt-currencies as well as their overall accountability.

WhiteCoin is a cryptocurrency designed to help bridge the gap between anonymity and persistent identity that currently exists within e-commerce. This currency makes use of a trustless exchange model that allows network participants to seamlessly exchange goods or services without having to digitally identify one another.

Additionally, Whitecoin makes use of a peer review protocol along with a loose consensus model that helps foster crowd-sourcing and leadership initiatives. Not only that, the platform also follows a root mandate that helps it remain self-sufficient and automated.

Another underrated aspect of this project is that it serves as a medium for assisting the community behind this venture to create new initiatives. This is done primarily by leveraging network power that allows participants to recruit more talent, thereby allowing developers to deliver a service that goes beyond the simple operations of a crypto coin.

Overview of the platform

  • Provides users with a collection of services that can help facilitate everyday monetary transactions
  • Brings together people from a diverse set of domains including code development, web development, and marketing
  • Supports a wide array of currencies, both fiat and digital
  • Operates as a not-for-profit foundation and distributes financial resources on the network in a transparent manner
  • Makes use of a scalable network that can readily incorporate future innovation
  • Has a UI that is simple yet effective

Key Features

Whitecoin employs the latest Proof of Stake 3.0 consensus protocol that allows users to keep their e-wallets safe and secure from third party miscreants. POS 3.0 also allows network participants to earn a side revenue stream by staking their holdings. Users will be eligible to receive anywhere from 0.5% to 6% interest per year depending on the weight of the network.

Key features offered by the Whitecoin platform

From a security standpoint, we can see that Whitecoin provides its users with a high degree of anonymity. This is illustrated by the fact that this platform allows anyone to run a wallet and execute transactions while enjoying the same level of privacy that Bitcoin and other premier blockchains are offering. In addition to this, no personal information is required to create and use Whitecoin addresses to send and receive funds.

In terms of its functionality, the Whitecoin network is extremely quick and can help facilitate payments between users within a matter of seconds. Transactions can be carried out remotely, and since the platform is open source based, third-party organizations can audit the system so as to ensure a high level of transparency.

Other important aspects of Whitecoin include:

  • Transparent Ledger: the core database used by this currency allows all network participants to share their payment history so that internal transactions are completely transparent.
  • Eco-Friendly: since this platform is based on the Proof-of-Stake consensus model, it completely eliminates the need for energy-intensive mining hardware.

How it works

Since this platform relies heavily on community participation, its mandate requires the implementation of a detailed organizational construct. The WhiteCoin General Assembly will hold regular meetings in which operators can propose new projects and ideas, present progress reports, and issue reviews and critiques.

The WhiteCoin ecosystem’s governance operations will be done in subcommittees which will allow the ecosystem to grow in an organic and sustainable manner. Some of the core groups that will dictate and organize the flow of work within the network include:  

  • A code development committee
  • A marketing committee
  • A policy committee

             Currency and blockchain specifications

For rulings related to money, a special consensus team will be used to assess detailed financial reports so as to streamline the entire work process. Special expenses are handled as needed and approved by the core team as and when required.

Owing to its highly detailed framework, Whitecoin is adaptable within democratic as well as merit-based processes.

Token Performance

The native Whitecoin token (XWC) has been on the crypto market since 2014. While the performance of this currency remained relatively stable for the first couple of years, its value started to increase quite dramatically in 2017 — around the time Bitcoin started to grab everyone’s attention.

XWC token lifetime performance history (courtesy of Coinmarketcap)

The price of XWC began at a modest US$0.0027. However, its value increased significantly during July 2017, when the price of a single token scaled up to an impressive US$0.24, an increase of almost 10,000%.

The price has since stabilized quite a bit, and the value of XWC currently stands at US$0.10 (as of March 14).

Final Thoughts

Whitecoin is offering an established decentralized global blockchain that has a particular focus on elements such as:

  • Cybersecurity
  • Faster payments
  • Secure communications

These features, coupled with the platform’s dedicated community of supporters, make Whitecoin a highly interesting investment prospect.  

If past market performance is anything to go by, the platform’s stable and compelling technology makes this currency one of the more appealing crypto ventures of 2018.

If you would like to start investing in Whitecoin, XWC trading pairs are currently being offered on Lbank, EXX and Bittrex.