Hello everyone!
Do you know OKCash? This Cryptocurrency which has just celebrated its 6 years (November 24, 2020)
Let's go back a bit to explain the beginnings of OKCash.
It all started on November 24, 2014, when a new Cryptocurrency makes its appearance. This was only 5 years after Bitcoin. Between 2009 and 2014, the phenomenon was still new, and we could only count on a handful of Crypto Projects at that time.
Here are some other prominent coins of their own type:
- Bitcoin 1st Cryptocurrency,
- PeerCoin 1st Crypto type PoS,
- NavCoin 1st Crypto Hybrid PoW/PoS,
- BlackCoin 1st Crypto pure PoS
So at the end of November PimpCash makes its appearance, to change a little later its name to OKCash, so we will only use the name "OKCash".
At the very beginning, OKCash was based on a PoW (Proof-of-Work) Protocol, and this lasted only 15 days. On December 9 of that same year, and after a worldwide craze from the (online) Cryptocurrencies Miners - the Mining Pool -, 33,186 Blocks were completed and 36,297,000 OK (OK is the Crypto of OKCash) mined (out of a total Supply of 105,000,000 OK - 5 times more than the Supply of Bitcoin). This is where the project changes direction radically, to move towards the PoS (Proof-of-Stake) Protocol.
Since February 2015, OKCash Staking has been fully operational.
OKCash is a decentralized Cryptocurrency, which means that no Central Authority controls it, and the project is Open-Source, everyone can participate in contributing to the code of the Crypto
Let's also touch briefly on this point: Why the name OKCash?
Each project chooses a name to stand out, to differentiate itself from the others, but also a name that can be easily remembered. Personally, I don't know if the people who chose the name OKCash are communication geniuses or if it is just a coincidence. But here is the explanation:
- "OK" is one of the few words that can be understood in all the languages of the world, so it makes Mass Adoption much easier, because there is no need to work on various translations.
- "Cash", to confirm that this Crypto can be used as we would with our Cash, in all our small daily transactions.
I told you, it is really a stroke of genius to have found and assembled these 2 words.
Let's now come back to the presentation of what it is concretely and what we can use it for :
- Our daily transactions, no matter the amount, because the Blockchain processes transactions extremely fast, from a few seconds to a maximum of 144 seconds, with an average time of 72 seconds. We can say that the Transactions are almost instantaneous, because the recipient of the Transaction receives a real time notification of the receipt of funds, the Transaction itself requires only 5 Confirmations, and takes just over a minute to be integrated into a Block and then arrive on the recipient's OK Wallet - OKCash is one of the very first Decentralized Peer-to-Peer PoS (Proof-of-Stake).
- We can use our OK Wallet as a Staking Wallet, and more. Since its inception OKCash has implemented an LTSS 'Long Time Staking System' (whereas Bitcoin is an LTPoW - 'Long Time Proof-of-Work'), which really allows us to enjoy a passive income over the long term. Because I remind you, the advantage of Staking can be seen in the long term. - There is no Masternode on OKCash, all the Stakers are the Transaction Validators and the guarantors of the security of the Network.
Here are some specifications of OKCash:
- High confirmation rate (one of the highest compared to other Cryptos)
- Fast transaction speed (from a few seconds to 144 seconds, with an average time of 72 seconds)
- Extremely low fees → 0.0001 OK (about $0.000005)
- Constant growth of the Network and the Community
- Instant and secure messaging directly on the Wallet
- Technology ready and operational for the IoT (Internet of Things)
The main objective of OKCash is to raise awareness among its users by being environmentally friendly and energy efficient, while providing them with a sustainable platform.
We all know today that the PoW (Proof-of-Work) Protocol consumes a lot of energy to generate, validate new Blocks and ensure the Security of its network. That's why the PoS (Proof-of-Stake) Protocol is more environmentally friendly. And to go even further, the OK Wallet is one of the most energy-efficient to perform all these tasks, and more (Efficiency, Stability, Durability ...).
OKCash it's also :
- The project is not a Security
- A project that has never done ICO or any other form of fundraising before
- An Open-Source project (its conception is public)
- A self-sustaining Cryptocurrency, supported by hundreds of volunteers around the world.
- Instant Transactions
- A highly secure and decentralized platform
- A very easy to use Wallet
- A reactive support team
If you want to know more, feel free to join Discord to ask your questions, you can also join OKCash on social networks.
Here is the link to download your OK Wallet, and start generating a passive income, with no minimum to start, and become one of the many validators of the Network earning your stake in crypto history.
Thank you all!
See you soon
Christophe WILHELM