ULTRACOIN IS GOING FULL POS
Dear UTC Community Members,As management team we are pleased to announce the new direction of Ultracoin.
The last two weeks we were busy investigating this new direction and discussing it with our coin dev’s.
ULTRACOIN WILL BE CHANGING INTO FULL POS ! This means that from the full PoS update Ultracoin cannot be mined directly anymore.
Generation of new coins and the maintenance of the network are from that moment done through minting instead of mining.
This can be done perfectly through the Ultracoin Multipool.
Off course we don’t take this big decision lightly.
We realize we are giving up one of the prime features of Ultracoin, the asic resistance,
However, in this constantly and quick changing crypto world we don’t think the asic resistance alone will get Ultracoin to a price point where we need it to
be or where we all want it to go.
So after a lot of deliberation, careful thoughts and discourse we have decided to give this feature up to go full PoS.
Our motivation is as follow :
The reason why we are now here in the leads is to change things into the positive for Ultracoin.
In a landscape with new coins emerging every day, our coin needs to be made exclusive if we want it to survive.
It`s that simple....
Currently in today’s society people are not so focused on the meaning of a coin, but mostly to the desire or the limitation of a coin.
Unfortunately our coin has the "curse" of actually being well developed and people don't care much about that.
Scrypt-Chacha is a great algorithm, but it’s not very easy to configure because miners have to change settings constantly, and it runs hot.
This has chased away some people, and that is undesirable.
It's just too much effort for a miner when they can simply go and mine X11 instead and have a lower power bill and increase the life of their GPU.
Next to that, a coin that is 100% asic resistant and high in energy consumption will never be mined to its peak.
Even if PoS rewards are being implemented, it will still not drive the popularity up to a level we aspire to.
Not now at 5,2% PoS but also not at 10% or even at 15% or 20% PoS.
Without trying to sound too negative about our coin, but with allot of opinion asking last weeks, this is how the crypto community feels about our UTC coin.
We feel that for UTC to be a success, we need to tease people more and more with it.
And what could be better than a super-fast Ultracoin which has limited availability !
Not only traders and investors would love this super-fast future but also the web shop owners.
Currently we have some bag holders that have a large amount of UTC and it's not moving around in the market at all.
This is one of our biggest concerns since we want UTC to be a real currency with a healthy market.
Once the coin is pure and full PoS, we believe it will go into a mad craze.
The current daily supply will reduce by factor 19.
We think people won't even care about the bag holders anymore because they just need to get their coins and they will pay top dollar for them.
This will lead to more exclusivity and an up going demand and price.
Have a look at some other coins that have done this before, they had a significant increase in value overnight.
So bottom line: Off course the future has to proof it but we believe that in the long run full PoS will be the right decision for our coin if the lead up to its implementation is correct.
Although we have not responded to the last pages of the forum, we did read everybody's opinion carefully and we have observed that the response was very positive.
Our management team is now busy with our coin dev’s to finalize the investigation and the test to make Ultracoin a full PoS coin.
Since nobody has ever done this with a scrypt chacha coin before this needs some time and fine tuning.
If everything goes as planned then the full PoS of Ultracoin will roughly start within one month or so much sooner as possible.
Please stay tuned for more updates !
Regards,
Ultracoin Management Team
PS-1: we want to ask all of you to help and to spread this great news to as much as chat boxes and troll boxes around. Let everybody knows about Ultracoin is going pure and full pos ! PS-2: We are also busy with the Minecraft plugin, an android wallet and the CoinPayments regulation in web shops so we are trying to take big steps for Ultracoin.
