About UltracoinUltracoin (UTC) is a hybrid proof-of-work / proof-of-stake coin, whereby active nodes are involved in the mining of blocks if they hold Ultracoin.
With Ultracoin you can send and receive currency worldwide to friends, family or business partners. You may even exchange it for other currencies or simply use it to buy goods.
Miners are currently awarded with 50 new Ultracoins per block, an amount which gets halved roughly every 990.000 blocks.
The Ultracoin network is therefore scheduled to produce 100 million Ultracoins, which is almost 4.5 times as many currency units as Bitcoin.
With an ASIC resistant Scrypt-Jane base, you can feel at ease. This will ensure that you won't be surprised by new hardware technologies.
Benefits of UTCThere are a lot of benefits, these are just a few I can think of:
- Community driven, proven many many times in the past month
- Lightning fast (it truly is, ask anyone that used it)
- Transactions are verified in less than 30 seconds
- Scrypt-Jane algorithm, so it’s currently ASIC resistant
- N-factor implemented, meaning both GPU and CPU are profitable for mining UTC in time
- POS system implemented, which can get holders a maximum of 20% interest on their coins
About the UTC communityPersonally, I got interested in Ultracoin for its specifications. Scrypt-Jane algorithm with N factor implemented, 2% premine explained in detail by the developers, not too much coins,…
It basically had everything I wanted in a coin at the time, sadly I didn’t get the chance to be a part of the IPO.
It turned out to be much more than just the specifications that could make this coin great…
Ultracoin had quite a rough start with the pools not working correctly.
The spirit behind Ultracoin became clear on day one: all the pool owners joined together in an IRC channel to fix the problem.
A few moments later, the pools were running without any problems.
Yet the rough start wasn’t enough, soon our first exchange (Freshmarket.io) got hacked.
A week later, our main exchange (Crypto-Trade) got hacked as well.
This was a serious downfall for Ultracoin, since Crypto-Trade was our main exchange with 200-500 BTC volume for UTC.
A lot of initial backers were scared and didn’t really know what to do about it, but this is the moment where the community kicked in.
I won’t bother u with all the names of the community members that contributed, but we took matters in our own hand.
We got UTC a new and improved website, a news channel on twitter, giveaways, how-to videos,…
At the same time, MintPal.com launched a new system of voting. You could vote 3 to 6 times an hour or u could also pay BTC to get more votes.
The voting for UTC was quite amazing, yet due to BTC investments of other coin owners it was not enough.
The UTC community got together and donated BTC to get listed on MintPal. I personally think this was the start of events turning around.
Two weeks later, we’re back at it. Cryptsy saw MintPals model and wanted a piece of its own.
The voting for getting Ultracoin listed on Cryptsy was quite amazing, but again, due to BTC investments in other coins we had to join forces and donate BTC again.
Together we donated more than 9.56 BTC to get UTC on Cryptsy. A lot of the community members donated small and big amounts to get Ultracoin #1 on the voting list.
This brings my little story to today, just another day in cryptoworld, but a big day for Ultracoin.
We hope to find a lot of new community members in the next few days.
Please, do not hesitate to join our community. U can start right now by navigating to the bitcointalk thread.
Where can I talk about UTC?The community is active on various social platforms. Some of the main ways to get in touch with the Ultracoin community are:
Where can I get UTC?Please have a look at the exchange section of the ultracoin website:
http://ultracoin.net/exchanges.htmlThree of our most popular are Crypto-Trade, MintPal and Cryptsy.
Crypto-Trade offers a UTC/USD and UTC/EUR pair!
About mining UTCUTC is Scrypt-Jane with the N factor implemented, this also means that the hash rate will be much lower than regular Scrypt coins. Keep this in mind.
Due to the changing N-factor, you also have to change your miner settings each time it changes.
If u can't find working configurations, come by the bitcointalk thread and we'll try to help u.
Thanks for taking the time to read all this and we hope to see u soon at the Ultracoin thread!
Note: I did not start this thread to discuss Ultracoin, we already have a thread for that
here.
