For those following the Crypto Sphere you would have noticed a young, exciting contender to BlackCoin, WhiteCoin. Like BlackCoin, WhiteCoin started out as a PoW coin (
http://en.wikipedia.org/wiki/Proof-of-work_system) changing into a full PoS Coin. (
http://en.wikipedia.org/wiki/Proof-of-stake) White Coin has 2% annual stake Interest while Black Coin has 1%.
During the PoW phase Multipools mined large amounts of the PoW blocks and sold them on exchanges, allowing for wide and even distribution of the remaining coins creating a large community of investors buying to be part of the WhiteCoin community.
Like BlackCoin, WhiteCoins start was not all smooth sailing and after PoS stage failed to kick in and miners diverted their miners a 51% attack (
http://learncryptography.com/51-attack/) occurred, allowing someone to double spend and steal over 30 Bitcoins from the MintPal Exchange. MintPal showed their generosity in covering any losses to WhiteCoin which has not been shown to any other coin, and it shows that there are talented and honest exchanges within the crypto community who want WhiteCoin to succeed.
The Exchanges quickly closed their withdrawals and deposits and within hours the community developed The WhiteCoin Foundation with Chris Salsman, Political Strategist, Outed Anon and self proclaimed “foodie”, at the helm. The team of trusted individuals within the bitcoin and altcoin community banded together to set goals, fix the issues with the wallets and secure investors funds.
The Foundation quickly found capable devs that could fix the Staking issue and create working wallets. Thanks to the incredible talent of CryptoWest (Cryptocurrency developer of CoinyeWest Coin), Mindfox (Developer of multiple alt coin pools), and the ongoing dedication of the WhiteCoin Foundation, they managed to find a solution and fixed the issues and successfully transitioned the coin from PoW to full PoS and thus secured the chain.
The new wallet is functional and everything is now in working order. The White Coin Foundation released minutes from their first board meeting at bitcointalk.
https://bitcointalk.org/index.php?topic=587193.msg6534399#msg6534399 to discuss future plans and objectives moving forward.
They are rebranding the coin, building a new webpage at whitecoinfoundation.org and reaching out to all venues in the crypto community to promote their promising crypto currency! WhiteCoin has been rebuilt from the ground up and is looking very promising.
White Coin in its short time, has certainly written and keeps writing coin history and with strong support from other coins, exchangers and multi pools it looks like White Coin is at a turning point to a bright future.
Thanks to the incredible talent of cryptowest, mindfox, and the ongoing dedication of the whitecoinfoundation, WhiteCoin successfully transitioned today from a POW coin to a POS coin. The new wallet is functional and everything is now in working order. The new whitecoinfoundation has today released minutes from their first board meeting at bitcointalk.
https://bitcointalk.org/index.php?topic=587193.msg6534399#msg6534399 We are rebranding the coin, building a new webpage at whitecoinfoundation.org and reaching out to all venues in the cyrpto community to promote our promising crypto currency. WhiteCoin has been rebuilt from the ground up as originally promised. We have PoW Cutoff at 5:11 UTC. Whitecoin is now 100% PoS. | NEW MAC AND WINDOWS WALLET –
http://whitecoin.info/news/whitecoin-wallet-released/We’d also like to thank all of those who have been donating hash to keep the network alive. A special shout out to our friends at Mintpal, Poloniex, Cryptsy, and Bittrex; we apologize for any losses you have taken on our behalf. And a huge thank you to our investors and community for coming together to make this coin what it is today through all the FUD and hard times.
Multipools will now be **BUYING** WhiteCoin from exchanges at **MARKET PRICE** **DAILY** to pay off their miners.
WhiteCoin to da moon!
litepresence
WhiteCoinJesus
Simran
