What is HunterCoin?
HunterCoin is and decentralized and open source cryptocurrency created for the gaming community. It was designed to extend the application of blockchain technology to the society to help more people enjoy the benefits of decentralization.
The coin was created in 2014 by a team only referred with the name Snailbrain. The coin works by requiring users to collect the tokens on a virtual map after fighting other players for the resources. It has helped to bring the element of artificial intelligence into the blockchain to improve the gaming experience and thrill for players.
- The price performance of HunterCoin
HunterCoin, like other digital currencies such as Bitcoin, took a bearish trend in 2018. The price drop went down and sunk below the starting point. This implies that investors who bought the coin when it first hit the market in February 2014 were counting loses of more than 2400% by the close of November 2018.
After entering the market in mid-February, the value of HunterCoin was $0.5. Then, it shot up to $0.8 in the subsequent three days before crashing suddenly to $0.08 on April 13th, 2014. But the drop did not stop there.
By September 2014, the price had reached a low of $0.0099 and remained within the same range until August 2016 when it started rising steadily. In early 2017, the price set on an early uptrend that would define the performance of the year.
On 13th January 2018, the price had risen to reach the starting mark of $0.5. But the positive show in 2017 was followed by a steady decline in 2018. By the close of November 20o18, the value of HunterCoin had reached a low of $0.01.
What is the problem that HunterCoin solves?
Since 2009 when Satoshi Nakamoto released the first blockchain, newer networks have been exploring the gaps in pioneer coins and sealing them with improved tokens. This is the model that was used to create HunterCoin. The coin was created to help address the following key issues:
- Poor extension of cryptocurrencies beyond the financial niche
If you take a closer look at most cryptocurrencies in the market today, they are targeted at the financial sector. By only focusing on the financial sector, it implies that other niches are left out and people in those industries miss the benefits associated with blockchain technology.
One of the areas that have lagged behind is the reality gaming niche. While the gaming concept has grown steadily especially with the fast-growing numbers of smartphones in the market, people have been looking for better user experience with digital coins. This is the gap that HunterCoin came to fill this gap.
- High cost of sending value especially international payments
If you take a closer look at the conventional financial model used by banks, the transaction charges are very high. The cost is especially high when users are sending value to different countries.
The main cause of the high fee is that banks and credit card companies are designed as profit-based entities. The management of these enterprises has to explore all the available avenues to increase revenue generation and please the shareholders. One of these methods is increasing the transaction charges.
The financial systems also have to explore the available method of raising more funds to meet their expenses. For example, banks have to set up bases downtown the main cities where rental space is very expensive. They also have to pay wages and other costs such as power and maintenance.
- Poor scalability
When blockchain technology entered the market in 2009, people believed that the solution they had been waiting for many years had finally dawned. It was impressive. But the blockchain technology suffered from own design.
Because the networks are decentralized and do not have centralized management to guide operations, most roles are done by miners spread in the respective blockchains. Though impressive, the consensus system takes long especially in the pioneer coins that rely on proof of work (PoW) protocol.
If you take the case of Bitcoin, it can only manage less than ten transactions every second. Even newer networks such as Ethereum and Bitcoin Cash can only handle 20 and 60 transactions/ second respectively.
As the crypto niche grows, the demand for networks that can deliver higher scalability keeps going up. The crypto networks also have to compete with other conventional financial providers such as Visa that can manage more than 20,000 transactions every second.
How does HunterCoin solve the problem?
To address the above issues, the HunterCoin development team opted for the following strategies and features.
- The HunterCoin operates as a completely decentralized platform
The main strategy employed by HunterCoin to address the above issues is decentralization. The network operates through a network of nodes spread in its system. This implies that it does not rely on centralized profit-seeking organizations such as banks or credit card companies.
When a transaction is initiated, it is taken by miners spread in the HunterCoin network. Then, they follow back to confirm the user has ample funds and prevent double spend. This model means that all transactions on the platform are peer2peer and, therefore, are cheaper and faster.
When users join the HunterCoin network to act as nodes, they also own the platform. The system requires them to vote on various governance issues to advance the system to the next level. For example, you can be called to vote when a new feature to improve the network is proposed.
- Supports merge mining
The HunterCoin development team adopted the merge mining model to help motivate their miners to stay on the network and protect the system. Like other coins such as Bitcoin and Litecoin, the mining reward in HunterCoin half every four years. However, this can demotivate the miners because the mining difficulty keeps increasing.
Merge mining means that the same computing power can be used to mine another coin without reducing its efficiency on the original coin. In the case of HunterCoin, users can simultaneously mine Bitcoin and Litecoin. This implies your computing power will deliver more to keep you motivated.
- Dual-algorithm
The target of reaching more people and making them join the niche requires a lot of creativity. The HunterCoin development team opted to use two algorithms, SHA256, and Scrypt in the same network. This was aimed at helping people with advanced mining equipment such as ASIC as well as those with GPUs to easily mine the network.
What makes HunterCoin better than it’s competitors?
To win in the crypto market today, development teams have to craft good strategies to outdo competitors in the industry. By the third-quarter of 2018, there were more than 1600 coins in the market. But HunterCoin is also competing against other players including non-blockchain based games and traditional financial service providers. Here are the main things that make HunterCoin better than competitors.
- The coin has targeted a niche that has been overlooked by other cryptos. This reality gaming niche has been sidelined by many developers because of its complexity. However, the HunterCoin option of venturing in the niche is likely to give it a near monopoly status.
- The HunterCoin allows users to join and own the network. This means that once a user joins the platform and acquires some coins, he will also be called to vote on governance issues. This helps users to identify more with the platform compared to the conventional banking or credit card models.
- The HunterCoin system allows people to send value and invest in total anonymity. Unlike in the banking system where all transaction details and user info can be accessed by many people such as cashiers and financial planners, the HunterCoin system is different. All the personal details are encrypted so that no third party can know about your details.
- The coin has been in the market for long enough and its features can be trusted to work. Today, the cryptocurrency community has become concerned about new projects being released into the market because some have proven to be scams while others are pump and dump models. But HunterCoin is a tested and proven project after being in the market since 2014.
- The HunterCoin has helped to bring down the cost of transactions with a great margin so that users can send funds without worrying that v bulk of the value will be taken as a fee.
- The HunterCoin network uses artificial intelligence to enhance user experience. This method has helped to keep players coming back to play and maintain the network through mining.
How can HunterCoi’s be categorized?
HunterCoin is a completely decentralized cryptocurrency designed to help extend the blockchain technology to the gaming niche. The development team was very committed to try new ideas and seek reliable solutions for the industry. For example, it was the first to demonstrate that a blockchain can use dual-algorithm to increase the efficiency of its operations.
What is HunterCoin’s vision on security?
The HunterCoin’s vision on security is to become the most secure crypto and gaming platform in the market. The coin was developed at a time when attacks directed at crypto establishments, especially the exchanges had become rampant. For example, MT. Gox and Bitstamp were attacked millions of dollars worth of digital coins siphoned away.
To keep the HunterCoin secure, the founder and development team employed the following strategies.
- Progressive review of the crypto network to identify gaps and seal them before attackers can take advantage of them.
- The platform uses advanced encryption that helps to keep user info private and away from third-parties.
- By operating as a completely decentralized platform, HunterCoin native tokens are evenly distributed to help reduce the danger of 51% attack.
Examples of HunterCoin’s use cases/ applications
When cryptocurrency networks join the market, the goal is to attract as many users as possible. This is achieved by increasing the use case for different communities. Here are the main use cases of HunterCoin.
- HunterCoin is a reliable network and coin for sending value on a peer2peer basis. As a decentralized crypto network, the transactions are completed on a peer2peer basis to make them faster and cheaper.
- The coin is designed as the native coin for the HunterCoin network. This means that you can use the coin to pay for different games offered on the platform. It is also becoming a preferred coin in the gaming niche and can be used to pay for games in other supported networks.
- Like Bitcoin or other crypt coins, HunterCoin can be used to pay for goods and services in the market. You only need to identify a store that accepts HunterCoin to be able to make direct payments. Even if a store only supports a different coin, you can still use it by changing it to the accepted coin in the markets.
- The HunterCoin can be traded in the exchanges. If you want to make more cash from HunterCoin, consider trading it in the exchanges. Crypto trading works like the forex markets but deals with digital coins as opposed to crypto coins.
Note that trading will require you to start by joining the targeted exchange and registering for a trading account. You will also be required to identify an appropriate trading pair before executing a trade.
- If you live in a jurisdiction such as Arizona or Singapore that support cryptocurrencies, it might be possible to pay for government services using HunterCoin. For example, Arizona allows users to pay for taxes using digital coins.
- HunterCoin can be used as a method of storing value. Instead of saving money in a bank, you can buy the native coins and hold them until the time you will need the funds. The good thing about storing value in cryptos such as HunterCoin is that you can enjoy good returns when the price grows.
However, it is also important to appreciate that the price can take a negative turn and cause major losses. Therefore, it is crucial to follow the best practices when buying native coins. For example, you should carefully review the preferred coin to ensure that only the high potential tokens are purchased. Besides, it is advisable to spread investment between various assets to reduce the risks of loss.
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