What is KoreCoin?
KoreCoin is a decentralized and open-source cryptocurrency designed to provide users with optimal privacy when running financial transactions. Since its launch in 2014, the coin has won a lot of support from the community because of its privacy features and commitment to progressively improve it to become one of the top coins.
The coin was created by the Kore Projects team that wanted to respond to the emerging reality that cryptocurrency transactions were becoming easy for third parties to access. The coin uses proof of work (PoW) protocol and has a total supply of twelve million coins that will ever exist in the network.
- A closer look at the KoreCoin performance in the market
When KoreCoin entered the market on June 21st, 2014, the value of the native coin was $0.15. The price remained low between the range of $0.2 and $0.01 until May 2017 when it started rising steadily.
Early in July, the value of KoreCoin hit the first peak by bursting above the $1 mark to reach $1.99. Then, it declined to $0.8 in early August before taking another sharp rise to hit $6.7 on 7th October 2017. Again, the price took a downturn sinking to $3.3 in mid-November before rising to $8.35 in January 12th, 2018. This was the highest mark in the coin’s history.
In 2018, the value of KoreCoin took a downturn that culminated to $0.32 by the close of November. Note that though the value has been on a negative trend, the overall performance of KoreCoin coin has been impressive with $906,375 in market capitalization that puts it at position 238. This is well ahead of other more popular coins such as NeosCoin with market capitalization of $794,072 and BitcoinZ with $780,455.
What is the problem that KoreCoin solves?
The entry of cryptocurrencies into the market in 2009 targeted to help people have an alternative to the conventional financial systems. While the concept of decentralization has indeed worked well, it started facing major challenges that risked chocking it. Here are some of the problems that KoreCoin solves.
- Lack of privacy in financial transactions
When you run a financial transaction through the banking system, your details are easily accessible to a lot of people. The cashier on the counter, the bank managers and financial system planners can easily pull out the personal history.
This easy access means that you can become an easy target for attacks. For example, attorneys can easily target you with court battles to benefit from the stored cash as legal fees. The info could even be leaked criminals by insiders.
It is not just the banking system that lacks privacy. Even the blockchain networks have also proven to have gaps that can be utilized to get personal info. For example, Bitcoin accounts have been demonstrated to be easy to crack and know the details of individual users through transaction and IP address analysis.
- Centralization of financial services
The design of traditional financial systems is to operate within the set laws of the jurisdictions they are registered in. This means that the user info and finances are run by qualified management. But the centralization opens a myriad of issues including the danger of losing stored funds.
If the bank is attacked by a malware such as ransomware and the data stored in its system get destroyed, you might end up losing all the funds saved in the institution. The institution can also run bankrupt in case of poor management. In such cases, your funds are likely to get locked for a long time as the problem is investigated.
- High cost of sending value
If you want to send funds through wire transfer, the cost is prohibitive. The institutions are designed to follow a profit optimization model that often makes the management raise transaction fees. But it is not just the profit that sees them push the charges upward.
Most financial institutions are based in the major cities where the cost of rent is high. Also, they are required to meet other costs such as wages, utility bills, and marketing bills. To raise the funds, for these expenses, the banks have to raise the transaction charges.
- Poor adoption of cryptocurrencies into the society
Though the cryptocurrencies have been entering the market at a very rapid rate, it is interesting that very few stores near you accept them. For example, if you have some crypto coins and want to buy an item downtown, the chances are that few or no trader will accept it.
Though there are very many coins out there, they are in the hands of a few well-to-do users. When Initial Coin Offerings are announced, people with a lot of cash rush to buy them and hold awaiting the value to go up. It is a way of optimizing returns on investment.
As the buyers hold the coins, the larger society is denied the chance of owning and using the coins in everyday applications. The KoreCoin targets to open more doors for native coin holders to easily buy what they want online.
How does KoreCoin solve the problem?
To address the above problems, the KoreCoin development team adopted the following strategies and further committed to improving the network over time.
- The Onion Router Network (TOR)
The Onion Router Network technology is used to enhance anonymous communication in computing by creating layers. The KoreCoin employs TOR by relaying the message in layers in the same manner that an onion works. When a message is released from a source, it is passed from one node to another in a unique way that a node can only know the node to hand the encrypted message to once it is contacted to be part of the relay process.
Note that the information that the node gets and relays to the next node also peels off so that no history is retained. By the time the message reaches the target destination, it is almost impossible to know the route it followed. There is no way to link the source and recipient.
- Anonymous proof of burn(PoB)
The KoreCoin system improves on proof of burn (PoB) concept to ensure that all transactions are anonymous. The platform utilizes the unique feature referred to as “Holy Grail” that progressively erases both sent and received addresses by burning them.
When a new address is issued, there is no way that a third party can link the old transactions. This means that you will be able to completely hide the source of your coins so that nothing can be used to trace transactions back to you. Even the receiver will not be able to identify the older transaction code because he will receive the new code.
- Complete decentralization
Unlike the centralized banking systems, the KoreCoin uses a peer2peer model that relies on nodes spread in the system. This means that when a transaction is initiated, it is processed by the nodes on the KoreCoin blockchain as opposed to a centralized data center.
Operating as a completely decentralized system helps users on the KoreCoin platform to complete their transactions faster. Unlike banks that can take up to four days before a transaction is completed, the KoreCoin network allows for instant transfer of value.
Note that the sender and recipient are required to be on the same platform or at least have wallets supported by the KoreCoin. Note that it does not matter whether it is during the day or night. All that you need is having the recipient public address and ample coins to send.
- The Korebay
This name was created to highlight the similarity of the platform with the popular e-commerce site, eBay. Korebay is a decentralized marketplace that allows users to buy products and services online.
The good thing about Korebay is that you can shop anonymously. This ensures that your info cannot be easily traced by third parties including government institutions. The history of every transaction is only available to the buyer.
What makes KoreCoin better than it’s competitors?
When KoreCoin entered the market, the competition was only beginning to intensify as more people started to accept crypto coins. This competition continued growing exponentially with more than 1600 coins hitting the market by mid-2018.
The following are some of the things that make KoreCoin better than competitors.
- The coin provides users with a completely anonymous platform to send value without worrying of third-party seizures.
- KoreCoin has been performing relatively well in the market as its community continues growing.
- The KoreCoin network is a completely decentralized platform that helps users send value faster and on a peer2peer basis.
- Unlike the traditional financial institutions that make users feel passive, the KoreCoin is different. When you join the network as a node, you also own it. This means that you can be called to vote when decisions about governance are being made.
- The KoreCoin is led by a highly aggressive team that focuses on progressively improving the network. The commitment has given the community hope that though the price was on a negative trajectory in 2018, it will improve in the coming years.
How can KoreCoin be categorized?
The KoreCoin is one of the creative coin and platforms in the market designed to help guide the blockchain to the next level. The special focus on anonymity has helped to provide crypto enthusiasts with an option to hide from authorities and operate without worrying of third-party seizures. For example, the application of proof of burn (PoB) and the onion route (ToR) network ensures that no one can easily follow transactions to know about users.
While the development team commits to keeping the network as secure as possible, it is important to appreciate that your privacy can be compromised when using centralized exchanges. Most exchanges require users to provide additional personal info that can be used to identify them in line with anti-money laundering (AML) and know your customer (KYC) rules.
What is KoreCoin’s vision on security?
The KoreCoin’s vision on security is to become the most secure and anonymous coin in the market that users can rely on for daily activities without worrying of attacks. Here are some of the strategies used to help the network achieve the vision.
- The KoreCoin uses X13 algorithm that utilizes 13 hashing with 13 varying functions. For an attacker to gain access, he would need to find gaps in all the 13 hashes. This is one of the reasons why no case of successful hacking has ever been reported on the network.
- The KoreCoin system uses advanced encryption and The Onion Routing network that helps to keep user info completely private. This makes it harder for third-parties to break personal accounts and steal user info.
- The KoreCoin development team progressively reviews the network to identify gaps and close them before attackers can take advantage.
Note that even with the commitment of the KoreCoin team to keep the platform secure, you also have to do your part after joining the network. This means following the best practices such as keeping your private keys free from third parties, storing the coins in a secure wallet, and not keeping your coins in the exchanges when not trading them.
Examples of KoreCoin’s use cases/ applications
To know the value of a cryptocurrency, one of the best methods is checking at the use cases.
- KoreCoin can be used to pay for goods and services in stores that accept it. Note that even if a store does not support KoreCoin, you could convert it to the supported coin using an exchange.
- You can use the coin to directly buy merchandise on the Korebay online marketplace.
- The KoreCoin is a good way of saving funds instead of using a bank. If the value of the coin goes up, you will enjoy some returns on investment.
- If you want to trade KoreCoin in the markets, consider joining the exchange that lists the coins.
- The KoreCoin can be used to pay for government services in jurisdictions such as Arizona and Switzerland. In Arizona, you can pay taxes using cryptocurrencies following the passing of Bill HB 1091 in April.
- KoreCoin can be used to send value across the globe on a peer2peer basis. The coin is preferred because the transactions are anonymous and no third party can trace them back to you.
- Use KoreCoin as a gift to your friends and family members. Then, they can cash the coins right away or wait to see if the value grows.
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