You know something that has never actually been said in the history of humankind? “Hey, we really need another new altcoin.” Despite the lack of demand, there is no shortage of supply of new and relatively similar altcoins. Each has a slightly different name than the last and sometimes they even have a slightly different purpose. UniversityCoin is the newest altcoin (or it will be shortly). Let’s take a look under the hood at this offering.
What Is The Purpose Of UniversityCoin?
According to the ANN thread UniversityCoin is based on these principles.
- Education is expensive.
- Young people are interested in cryptocurrencies.
- People lately love PoW/PoS.
The coin will be mined for 7 days only, after which it will turn into PoS and ‘stake‘ interest into the open wallets of eager and hopefully well-educated altcoin lovers.
If this sounds like a case of Deja Vu - don’t feel bad. This has been the common format ever since the nearly-defunct Mintcoin first hit big on the PoW/PoS hybrid scheme in February. Coin devs are hoping to catch lighting in a bottle yet again with a similar format. This format generally follows a pump’n’dump scheme.
- 7 Days Mining.
- Onto the exchanges for dumping.
- Interest dries up.
- Multipools take over to attempt price movement.
Right now there are multiple coins in the marketplace following a very familiar format. Lately, the model has shown some signs of fatigue. In the case of WhiteCoin, trouble with their wallets and staking has caused rapid price depreciation.
What’s Good About UniversityCoin?
UniversityCoin is only doing a small pre-mine of .5% for giveaways. They also are not having an IPO. Both of these areas being eliminated from their launch are good signs. They also have their Windows wallet linked before launch in password protected format. That’s helpful to ensuring a fair launch. Unfortunately no Mac wallet is ready, but that’s pretty common for new coins.
You might also consider it a plus that they’re only creating 20 million total coins. The value is generally higher per coin when less coins are mined.
What Else Do I Need To Know?
Those are the basic facts of UniversityCoin. The coin is a fairly straightforward scrypt clone. The only complications are the PoS phase. The only other major question is whether fatigue is setting for miners and exchanges for this PoW/PoS hybrid format. Market saturation could easily be achieved at some point.
Without acceptance from some sort of University - or college as we call them here in the States - the coin will fight an uphill battle to dethrone Bitcoin as the King of cryptocurrencies. That is the case for all clones, and this one is no different.
The team behind the coin is unknown. Their handle was registered to promote this thread so it’s not clear how much experience they have with PoS code.
The usual pool operators (and a few fresh faces) have lined up to facilitate mining for UVC. The miners are standing by. They have consumed copious amounts of alcohol and are preparing their most vicious insults in case of any missteps during the launch!
It looks like a typical day in the life of a new altcoin. Good luck to all involved.
