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Tuesday, December 3, 2013

What Is AfriCoin?

AfriCoin is a peer-to-peer digital currency developed from an open-source code known as, "Bitcoin Technology." AfriCoin uses a technological protocol to manage payment transactions between users around the world. AfriCoin transactions take place online and operates with no central authority or banks. AfriCoin is open-source code and is available for developers to build and create peripheral applications.

  • AfriCoin has a maximum of 17 million coins to be minted over a 140 year period.
  • Decentralized ledger currency
  • SHA-256 proof-of-work
  • blocks every 10 min
  • difficulty adjustment 2016 blocks
  • Initial Reward 50 coins per block
  • Market Cap: data not available yet
  • Launch Date: November 3rd, 2013 

AfriCoin, LLC, is a company that serves as the administrative installation for AfriCoin digital currency. The AfriCoin payment system and digital currency (AFC) is open source; and is held and owned by it's users. 

AfriCoin, LLC also serves as a brand for smart-phone cases, apparel, watches, jewelery, sun glasses, T-shirts, caps and hats. We even have a bottle of AfriCoin Wine. All AfriCoin, LLC merchandise will be offered with a discount in the form of AFC added to your wallet.

Mission Statement:
AfriCoin is an International organization designed to strengthen the cryptocurrency industry; by providing smart, sound and reasonable competition to the marketplace.

Objective:
Our objective is to accomplish our mission. The reasoning behind our objective, resides in the structural conditions of alternative cryptocurrencies in the marketplace. If you examine the properties of said coins, you realize that most (not all) have altered the program in ways that:

1. Makes it easier to mine, and

2. Provides an abundant number of available coins

Here at AfriCoin, we believe that knowledgeable investors could recognize why alternative coins aren't trading at impressive levels as Bitcoin; and may place some blame on - traveling to far beyond the Bitcoin formula. This possible reality could be corrected, by exploring alternative coins that are positioned in close proximity of Bitcoin. Click here to examine the different alternative coins.

Bitcoin is still in it's early stages. To stray away from what is already proving to be a successful product would be premature and risky. You would be reinventing a wheel while the original is still developing. AfriCoin developers decided to investigate the name, Satoshi Nakamoto and found that most references state:

Satoshi means - clear-thinking or wise. Naka can mean, inside or relationship. Moto is used to describe the origin or the foundation. Put it all together and you get, “thinking clearly inside the foundation.” Therefore, by following the spirit of Satoshi Nakamoto, AfriCoin is thinking clearly inside the foundation.

AfriCoin hopes to improve the volatility of crypto-currency by providing investors with an alternative product to help diversify their holdings.

ICO - Initial Coin Offering:
AfriCoin launched it's mining client on November 3rd 2013. MAS AfriCoin, network founder; noticed that the first coins being minted were flowing out like a fire hose. He contacted the Senior programming engineer in Chile' to find out what was going wrong. The answer he received was, "there's no problem. That's how it works initially; compliments of Bitcoin."

MAS AfriCoin immediately researched this aspect and found a few articles that lead to the explanation. One article on motherboard.vice.com states the following:

In January of 2009, Satoshi Nakamoto started mining, creating what is known as the “genesis block.” Bitcoin v0.1 was released six days later. By year-end, over 32,000 blocks had been added to this original block, producing a total of 1,624,250 bitcoins. Since all transactions are public on the blockchain, we know that only a quarter of those bitcoins have ever changed hands, leading some to speculate that Satoshi could be sitting on a stash of roughly one million bitcoins. (click here for full article).

MAS AfriCoin did the math:
1,624,250 BTC x 75% = 1,218,187.50 BTC - represents what he is still holding
The current value of Bitcoin when this blog was published was $1,200 per coin.
1,218,167.50 BTC x $1,200 = $1,461,825,000

MAS AfriCoin expressed that all of the Internet noise around "pre-mining" was a farce, brought on by angry individuals that missed the biggest opportunity in the history of the world! Since AfriCoin is "thinking clearly inside the foundation," MAS AfriCoin started the first Industry ICO - Initial Coin Offering.

MAS AfriCoin decided, instead of mining solo for a million coins or more, he thought to create a 120 day coin roll out. An offering that allows early AFC adopters to share in the pre-mining stage. Additionally, knowing that most people have a hard time investing in something, "non-physical," MAS AfriCoin introduced a branded, physical product to attach to the offering. A $120 wrist watch called, AfriCoin Investor. Once the watch is purchased, the owner receives their AfriCoin wallet; a deposit of 120 AFC, and is granted pre-mining rights for 120 days.


Topics to come:
  • AfriCoin Perspective
  • Intrinsic Value
  • Utility
  • Investment / Transition
  • Security
  • Merchantability
  • The AfriCoin Eco System
  • Open Source Code / R&D

Check back here periodically for available updates. Click here to return to: AfriCoin Website

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