OFWCOIN (OWF) | X11| POW/POS Hybrid | Self Funded



  • ABOUT OFWCOIN

    OFWCOIN is a highly secure peer to peer decentralized cryptocurrency using the X11 chained hashing algorithm and is a PoW/PoS Hybrid with a sophisticated method of difficulty that re-targets every block. It is virtually cost free (0.1%) charge to send money anonymously anywhere in the world and is made predominately for the Filipino people but can be traded/mined/HODL’d the same as any Crypto-Currency.



    OFWCOIN Specifications and Mining

    Total Amount of coins: 400 Million

    Pre-Mine: 1%

    Algorithm: X11 Pow/Pos Hybrid - Very miner friendly

    Block Time: 3 Minutes (180 Seconds)

    Rewards: 100 Coins each block for the first 2 Months - (Totaling 2,688,000 OFW Coins created)

    50 coins each block for the following 4 Months - (Totaling 2,688,00 OFW coins created)

    30 Coins each block Thereafter - Flat Rate Forever until coin cap (Totaling 6,451,200 Ofw coins per year)

    PoS Yearly Interest Rate (% Per Year): 2% (0.0054% Interest Per Day)

    Minimum Stage Age: 12 Hours

    Maximum Stake Age: Unlimited

    Block Confirms for Mined Blocks: 20 (60 Minutes)

    Block Confirms for Sending/Receiving: 7 (21 Minutes)



    Distribution of the 1% Pre-Mine Below is the distribution of our pre-mine in graph form.



    POW/POS Hybrid System

    The OFWCOIN uses an X11 Pow/PoS Hybrid Algorithm which is to say that the OFWCOIN uses the best of both Worlds, making the coin Secure, Sustainable, Environmentally Friendly and Miner Friendly. The proof-of-stake system was designed to address vulnerabilities that could occur in a pure proof-of-work system. With bitcoin for example, there is a risk of attacks resulting from a monopoly on mining share. This is because rewards from mining are programmed to decline exponentially, which may decrease the incentive to mine. As miner’s decline, the likelihood of a monopoly increases, which leaves the network vulnerable to a 51% attack (a 51% attack is when a single entity possesses over half the mining share, which would allow this entity to theoretically double-spend a transaction involving their coins). With a proof-of-stake system, new coins are generated based on the holdings of individuals. In other words, someone holding 1% of the currency will generate 1% of all proof-of-stake coin blocks. This has the effect of making a monopoly costlier, and separates the risk of a monopoly from proof-of-work mining shares. The proof-of-stake method of generating coins requires very minimal energy consumption; it only requires the energy to run the client software on a computer, as opposed to running resource-intensive cryptographic hashing functions. During its early stages of growth, most OFWCOINS will be generated by proof-of-work like bitcoin, however over time proof-of-work will be phased out as proof-of-work difficulty increases and block rewards decrease. As proof-of-stake becomes the primary source of coin generation, energy consumption (relative to market cap) decreases over time. OFWCOIN is designed so that it will experience a steady 2% inflation rate per year, yielding an unlimited number of coins. This is a combined result of the proof-of-stake minting process, and scaling of mining difficulty with popularity. See Technical information below which can also be found on the Whitepaper – Difficulty Re-targeting: Sophisticated method every block Block Time: 3 Minutes (180 Seconds) 


    PoW Reward: 

    • 100 Coins each block for the First 2 Months – (Totaling 2,688,000 Coins Created) 

    • 50 Coins each block for the next 4 Months – (Totaling 2,688,000 Coins Created) 

    • 30 Coins each block Thereafter – Flat Rate Forever Until Coin Cap (Totaling 6,451,200 Coins Per Year) 

    • PoS Yearly Interest Rate (% Per Year): 2% (0.0054% Interest Per Day) 

    • Minimum Stake Age: 12 Hours 

    • Maximum Stake Age: Unlimited 

    • Block Confirms for Mined Blocks: 20 (60 Minutes) 

    • Block Confirms for Sending/Receiving: 7 (21 Minutes)


    Decentralization 

    Just like any other cryptocurrency, OFW COIN uses a public decentralized ledger commonly known as a blockchain for storing data records as blocks in a permanent and successive way. The correct order of blocks is ensured because each block in a blockchain is timestamped and includes a link to the previous block. The blocks cannot be tampered or altered as well as present high byzantine fault tolerance thanks to encryption of all data and its uniform distribution across the network’s nodes. It is therefore must be considered an autonomous financial system free of tampering because of a lack of centralized elements where such data are stored. Full nodes in OFWCOIN—which can be run by any user of the system—store a copy of the blockchain, but there is no official full copy of the blockchain stored in a centralized way. This makes the data in the blockchain incorruptible and easily traceable for enhanced transparency. Transparency OFW COIN uses a public access permissionless blockchain that allows for improved scalability of the whole system and makes it possible to trace any transaction within the ledger to its origin. This is a common peculiarity of all cryptocurrency blockchains, but the openness of the ledger records to the general public is not what makes it really transparent. As we said in the previous section, all data within a blockchain are decentralized and encrypted and therefore cannot be manipulated. If we draw a comparison between a centralized banking institution and a blockchain, the former will not only restrict you to review or track any transaction in the network to its origin, it will also present risks of being tampered or corrupted by people who have a centralized access to the system. Remedying these wrongdoings will by all means involve carrying out an audit of the whole system over a certain period of time to find the vulnerability by tracing the transactions to the origins via looking at them in a regressive order. This issue has been already dealt with in OFW COIN, just like in all other cryptocurrencies, because of the intrinsically auditable nature of a


    WHY OFWCOIN

    - OFWCOIN Is an innovative, secure remittance and payment method which is a perfect platform for the Overseas Filipino Worker to send money to and from the Philippines with anonymity and with a tiny cost of 0.1% per transaction.

    - Everything in the twenty first century is turning digital, and our money is following the trend. And the Philippines is no different to any other Country with most of the public now having access to both Internet and Smartphones / Tablets etc.

    - OFWCOIN was founded in June/July 2017 by a team of Filipino and Foreigners with the aim of creating a clean, user-friendly and cohesive solution for Overseas Filipino Workers seeking an coin they can both identify with, relate to and embrace and proudly call it the Altcoin of choice for the Filipino.

    - Using innovative and secure blockchain-based technology, to complete regular low cost transactions amongst peers/family and friends and eventually merchants.

    - The OFWCOIN while using some of the principal technologies of Bitcoin, also uses newer technology to keep your money safe and stored on your PC / laptop or Phone so that it is easily accessible but with the option of taking your money “offline” to secure it in a paper wallets.

    - Our vision is to integrate the OFWCOIN into the Filipino society making it even more user friendly with plans to team up with both local and overseas based exchanges and local remittance services while still maintaining the 0.1% cost to the user.

    - The Remittance Industry is a staggering 30 Billion USD a year in the industry Philippines and is growing every year!


    Multi Platform

    Multi Platform OFWCOIN is currently supporting Mac, Linux and Windows Wallets. An Android Wallet will soon be released.

    Future plans for OFWCOIN include the following :

    • Android Wallets
    • Integration with more exchanges
    • Payment Systems allowing the payment of bills from providers
    • Integration with the major current Bitcoin and Altcoin exchanges in the Philippines
    • See WhitePaper for further information




    Team:


    Wallets:


    Windows QT:

    Apple:

    Linux:

    Android:Coming soon!



    Github:

    Block Explorer:


    Nodes:

    172.194.245.192

    146.90.97.248

    180.191.112.227

    Social Links:

    Website:

    Facebook:

    Twitter:

    Github:

    Reddit:



Looks like your connection to Cryptocentral was lost, please wait while we try to reconnect.