With the world surging towards blockchain and crypto, different companies are emerging with their own digital currencies marking their place on the crypto map. One such startup is WhiteCoin with its crypto currency, XWC. It was launched early in 2014 and since then it has been focused on inventive solutions to conduct secured transactions.
Initially, the Whitecoin was developed as a replication of the Blackcoin. But tragedy befell on the startup as the coin was abandoned by its developer before it could enter the Proof-of-Stake (PoS) phase. However this instance molded Whitecoin in to what it is today. It is a coin that relies heavily on its community and ardently believes in giving back to the community because the coin would’ve been lost had it not been for the members of its community.
The community took the reins, as a member initiated communications with the listed exchanges at the time to help assist a takeover of the coin. All the while, several members of the community upheld the integrity of the infant blockchain by continuing to mine the coin while it was still in the Proof-of-Work (PoW) phase, which was a pre-requisite for the final phase of the Whitecoin, the PoS phase. Unfortunate circumstances helped build a dedicated community base for the Whitecoin.
Today, it is driven by those supporters but at the same time it is controlled by no particular individual, a combination that, according to the Whitecoin Foundation Team, will ensure and promote growth, stability and technological advancements.
What Makes Whitecoin Unique?
For starters the reason behind the XWC’s comparatively long life cycle seems to be its community-centric methodology. The team of developers invest in the features and tools that are wanted by the community, an approach that results in quite a few innovative features.
Proof of Stake
Unlike the famous Bitcoin, Whitecoin cannot be mined; rather it is based on staking. Which means that the users, by simply keeping their wallets open, help secure the network. And as a reward they receive a stake of 5 XWC every minute. The higher the number of coins in the wallet, the higher the stakes.
This feature very much operates like Bitcoin. Anyone can run the wallet and transact with while maintaining anonymity. There is no personal identification or information requirement; the user can forgo this dreary process while creating and using Whitecoin addresses for sending and receiving funds.
The driving force behind this growing digital world is that it is time saving all the while being global and not deterred by borders. Whitecoin transactions are extremely quick and allow anyone to transfer money anywhere in the world within a few seconds.
Open Source Software
The software or wallet of Whitecoin is open source which strengthens the safety because it can be audited.
The bank history is not limited to a few individuals, instead, everyone shares the history making the entire process transparent, which in turn builds up the community trust.
The 21st century has seen earth being tested as more and more individuals and firms are playing their part to contain the depletion of the environment. Whitecoin is also eco-friendly because it is based on Proof-of-Stake, which automatically eliminates the power hungry mining process, thus conserving energy.
WhiteNode – The Whitecoin Wallet
Since Whitecoin is community centric, it provides its users with an optimized wallet that can run on low-end hardware. Instead of having to keep a desktop PC running 24/7 in order to stake coins, Whitecoin allows to install the wallet on a single-board computer, which is power saving as well as economical.
WhiteOS- The Customized Operating System
WhiteOS utilizes a custom, optimized and hardened Ubuntu environment based on the latest version 14.04 LTS. It is a secure and portable operating system that anyone with a PC or laptop can use. Because the OS and Wallet data files are stored on a USB, you effectively have true cold storage and your coins will follow you wherever you go.
WhiteCoin Foundation Paper
The company released their foundation paper welcoming public view and consultation, thus taking a step further in the process of becoming a completely community-driven coin. Some totally new approaches to both organization and market expansion are proposed in the paper.
The WhiteCoin Foundation has been working on a handful of projects. So far the completed ones are;
Wallet v2 PoSv3: This project included creating the Whitecoin v2 and generating coins for swap.
Automated Swap: This project was all about coordinating the automatic coin swap with Bitrex.
Manual Swap: This project focused on developing a manual swap status page with verification and allowing users to swap their coins.
Burn Option Wallet: The in-wallet RPC burn command gives an option to destroy the remaining un-swapped coins.
Wallet Redesign: This project introduced wallet in the Whitecoin color scheme and also changed some translations.
Whitecoin has also implemented features from the ‘legacy’ wallet.
Whitecoin’s website provides the public with a road map of their projects, staying true to its community while practicing transparency. There are also other on going projects to which people can donate through the website’s donations page, where there are projects listed that require additional funding