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AdCoin Update January 2019: Algorithm switch and decentralized globalization


adcoinbaas - January 29, 2019 - 0 comments

Hi everyone! It has been a very long time since our last blog update, but we have not been idle in the meantime. AdCoin (and many other altcoins) has felt the effects of Bitcoin’s decreasing value, while our team has been working very hard on the algorithm switch from Proof-of-Work to Proof-of-Stake. We will cover two major topics this time: the first topic being the algorithm switch, followed by AdCoin’s decentralization on a global scale and other news.

“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.” – Satoshi Nakamoto

 

Algorithm Switch

AdCoin has switched its algorithm from Proof-of-Work to Proof-of-Stake. During the summer of 2018, AdCoin became a victim of multiple 51% attacks on Cryptopia. This resulted in 499.000 AdCoin being duplicated and indirectly influencing the AdCoin price. Short term, AdCoin implemented a number of solutions: increasing the number of confirmations from 20 to 250 blocks, mining stimulation and reimbursing Cryptopia for the ‘lost’ AdCoin. For the long term, the algorithm switch was crucial.

Since AdCoin has been around for 1,5 years the initial coins are distributed to investors, advertisers, publishers and other interested parties. This enables AdCoin to move forward with a new way of asking the support of the community to contribute to the development of AdCoin. Everyone who holds AdCoin can participate in the security and overall network stability by staking their AdCoin, for which they get rewarded. In addition to PoS AdCoin has introduced masternodes. These nodes in the network are used for special transactions and as an extra security and governance layer. Masternodes are awarded with a share of the block rewards, similarly to the ‘stakers’.

Changing to PoS and masternodes has solved all of the problems and will make sure that the blockchain remains fast, cheap and stable in the future. Staking is available for all AdCoin holders, while masternodes requires 100.000 AdCoin as a limit to be setup. Return on staking and masternodes depends on the number of AdCoin staked and the amount of masternodes that are online. The new Proof-of-Stake algorithm ensures one block to fall every minute. Per block and thus per minute, five AdCoin are distributed or rewarded to staking and masternodes. And from these five AdCoin, three AdCoin go to staking and two go to the running masternodes. Please keep in mind that staking is only possible within the AdCoin desktop wallet (for MacOS and Windows) and happens automatically.

NOTE: AdCoin wallet addresses now start with the letter “D”. We highly recommend not using the old AdCoin anymore. If you did not swap your AdCoin to the new algorithm through the web wallet, Crex24 or CoinExchange, please send a message to support@getadcoin.com and the AdCoin team will help you out as soon as possible.


The new AdCoin desktop wallet for MacOS (in Dutch)

AdCoin Decentralized

Summer 2017 AdCoin started off as a centralized cryptocurrency start-up for the online advertising industry. The AdCoin HQ is based in the Rotterdam area in Holland. But since the goal of a cryptocurrency is not to stay centralized, but to be decentralized and implemented internationally, some things are going to change.

AdCoin is adding new members to the existing team. Mainly decentralized social media managers and ambassadors to ensure AdCoin business development in countries like Russia, Turkey, South-Korea, China and Japan. These new team members will moderate the foreign AdCoin social media channels, spread the word about AdCoin and do local marketing and sales. We are still searching for social media managers and ambassadors, so if you feel like you could add something to the team, do not hesitate to contact us on team@getadcoin.com.

These new team members are needed to take AdCoin to the next level: global implementation of the online advertising payment solutions AdCoin provides. With the new Proof-of-Stake algorithm, AdCoin is finally ready for new business development. The old blockchain held AdCoin back for more than a few months, but is fortunately replaced. The new AdCoin blockchain is supposed to become more accessible in multiple yet to be explored countries like Russia, Turkey, South-Korea, China and Japan; luckily the same countries where the AdCoin Team has expanded with social media managers and ambassadors.

These developments will help AdCoin in pursuing its long-term goal to become the main currency for online advertising payments around the world. The current negative market sentiment will not stop the AdCoin Team from making AdCoin a success. AdCoin will finally have the team, blockchain and tools to be used internationally by advertising networks. Side note to these ambitions is that the current ‘centralized’ AdCoin team will get more decentralized over time, supporting software and business developers from all over the world to start working on AdCoin.

 

Other news?

Furthermore, some more exciting things have been achieved and are going to be achieved during the first months of 2019. Firstly, we have recently published an all new website, a website that better visualizes the current vision and course of AdCoin. Secondly, we will keep improving the AdCoin Loyalty Bot for our Telegram community. This bot was initially created to give the community something in return for their activity and engagement during the tough times 2018 brought us. We are very thankful for their positive attitude during the good and bad times, which has helped us a lot to keep going and keep believing in AdCoin. Thirdly, we are working on both a staking and masternodes guide for the AdCoin community. Furthermore, the AdCoin team is still working very hard to make the new algorithm available on more exchanges as soon as possible. We are in contact with Coinomi at the moment, they will likely be adding the new algorithm in the near future. And because we are raising awareness about AdCoin masternodes, we want AdCoin to be listed on www.masternodes.online. We will keep working very hard to make AdCoin mainstream and revolutionize online advertising payments.

To stay updated on AdCoin’s achievements and activities on a more regular base, please subscribe to our Subreddit – https://new.reddit.com/r/adcoin – where we post weekly updates every Friday.

 

Cheers,

 

Luc – The AdCoin Team

 

PS We still don’t have any information about the AdCoin on Cryptopia. But because we do not want the AdCoin holders on Cryptopia to lose their funds due to something beyond their control, they will be manually assisted in swapping their AdCoin to the new algorithm when Cryptopia comes back online and the funds are safe

 

 

 

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