ShopCoin: the Perfect Harmony of Currency and Community
The cryptocurrency market is inundated with altcoins that are at best cheap, forgettable attempts at capitalizing on the fame and wealth of Bitcoin and the other top coins.
These days, it is rare to find a new coin that brings unique features to the altcoin market. However, a new currency named ShopCoin seeks to be that rare coin that uses Bitcoin as a foundation, but also innovates to ensure that their coin brings something new to the table. ShopCoin sets itself apart from competitors because it offers an impressive distribution model, long-term stability, a welcoming community, and a ready-made auction-style marketplacewhere users can buy or sell products with SHOP.
ShopCoin’s technical specifications are in line with the standards that people expect from cryptocurrencies. However, unlike most other coins, ShopCoin is more than just a coin–it is a full-fledged cryptocurrency community.
As the developers have stated:
We are not just a COIN. We are a forum community that has their own market and escrow system. We will provide our users a place to sell items and services in a safe manner. Our users will also be able to earn SHOP coin daily by posting in our forums and by just being active.
ShopCoin can currently be obtained through developer giveaways and by remaining active in the ShopCoin forums. Alternatively, you can trade Bitcoin for SHOP on the popular cryptocurrency-exchange Bittrex, where its price has skyrocketed more than 500% over the past two days.
BitcoinTalk-n-Shop
One reason for ShopCoin’s rapid price rise is that the coin developers released the BitcoinTalk-n-Shop to coincide with the launch of SHOP. In addition to hosting ShopCoin’s forum community, the BitcoinTalk-n-Shop also serves as an auction-style marketplace where users can buy and sell items with SHOP, as well as Bitcoin and altcoins. The marketplace is easy to navigate, and it operates very similarly to eBay, except that the BitcoinTalk-n-Shop lets you pay with cryptocurrency, while eBay currently does not. Though the market has only been live for a short time, consumers can already bid on a variety of items, including a PlayStation 4, Laptop hardware, and Amazon gift cards.
In addition, unlike most other cryptocurrency marketplaces, BitcoinTalk-n-Shop consumers can utilize a built-in escrow system to prevent scammers from stealing your money.
Distribution Model Designed for Long-Term Stability
The other promising feature of ShopCoin is its distribution model. Whenever an altcoin’s price increases rapidly after its launch (as ShopCoin’s did), people tend to assume that it is a pump-and-dump created to line the developers’ pockets. However, ShopCoin tailor-made their distribution model to prevent pump-and-dumps and ensure that ShopCoin’s value will remain stable over the long-term.
Only 500,000 coins will ever exist, meaning that as ShopCoin gains exposure, the value of each SHOP will increase exponentially. Half of the coins have been pre-mined in order to fund contests, giveaways, and promotions, as well as to distribute shares to BitcoinTalk-n-Shop investors. The other 250,000 coins will be minted using a Proof-of-Stake algorithm, which encourages investors to hold onto their coins and will help SHOP remain valuable in the future.
Additionally, ShopCoin developers created a unique way to ensure that ShopCoins hold their value. They plan to use a large portion of BitcoinTalk-n-Shop’s profits to purchase SHOP from cryptocurrency exchanges. In addition to driving the price of SHOP up and increasing the demand for the currency, they will reinvest the SHOP they purchase into the community via giveaways.
All things considered, ShopCoin appears to be a very promising coin. It offers consumers everything that they could want from cryptocurrency, including a stable distribution model and an online marketplace where consumers can spend the currency. However, ShopCoin’s most appealing quality is without a doubt its thriving community, which is led by developers who have invested in the long-term growth of ShopCoin and refuse to stray from their mission.
ShopCoin Technical Specifications
- Symbol: SHOP (a few websites list it as BCTS)
- Proof-of-Stake
- Confirmations: 25
- Block Time: 60 secs
- Stake Interest: 20% yr
- Stake Age: 8 Hours / No Max
- Initial Distribution: 250,000 (150,000 for giveaways; 100,000 for investors)
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