NowCoin is a new crypto asset designed to be transacted like a legacy financial instrument. Utilizing the BitShares blockchain technology, NowCoin is seeking market adoption through incentivizing users (who, quite frankly, have too many crypto options to choose from) with rewards based on account balance. This means that they will pay you to hold their coin. Yup, they have decided that the best way to drive adoption is to reward the ones who hodl.
It was founded in 2018 by means of the NowCoin Game by the Hungarian Cryptocurrency Foundation’s President Dr. Zoltan Toth. He is accompanied by Dr. Szabolcs Hargittay, Founder, Dr. Gyorgy Cseh, Founder and Project Manager, David G. Molnar, Founder and Head of Marketing, and finally Istvan Seres, Founder and Online Marketing Management. The team hopes to have a fully functioning ecosystem by December of 2018, and see an end to the Game no later than July of 2019, at which point they hope to have over 1’000’000 unique users, but more about that later.
NowCoin Game – New Crypto Asset
The game was created to do several things in a particular order,
- To incentivise people to pay attention to, collect, trade for, and retain, NowCoin.
- Once a sufficient base of interest has been established, use that collective interest to appeal to merchants and service providers.
- Reward participants by paying out the money raised during the game to those who played well and accumulated NowCoin, according to the rules encoded into the blockchain.
The game is only the process the Founders of NowCoin have created to incentivize adoption of the NowCoin cryptocurrency, which they want to grow into a stand alone ecosystem. NowCoins will be sold exclusively on the BitShares Decentralized Exchange (“DEX”), and the Game is designed to be a flat rate reward-for-possession mechanic. The hope is that the rewards will bring interested parties who want to earn the rewards that come from the final airdrop. When this happens, the team believes they will have created enough demand that supply will follow.
In the beginning of the game, four pools were created and funded with 110 Million NowCoin:
- Founders Pool: 10 million NowCoin.
- Exchange Pool: 50 million NowCoin.
- Game Reward Pool: 45 million NowCoin.
- Special Reward Pool: 5 million NowCoin.
The private keys to the Founders pool as well as the Exchange pool are going to be held in escrow by a lawyer in order to prevent price manipulation on the exchange.
The Game reward pool will pay 3% to each account with more than 100 NowCoin, twice a month (1st & 15th).
The top 1000 accounts will be rewarded 8% on the 1st day of each month.
The Final Airdrop will be done upon:
- The Reward Pool account dropping below the balance of 10M.
- 15th July, 2019 at midnight(UTC).
Once the completion parameters have been met, the Rewards pool, the Special Game pool, as well as the Exchange pool balance, will be distributed proportionally among the top 1000 account holders.
“In our concept, the best way to create a network and constantly keep its members active is to play a game. To play a game where the network members are constantly watching the core information and statistics portal, which leads us to the other leg: the merchants.” – Zoltan Toth
The design idea is a starkly simple conception, once people have a bunch of this coin, they are going to want to spend it on something. That is where the merchants come in. The founders have a secondary phase which involves drawing in merchants who want to trade their goods and servants for the NowCoin distributed during the Game. Currently, not much is being said about this phase, as (and I agree with them) they believe that merchants will be attracted by the demand, and be more than willing to offer their supply.
The rules of the Game will be encoded onto the blockchain for all to see, as usual. The end of the Game is predetermined by two distinct criteria, outlined and encoded. The final airdrop is enacted automatically, and the rules are there for everyone to see. All income from the sale of NowCoins will be distributed to the top 100 accounts, so it would definitely pay to be in the top. It is important to keep in mind, as they stated in the whitepaper “Most importantly, the Game is not the goal, it is just our founding asset for the creation of the NowCoin Ecosystem” -Zoltan Toth
More About the ecosystem
The ecosystem of NowCoin will be a robust one, and users can interact with the model and each other in several different ways. The Game was designed to be fun and cooperative. The purpose is to create an active network of NowCoin Users, that hold and trade NowCoin, to create demand that will be attractive to merchants.
Several rules have been encoded into the Genesis supply, airdrops and price features, in order to ensure Whales cannot manipulate the prices. This makes the platform fair, and retains the fun.
One of the coolest and most unique features of this game is the ability to create Clans, so you can work together with friend to compete for the top spots!! Tactical advantages and special rewards go to those who work together to gain a seat in the top 1000.
When the game was started, the Exchange Pool was placed on the exchange, it is locked, and will not be altered. The sell orders are built in a way that pricing starts at 1 BTS, but most of the NowCoin genesis supply will be put into circulation for a price between 13 and 15 BTS. A high-performance decentralized crypto exchange is one organic pillar of the BitShares ecosystem, and NowCoin is planning to utilize the full featured exchange to operate the Game.
From the Team
“We believe that it will be a solid interest of each community members to spread the word, and motivate other people to join the NowCoin ecosystem, since the more of us are around and the more capitalization we have, the more successful the ecosystem could get. the NowCoin ecosystem will need several thousand active and focused users, and capitalization should be in the height of millions of dollars. That is when the NowCoin ecosystem could become sexy for merchants providing goods and services. We hope to get there as soon as possible, but definitely before December 2018.”
Join the NowCoin Market Game now and get a head start over the competition.
You can find out more at www.nowcoingame.com.
Additionally, you can join the NowCoin Telegram Community [https://t.me/nowcoingame], follow them on Twitter [https://twitter.com/NowcoinGame] & Facebook [https://www.facebook.com/nowcoingame/] or subscribe to their Medium Blog [https://medium.com/@nowcoingame]. NowCoin is currently available on the BitShares Decentralized Exchange: [wallet.bitshares.org].
You can trade NowCoin here: [https://bitshares.openledger.info/#/market/NOWCOIN_BTS]