The fact that Bitcoin still has an energy problem gives crypto opponents starting points for criticism. From Switzerland now a competition is to come, which wants to oppose this problem an alternative: the Shakti Coin. An ICO should not exist, the coins can only get users via mining.
As the press portal informs , the Shakti Foundation warns in this context Tender Offers for Shakti Coins. So they can get users only through the process of mining. Therefore, it is not possible to buy them, “no matter from which source”.
The registration for the Shakti Coins Mining will be opened in the next few days in different countries. In proportion to the population, participants receive a limited number for power mining licenses:
For example, India, China and the US are allocated the corresponding number of power mining licenses in relation to the population; they are awarded on a first come, first serve basis,
reports the press portal. The Shakti-Coin ecosystem is also expected to be based on a stable value of five dollars to prevent pump-and-dump attacks.
Shakti Coins should be the property of the public
Furthermore, the new coins should always remain in the public domain. The Bitcoin competition wants to maintain the basic idea of Satoshi Nakamoto that the coins belong only to the Node operators. By limiting the licenses, the Swiss company also wants to counteract the problem of mining centralization. The mining is based on the principle of distributing only one node license per person.
With its PoE protocol, the Shakti Foundation wants to replace the energy-intensive Bitcoin protocol without sacrificing security. For example, a Shakti Coin Mining computer with a T400 Power Mining license uses just as much power as an e-mail server. Nevertheless, it is able to generate an SXE amount worth more than $ 10,000 in 18 months.
The company also says that there is no Initial Coin Offering (ICO), so potential users should beware of any scam deals. Ultimately, only shakticoin.com is authorized to issue licenses.
In the initial stage, finally, the principle applies: who comes first, mint first. However, the number of licenses is expected to increase as the network expands.
Shakti Coin wants to offer independent competition to Bitcoin
According to the company, the project was the result of an initiative involving people from all over the world. Therefore, there would be no connection to any particular industry, government, party or religious grouping. In other words, like Satoshi’s Bitcoin (except the Foundation) does not appear to be an intermediary between users and coins. The Shakti Foundation is a non-profit organization based in Zug, Switzerland. From there, she wants to monitor the Shakti ecosystem in an impartial manner.
How is the Shakti Coin designed?
Apart from the promising announcements, the website reveals little about the technological design and the actual use case of the Shakti Coins. So you can already register for the Shakti mining. However, there is not yet a white paper. The same is to be divided into four parts and gradually appear. The division plans the Shakti Foundation as follows:
- Part of the White Paper: April 18th
- Part of the White Paper: April 23rd
- Part of the White Paper: May 7th
- Part of the White Paper: May 19th
In contrast to the Bitcoin protocol, you have to sign up for mining, which seems to be related to the KYC (Know Yourt Customer) rules.