Whitecoin is a decentralized global public chain that is focused on cybersecurity and the fast speed of transactions. It is based on an open-source innovative protocol called Multi Tunnel Blockchain Communication Protocol (MTBCP), a P2P communication protocol supporting the transmission of cross-chain information. It employs a Proof-of-Stake algorithm for the security of the network.
The platform uses Turing complete smart contract for support of the asset certification, OTC on the chain. The use of the underlying virtual machine enables the interconnection of chains within the Whitecoin ecosystem removing the barriers between them. Theoretically, the system can perform high-load transactions on numerous chains with a speed of up to 10,000 tps.
It’s worth noting that the history of its development wasn’t smooth. The rough start is explained by the disappearance of its key developer after launch. It ruined all plans and the team failed to transfer the project into the PoS phase. It affected the reputation of the project considerably, and the native cryptocurrency of the project was almost lost. However, later the platform with its ideas still attracted the attention of investors who decided to persist and achieve the result. Developers got down to work again to work on the cryptocurrency further.
The members of the team keep on working over the project no matter what happens. They are community-oriented and always try to enhance the code of the decentralized protocol that is not controlled by anybody. All participants who are involved in it perform as volunteers.
Whitecoin token is an important part of the Whitecoin ecosystem that functions along with the Whitecoin wallet, Whitecoin Axis, decentralized mining pools, and cross-chain infrastructure that is based upon smart contract platforms. The main characteristic of the Whitecoin project is a 100% reserve fund that supports the vitality of the ecosystem.
The platform has developed its own operating software called WhiteOS for customizing the Ubuntu environment to deliver portability for XWC coins. The blockchain also uses its own technology for the secure handling of transactions.
Each digital asset anchored to Whitecoin and dubbed WAMP has its original chain asset and assets without foundation are not added to the platform managed by Robust Proof of Stake (RPOS) consensus. In accordance with it, the block is generated every 6 seconds in the Whitecoin chain. That is a very good result compared to block production in other blockchains. For instance, it takes 10 minutes for BTC and 2,5 minutes for Litecoin.
The community participation means much for the project as it works through a complicated organizational structure known as WhiteCoin General Assembly. It makes reviews of proposals made by network operators and prepares reports on the work that was conducted including the developments that were made within a certain timeframe. The hierarchy on the platform is minimal and was made for higher efficacy of the project.
The platform offers simple communication tools as the system was developed to alleviate the mass adoption of cryptocurrencies for users. It is even easy to mine the cryptocurrency even using the old computer as the system requirements are low.
The platform has its native coin, XWC token that was launched on April 13th, 2014. It’s possible to employ different services using Whitecoin with the goal to make daily monetary transactions easier. Besides, the asset is suitable for those who prefer to preserve anonymity during transactions.
The project didn’t have an ICO before launch. XWC total supply is 248 million tokens. The platform arranges bounty events from time to time.
The confirmation time is much lower due to the faster mining of the block. There are no complicated mining requirements when XWC coins are created. It’s not even necessary to have a stable Internet connection and high-performance servers for proper Whitecoin performance.
It’s possible to earn XWC for users if they stake the minimum of 5 XWC keeping their wallet open for the security of the network. The platform always compares the cryptocurrency with Bitcoin emphasizing the fast speed of its work, which is the main benefit of the digital asset along with anonymity and security that enter the list of advantages.
It’s also possible to run your wallet with the help of WhiteNote, which is a highly optimized image for the Raspberry Pi that uses minimal hardware requirements. It helps to reduce the consumption of resources and deliver an affordable and cheap solution to the safe staking of cryptocurrencies.
The use of the PoS model is very convenient for the exchange of services and goods without revealing the identity of the parties in a deal. Stakers of XWC coins can get a 5% annual interest rate.
WhiteOS version and the latest wallet can be installed on a USB disk so it’s portable though there are other installation options as well. XWC can be acquired on such exchanges as Xchange.me, Bittrex, ASBTC, and some other platforms. You can find a full list of platforms offering the token on the official website of the project. Those who want to spend fiat money to acquire the cryptocurrency should apply to IndaCoin for that. On the whole, there are over 300 cryptocurrencies that are traded against XWC cryptocurrency at the time of writing.
The transactions performed with the assistance of this blockchain are anonymous and untraceable for senders and receivers of funds. The participants don’t have to provide the identifying information to become members of the community. At this, the transactions are transparent and are audited via a transparent ledger without revealing the identity of the participants.
The executive director of Whitecoin is Raymond de Jong from the Netherlands, North Holland Province. Being a senior PHP programmer, he admires the values of the blockchain saying that a combination of security, stability, and growth provided by the project is a guarantee of future technological development and success. His work is mentioned in his profile as a volunteer experience. He has been working on the project since he entered the project in April 2014. It is known only that the team includes specialists from Turkey, Amsterdam, and other countries of Europe.