Onecoin (ONECN) Whitepaper
Abstract
The Onecoin (ONECN) project is an innovative digital currency that combines the strengths of Scrypt Proof of Work (PoW) and Proof of Stake (PoS) algorithms. This whitepaper provides a detailed exploration of Onecoin's architecture, consensus mechanisms, and its roadmap for the future.
Table of Contents
Introduction
1.1 Background
1.2 Objectives
1.3 Scope
Onecoin Technology
2.1 Scrypt Proof of Work
2.2 Proof of Stake
2.3 Hybrid Consensus Mechanism
Coin Specifications
3.1 Coin Name and Abbreviation
3.2 Public Address Letter
3.3 Ports Configuration
3.4 Block Rewards
3.5 Transition to Proof of Stake
3.6 Stake Age and Coinbase Maturity
3.7 Target Spacing and Timespan
3.8 Transaction Confirmations
Roadmap
4.1 Genesis Phase
4.2 Proof of Work Era
4.3 Transition to Proof of Stake
4.4 Development and Partnerships
4.5 Community Engagement
4.6 Future Enhancements
Conclusion
1. Introduction
1.1 Background
Onecoin emerges from the need for a secure, decentralized, and sustainable digital currency. It integrates Scrypt Proof of Work with Proof of Stake to ensure a fair distribution of coins and an energy-efficient consensus mechanism.
1.2 Objectives
Onecoin aims to provide users with a reliable and versatile digital currency that combines the benefits of both PoW and PoS. The project strives to foster community engagement, encourage development, and position itself as a long-term player in the ever-evolving crypto landscape.
1.3 Scope
This whitepaper delves into the technical aspects of Onecoin, including its unique consensus mechanisms, coin specifications, and a roadmap detailing the project's planned milestones and enhancements.
2. Onecoin Technology
2.1 Scrypt Proof of Work
Scrypt PoW ensures the initial distribution of Onecoins through mining. This algorithm is designed to be memory-intensive, deterring the use of ASICs and promoting a more decentralized network. Miners validate transactions, secure the network, and receive a block reward of 100 Onecoins.
2.2 Proof of Stake
Onecoin seamlessly transitions into PoS after the 10,000,000th block. PoS allows coin holders to participate in network validation and earn rewards. It offers an energy-efficient alternative to PoW, aligning with Onecoin's commitment to sustainability.
2.3 Hybrid Consensus Mechanism
The combination of Scrypt PoW and PoS provides Onecoin with a robust and versatile consensus mechanism. This hybrid approach leverages the strengths of both algorithms, offering a secure and sustainable solution for the long term.
3. Coin Specifications
3.1 Coin Name and Abbreviation
Onecoin is the designated name, with ONECN as its abbreviation.
3.2 Public Address Letter
Public addresses for Onecoin start with the letter '1,' ensuring compatibility with existing cryptocurrency standards.
3.3 Ports Configuration
Onecoin utilizes port 15735 for RPC and port 15736 for P2P communication, facilitating seamless connectivity within the network.
3.4 Block Rewards
During the PoW era, miners receive a block reward of 100 Onecoins. In the PoS era, the block reward is 20 Onecoins, with a 20% deduction for development fees.
3.5 Transition to Proof of Stake
The transition from PoW to PoS occurs at block 10,000,000, marking a pivotal moment in Onecoin's evolution.
3.6 Stake Age and Coinbase Maturity
To participate in PoS, stakeholders must hold Onecoins for a minimum of 48 hours. The coinbase maturity is set at 20 blocks, with an additional default confirmation, ensuring the security of transactions.
3.7 Target Spacing and Timespan
Onecoin aims for a target spacing of 3 minutes between blocks and a target timespan of 60 minutes, providing a balance between transaction speed and blockchain stability.
3.8 Transaction Confirmations
For added security, transactions require 5 confirmations, ensuring the integrity of the blockchain.
4. Roadmap
4.1 Genesis Phase
The journey of Onecoin began with the Genesis Phase, laying the foundation for its unique hybrid consensus mechanism. Early adopters and miners contributed to the initial distribution of Onecoins.
4.2 Proof of Work Era
The Proof of Work era witnessed the active participation of miners securing the network and validating transactions. During this phase, Onecoin gained recognition and established its presence in the crypto community.
4.3 Transition to Proof of Stake
The transition from PoW to PoS at block 10,000,000 marked a significant milestone. This shift reduced energy consumption, making Onecoin more environmentally friendly and aligning with the growing global focus on sustainable technologies.
4.4 Development and Partnerships
Onecoin prioritizes ongoing development and strategic partnerships to enhance its features and reach a broader audience. Collaborations with other projects, exchanges, and technology providers are integral to the roadmap.
4.5 Community Engagement
The Onecoin community plays a pivotal role in the project's success. Initiatives such as community-driven events, forums, and educational programs are planned to foster engagement and ensure the project remains inclusive and transparent.
4.6 Future Enhancements
The future of Onecoin holds exciting possibilities. Planned enhancements include technological upgrades, user-friendly wallet developments, and explorations into the integration of smart contracts, further expanding the utility and potential use cases of Onecoin.
5. Conclusion
In conclusion, Onecoin represents a novel approach to digital currencies, combining the strengths of Scrypt PoW and PoS to create a secure, sustainable, and community-driven ecosystem. As Onecoin evolves, it remains committed to technological advancements, community engagement, and environmental responsibility. The journey of Onecoin continues, with the vision of becoming a leading force in the world of digital currencies.
