What Is Coinweb?
Coinweb, found online at Coinweb.io, is an online cryptocurrency management platform designed to make digital tokens easy-to-use.
Some of the core features with Coinweb include the introduction of “human addresses”. Instead of sending money to a cryptocurrency wallet represented as a sting of numbers and letters, you can send money just like you would send an email. Every Coinweb user gets a wallet with the name of their choice – just like a domain name.
Other core features include the ability to issue tokens and smart contracts through the platform – including smart contract support for the Litecoin network.
Let’s take a closer look at how Coinweb works.
How Does Coinweb Work?
Coinweb aims to simplify some aspects of cryptocurrencies while also adding new features. To do this, Coinweb has introduced something called the Coinweb Metalayer, which is a protocol that works across different blockchains, including Litecoin, bitcoin, and Ethereum. Using the Coinweb Metalayer, cryptocurrency users can hold different coins in a single user-friendly, easy-to-remember wallet address.
Core functions of the Coinweb platform include:
- Human addresses, including cryptocurrency wallets that are labeled just like domains or email addresses, making it easier to send and receive money
- A multi-cryptocurrency wallet where you can manage different cryptocurrencies
- Send messages from your Coinweb wallet, including messages with cryptocurrencies attached
- A decentralized exchange where you can trade popular cryptocurrencies and user-created tokens without needing to deposit tokens into a centralized intermediary
- An incubator that helps blockchain startups create and issue tokens on Coinweb
To access all of these features, you’ll need to hold a certain number of XCO tokens – which are the native tokens no the Coinweb platform. These tokens are designed to offer low fees while also maintaining the needs of a smooth-running network.
Another unique feature of the Coinweb Metalayer is that anyone can use the metalayer to issue their own tokens. Your launched token can have its own blockchain-based “domain name”. It can also work across blockchains and access the features of different blockchains.
What Problems Does Coinweb Seek To Solve?
Coinweb’s overall goal is to encourage more mass adoption of cryptocurrencies by making cryptocurrencies easier to use. Coinweb believes there are several barriers and issues with today’s cryptocurrency ecosystem, including all of the following problems identified in the whitepaper:
It’s Frustrating to Copy and Paste Addresses: Bitcoin and Ethereum addresses are represented by a string of indecipherable numbers and letters. Nobody knows their bitcoin address, and you’re forced to copy and paste the address every time. You might miss a letter or get one character wrong, causing the entire transaction to be lost. It’s a primitive way to interact with the cryptocurrency ecosystem.
Fraud: Companies might release their token address during a token sale. A scammer can easily dupe investors into depositing money into a similar address. They might hack the website or post a separate address on unclaimed social media pages. Scammers have done this to raise millions.
Incompatibility: Blockchains are generally incompatible with one another. There’s limited cross-chain interoperability.
Lack of a Multi-Chain Token: ERC20 tokens on Ethereum provide support for multiple tokens – but only on a single blockchain. Coinweb wants to launch a token that is accessible across multiple blockchains.
How Does Coinweb’s Name Space Work?
Coinweb allows everyone to own their personal space on the blockchain, providing an easy entry point for mass adoption – similar to how domain names made it easier to access the internet.
Coinweb’s naming system allows users to create a unique wallet name called a “C-name”. That name must be completely individual and meet established naming conventions.
The C-name is a blockchain alias or address that you’ll use to receive coins and tokens – similar to an email address but with no suffix.
Coinweb also introduces the concept of a C-domain, which is similar to a domain name. Anyone can register an available C-domain or choose to buy a pre-registered C-domain from a secondary marketplace.
There are also C-usernames, which allow you to create users under a C-name. You might register the C-domain Cryptoland, for example, and register the C-name @cryptoland with a username like [email protected]
Finally, you can use all of these names to issue your own C-tokens. You might issue your own Cryptoland tokens. Anyone with a C-domain or C-name can issue their own tokens.
Other key features under the Coinweb naming system include C-mail, which is an email service built on Coinweb that allows users to easily send and receive cryptocurrencies and C-tokens.
There are also C-TLDs and C-DNS protocols to expand the naming system further. With C-TLD, for example, you can register a domain name ended in .xco – like Cryptoland.xco. With C-DNS, users can use a custom plugin to access a truly decentralized domain name system.
How Do XCO Tokens Work?
Coinweb’s native token is called XCO. The symbol was chosen because “CO” are the first two letters of Coinweb and “X” represents the cross-chain properties of the Coinweb Metalayer.
Coinweb usage fees must be paid in XCO tokens. You’ll need to pay a fee in XCO tokens when a smart contract is executed, for example. This fee protects against network spam and ensures the network remains stable.
There’s a maximum supply of 7,680,000,000 XCO tokens that can theoretically be issued, although the maximum token supply at launch will be 2,400,000,000 XCO. 2 billion XCO tokens can be sold prior to the launch of the platform, with an additional 0.4 billion released to Counterparty token holders (XCP) as an airdrop.
The remaining tokens are reserved for the development company (1.8 billion tokens), early contributors (1.8 billion), and mining (1.68 billion, with a maximum of 10% mineable each year).
Dates for the Coinweb ICO have not yet been announced.
Who’s Behind Coinweb?
Coinweb was launched by founder, CEO, and Chief Platform Architect Jan-Petter Janssen. He’s the former community director and developer at Counterparty.
Other key members of the team include co-founders Knut Arne Vinger (Chief Technical Officer) and Pancho Vanhees (Investor Relations).
Coinweb is a global organization, although most of the team is based in Riga, Latvia.
Coinweb aims to change the cryptocurrency economy by introducing a naming system. That naming system would allow users to claim a name on the blockchain, then use that name to send and receive messages or even issue their own tokens.
In the early days of the internet, we didn’t have domain names or email addresses. The introduction of these protocols made the internet infinitely more accessible. Coinweb aims to provide similar functionality to the world of cryptocurrencies.
To learn more about Coinweb and how it works, visit online today at Coinweb.io.