What Is HydroCoin?
HydroCoin is a cryptocurrency that aims to become the standard currency of the hydrogen fuel cell industry. Its creators hope to create a convenient payment system that will be widely accepted by renewable energy companies, ultimately stimulating broader adoption of these beneficial technologies. They also hope to fund a nonprofit group, the Hydrogen Future Foundation, which will research and endorse new fuel cell technologies. While the company's ambitions are admirable, it's difficult to imagine companies preferring HydroCoins to fiat currency.
The Team Behind HydroCoin
HydroCoin is being developed by a 12-person team, with members based in Germany, Greece, and the United Kingdom. While the group's website provides no biographical details about its creators, their LinkedIn pages reveal extensive experience in software development and marketing.
Confusingly, another cryptocurrency using the same name was released in late 2017, but it appears to be defunct. The old token's symbol was HDC, whereas the new one is abbreviated HYC. The new HydroCoin has been covered by a few prominent websites devoted to cryptocurrencies, but it has not yet established a presence on social media.
HydroCoin Clean Energy Hyrogen Blockchain Project Technology
HydroCoin is an ERC-20 cryptocurrency that its creators intend to be accepted as payment by companies selling hydrogen fuel cells and related products. They hope that consumers will enjoy access to the most reputable and advanced providers, and that these companies will enjoy the exclusive business of these customers. The company will release an app for consumers at the end of 2018. Connecting eager consumers with cutting-edge businesses is a great idea, but it's difficult to imagine that they'd prefer doing business with a specialized cryptocurrency.
HydroCoin's creators also hope to become directly involved in the industry they serve by funding research through the Hydrogen Future Foundation. While the group hasn't yet issued a clear mission statement, they describe a program of researching nascent renewable energy technologies and supporting companies that they find promising. Bolstering the industry like this not only advances their goal of promoting clean energy, but it should also generate greater demand for HydroCoins.
HydroCoin hopes to coerce energy providers and consumers into adopting it by offering its endorsement to companies it finds reputable. As the renewable energy industry continues to develop, consumers may not be sure what to expect from products and services, and regulations to protect them may not be fully realized. Thus, such an approval system may be very useful, but it would be surprising if this alone convinces consumers to adopt the currency.
HydroCoin's whitepaper notes that the currency is still far away from public adoption; services payable with HydroCoins will not be available until the year 2020.
HydroCoin HYC ICO Details
HydroCoin's pre-ICO began on January 1st, 2018, and will continue until the beginning of the full sale on April 1st. The ICO will end on September 30th or whenever tokens are sold out, and the token will be available on public exchanges immediately afterwards. During the ICO, one HYC will cost 0.001 ETH, but pre-ICO customers will receive a 10% discount. A total of one billion HydroCoins will be created, but only half of these will be sold to the public; of the remaining 500 million, 25% will fund the Hydrogen Future Foundation, 15% will be devoted to marketing, and 10% will pay the development team.
Unlike many ERC-20 currencies, HydroCoin will accept a variety of currencies during its ICO, including Bitcoins, Euros, and US Dollars; most accept only Ethereum. However, this is only available to users who register with the group. Users who don't want to register can still purchase the coin using Ethereum.
HydroCoin's ambition is impressive, but it's not clear if there will be great demand for its currency. Businesses growing in this fast-moving industry need support and networking with receptive customers, but they are likely to prefer fiat currency. To determine whether HydroCoin is a wise purchase, investors will need to carefully observe the size and activity of its network of users.