In what can best be described as a breakout coin, this cryptocurrency is set to overtake bitcoin and others with “one coin to rule them all”.
They call it the OneSingleCoin. Unlike bitcoin that has 21 million coins in circulation this cryptocurrency wants to become the most highly priced by having just one coin in circulation.
Already selling at $2,117 (3.94 ETH), OneSingleCoin is already the second most expensive coin behind Bitcoin’s $6,711. But the cryptocurrency is not currently listed on CoinMarketCap.
How OneSingleCoin Started
Founded by a man who would only be known as William, the coin first traded at 0.008 ETH ($5 approximately) in what he describes as a private initial coin offering (ICO). After 35 purchases — it is now worth about 400 times more.
Each time someone buys the coin, its price goes up by 20 percent. The seller receives the price minus eight percent of it, which is equally distributed among all previous owners. At the heart of this new cryptocurrency is an Ethereum smart contract.
The Future Of OneSingleCoin
Besides the profits OneSingleCoin owners will make as people keep purchasing the coin further, they also get to publish one message on the blockchain. This message is also replicated on the website and will live on even if the site is taken down, thanks to the decentralized blockchain technology.
Some thirsty marketers have already used their one-off messages to plaster the improvised message board with cheap marketing plugs. But others are simply using it as an opportunity to post memes.
Although it is not yet listed on CoinMarketCap, OneSingleCoin hopes to live up to its lofty goal of becoming the “one coin to rule them all.”