The mission of the developers of this coin is the promotion of decentralization. They want to ensure that adoption of the blockchain spreads via active development and promotion. To achieve their mission, they have created a well-thought-out roadmap. This roadmap underlines the upcoming changes and improvements that are expected to come to the UFO core.
The 2018 Roadmap For UFO Coin
After upgrades to the UFO network, they will add a lightning network, which will ensure fast transactions. It will also allow for atomic swaps between other crypto coins, bi-directional payment channels, and many other new features. There will also be a web-hosted wallet that will offer SegWit address support with multisig. There will also be Raw Transaction tools offered with this wallet.
A Detailed Look at UFO Coin
Ufocoin was first launched in 2014. On July 2, 2015, the virtual currency was revamped. This entailed changing its algorithm from Srypt to NeoScrypt, which is an upgraded version of Scrypt. This new Scrypt is 30% more energy efficient, and it is ASIC resistant. This is especially important since ASICs have taken over the mining of Scrypt. This means that for CPU and GPU miners, it is no longer profitable or worth the effort.
The NeoScrypt is quite similar to X11; this is in the sense that X11 is profitable for those using their CPU or GPU to mine crypto coins. It is also more energy efficient, which means that miners can break even in a relatively short time. X11 has become quite popular, especially after the release of Scrypt ASICs. This has caused all GPU and CPU miners to flock to X11.
More About UFO Coin
According to the developers of Ufocoin, they hope to help the renewable energies sector with it. For now, since Ufocoin uses the easy to mine Neoscrypt, it does seem like it would be worth the effort. To keep out multipools, Ufocoin implemented Nite’s Gravity Well. This allows for the rapid response to the hash rate change. With this model, the payouts start to fall as soon as a multipool tries to mine Ufocoin. When the pool leaves, the profits start to go up again.
Ufocoin also has measures in place to prevent time Warp attacks and 51% attacks. With a time warp attack, the miner is able to reduce the difficulty below where it should be. Thus, they are able to mine more coins than they should. In a 51% attack, the miner will try to confirm non-existent transactions, thus getting coins that they should not.
Ufocoin is also quite fast; a new block is created every 115 seconds. In total, 4 billion Ufocoin will be created. Every block will earn miners 1250 coins. After every 400,000 blocks, the rewards are halved.
It Has a Small Hash Rate
The Ufocoin network only has a hash rate of about 5MH/s. However, this hash rate will no doubt grow in future. It is now traded on a crypto coin exchange. However, as it gains in popularity, you can expect that it will be offered on more exchanges.