YoCoin YOC is a peer to peer decentralized cryptocurrency that enables people to store their wealth in digital form. There’s also the possibility of earning interest on the coin in the event that it’s held in the platform’s wallet for a substantial amount of time. The coin is designed to grant financial freedom to those looking to break free from the inconveniences of a centralized banking system.
YoCoin YOC Mining
The coin is generated through mining using CPU or GPU and doesn’t require a ASIC miner as is the case with mining bitcoin. Mining YoCoin can be done in two ways:
- YoCoin solo mining
- YoCoin pool mining
It’s highly recommended that when one is ready to mine this coin they do so by joining a pool which is a large group of individuals who come together to solve a mathematical equation. Rewards are usually distributed to pool members depending on work sent.
Yocoin YOC Trading
One can also make money out of YoCoin by price movements when one buys when the price is down and sells at a higher price. The difference that arises through such movement is a gain for the investor and they can pocket it. To benefit from such price movement, one needs to own the YoCoin which can be gotten from exchanges such as Yoniex.
Uses of Yocoin YOC
The only way that a digital currency will work is in a situation where there’s a distributed network for it to operate on. The following are the impacts of YoCoin on different groups of people:
- Individuals – Any single person is in a position to use this coin as means of paying for good and services. They can also use it to transfer money to your family, friends or colleagues. The control of one’s funds is entirely up to them since the wallet can only be accessed by the owner. An individual can also make a profit by staking their coins which earns them interest for supporting the network.
- Merchants – They can accept YoCoins as a form of payment for the goods and services that they provide. The use of YoCoin allows the merchants to transact with anyone from any part of the globe. In the near future, a plug and play merchant platform that will facilitate transactions on using YoCoin.
- Developers – YoCoin platform is an open source and developers are being invited to contribute on it. There’s still need to develop API’s that will facilitate a vibrant YOC ecosystem that’s easy to use.
YoCoin Technical Specs
- Name – YoCoin
- Ticker code – YOC
- Algorithm – Scrypt
- Address letter – Y
- Config file – yocoin.conf
The success of YoCoin depends on the increased usage of the coin. This will be brought about by its mass adoption as a reliable way of carrying out transactions. The existing ecosystem has the ability to continue advancing the YoCoin platform.
The fact that there are Yoawards to act as incentive to users also helps with scalability of the coin. It can be considered that YoCoin is digital currency that’s out to revolutionize the way business is done.