May 9th, 2017 – Version 1
Definition from http://www.chaincoin.org/the-vision/ Web Site
When it comes to banking, and controlling our own money, we have limited options. However, with the emergence of digital currency, we now have choices! ChainCoin is a currency, established in 2014, offering freedom from centralised banking allowing you to use digital currency in the real world.
What does this mean for you? Well, ChainCoin will be easy to use as your local bank. Put money in, pull money out, spend your money, and best of all, your ChainCoin works for you 24/7. All this happens outside current centralized banking allowing more freedom over our funds than ever before.
Even though the blockchain network is decentralized, many of the services that allow its use in the real world are still centralized. This takes away a fundamental aspect of why we use blockchain networks. With Project X-Chain we aim to create truly decentralized ecosystem by “chaining” multiple blockchains together and providing a decentralized in-wallet exchange. Using this technology a library of applications can be developed to further enhance and assist ChainCoin’s community.
Community Enthusiasm – 3.5 out of 5
- Slack has 279 members and is Very active daily.
- The Bitcointalk thread is Occasionally active.
- Other Community links also point to Twitter and Telegram
Active Development – 4 out of 5
- The devs are working in the background.
- The devs are making and discussing progress.
- The devs have released a thorough Roadmap detailing their plans.
Exchanges – 1 out of 5
- This coin could be bought for below 20 sats any time until Mid-March
- The price has exploded to 5k to 7k sats since then.
- Windows wallet
- Apple wallet
- Website – http://www.chaincoin.org
- Slack – https://chaincoin.herokuapp.com/
- Bitcointalk – https://bitcointalk.org/index.php?topic=422149.0
- Block Explorer – https://minkiz.co/acme/chc
- Roadmap – http://www.chaincoin.org/development-roadmap/
- Whitepaper – None
- GitHub – https://github.com/chaincoin
May 9th, 2017 Summary
As I was reading through the Chaincoin BCT thread and webpage, I was trying to figure out exactly what was unique about this coin. At first glance, it appears to just be a currency with Masternodes. I had looked before when the price was a fraction of the current price and missed something very important.
This is why it is so important to research carefully when looking at Small Cap coins. If you can find one like Chaincoin with a plan to provide something more than just a currency, with active development and an excited community, you can hit the jackpot. Unfortunately, the price has caught up with the promise and I missed the huge returns I could have realized.
Chaincoin’s current Roadmap details plans to create an exchange linking Blockchains, which is a relatively common goal these days, but… also hiding in there is this statement about Personal Banking:
“ChainCoin will become your own personal bank. Easily store your coins, withdraw cash or spend your money with a card.”
That is a challenge the Crypto community needs to have solved. A few coins are working on it, but even if they all succeed the demand will be there to keep them all busy.
It is painful to buy at the current price when you look back 2 months and see it has risen over 400x, but there are a few factors to consider. First, there are only going to be 23 million coins total, which makes the price under 10 cents pretty competitive when compared to many other currencies near the same price with hundreds of millions of coins. The market cap at the moment is still under 1000 BTC as well, even though the price is way up.
So, price is not really out of bounds yet, and may still be considered reasonable if they continue to make development progress. I tried to buy CHC when it was much cheaper, and found there are very few sellers. I saw someone saying the same thing today, so I am not sure what the best way to get your hands on CHC is unless you are willing to pay up. I will try to buy some if it drops below 4k sats.
Just for reference, Masternodes require 1000 coins if you are interested in setting them up.