Looking at the origin of cryptocurrencies as far back when the Bitcoin was created in 2008 by Satoshi Nakamoto, a lot of innovative ideas was birthed alongside. We have the idea of a peer-to-peer electronic cash system and a whole lot of others. This trend created by Bitcoin led to the creation of several other cryptocurrencies each as a result of one innovative idea or the other and each cryptocurrency being created with the aim of providing solutions to one problem or the other. The common issues though with Bitcoin and the blockchain in general are the issues of high transaction fees and really slow transaction speeds; imagine, with Bitcoin a transaction can still be on the processing status for hours and sometimes even days and yet we wonder why there are still huge barriers to the mass adoption of cryptocurrencies. The issue of slow transaction speeds is just one of the many issues, we also have high transaction fees and this is even a bigger barrier to the global adoption of cryptocurrencies as this discourages new cryptocurrency traders from coming into the cryptocurrency world and not only that, people that are interested in investing in cryptocurrencies are being discouraged when they realise that the funds planned by them to use for investment purposes would be so much reduced after transaction fees must have been deducted. All these issues and many more all contribute to the barriers preventing the global adoption of cryptocurrencies.
Attempts have been made over the years to solve the issues presented in the blockchain industry, most especially with Bitcoin and one of those attempts have led to the introduction of Lightning technology. The Lightning technology is one technology that has been in development for Bitcoin and the application process of the Lightning technology is one in which an extra layer of software is added to the foundational technology of Bitcoin. The hope of this is to ensure transactions are accompanied by lower fees and are being completed in no time at all. Several teams supporting different cryptocurrencies have come up with various ideas towards solving the prevalent issues affecting the blockchain industry but despite their efforts, there are still forces preventing its mass adoption.
The idea that Bitcoin tried to portray is the fact that banks and other financial institutions are not needed before individuals get to have full control of their funds, even the existence of banks and other financial institutions makes that impossible as their existence would always stand and make them third parties to what ever transaction an individial wants to make. Just thinking about the limitations financial institutions place on the transactions individuals make despite the fact that they are transacting with their funds; series of identity checks are being carried out when a huge amount of money is to be sent out to another party, individuals do not get the luxury of having accounts with so much money in them without having to go through series of questioning to validate their claim on the money, in short there is no freedom with the use of banks and other financial institutions and this is what Bitcoin tried to effect changes in.
Bitcoin's mandate entails the ability of different parties in consensus to transact directly with each other without the need of any third party or intermediaries; instead what is needed to facilitate the transaction is an electronic payment system that is solely based on cryptographic proof instead of the trust needed when dealing with third parties and intermediaries. The reality remains that even trust some times can never be enough as we are all humans.
The Bitcoin One project is a project that places huge supports on decentralized cryptocurrencies; by decentralized cryptocurrencies, it means those cryptocurrencies that are not in any way controlled by banks and other financial institutions and have no links in any way with banks and other financial institutions and a perfect example of a decentralized cryptocurrency is Bitcoin. Even with the impact of banks and financial institutions, there is still a record of about 3 billion people that are not in any way a part of a customer of any of the existing banks and financial institutions and what could be the cause of this?....these people are unbanked because they probably cannot afford the services of a bank due to their limited reach on finances or as a result of their geographic location as there are so many areas that are inaccessible to banks and financial institutions. The truth is that these people do not actually need the services of any banks as that would not even get them the freedom and decentralisation they need with their finances but cryptocurrency and the blockchain industry will.
Bitcoin One has an objective to help the people that are within the category of the unbanked due to various reasons, whether due to the fact that they cannot afford the services of banks or other financial institutions or due to their geographic locations.
Bitcoin One is focused on implementing a revolution for all those people that do not have a bank account due to one reason or the other and even those people that already have bank accounts but do not have full control over their funds; this is the mandate of Bitcoin One. Bitcoin One is a decentralized project but it is also a cryptocurrency that would effectively hand over to individuals that decide to join the project the reins over their finances; whether private individuals of businesses. Bitcoin One would invariably free individuals from the prolonged bondage and limitations associated with the use of banks and financial institutions for the safe-guarding of their funds as with the use of banks and these financial institutions, individuals can never attain or enjoy the level of freedom and decentralisation being offered by Bitcoin One.
The truth is that the blockchain technology would remain the most innovative development and it has not even gotten halfway to the summit; one can just imagine what to expect when the blockchain technology reaches its peak but that is still a really long way to go.
Technical Info.
The Bitcoin One token has the symbol BTCONE which is of the ERC20 token standard build within the Ethereum blockchain. The total token supply of BTCONE is 21 million tokens with 10 million in circulation. A brilliant strategy implemented by the Bitcoin One team to ensure that the demand of BTCONE would be high as well as the token market value is the limited number of BTCONE in circulation. The idea is that the reduction in supply would lead to an increase in demand of the token and an increase in demand would also lead to appreciation in the market value of the token.
47.6% which is equivalent to 10 million tokens would be allocated to the tokensale, 42.4% which is equivalent to 8,900,000 tokens would be allocated to development/operations/reserve and 10% which is equivalent to 2,100,000 tokens would be allocated to marketing/bounty campaign.
Roadmap.
Bitcoin One is working on developing its own blockchain different from the Ethereum blockchain. What this would do is to make transactions even faster, so fast that they are almost instantaneous. Bitcoin One would also set aside a certain percentage of allocation that would be pumped towards helping people all over the world as well as helping the curtail of fraud.
Useful Links.
Website: https://www.bitcoinone.io/
Whitepaper: https://www.bitcoinone.io/whitepaper/english
Instagram: https://www.instagram.com/bitcoinone
Telegram: https://t.me/TheBitCoinONE
Twitter: https://twitter.com/THEBITCOINONE
Facebook: https://www.facebook.com/bitcoinone.io/
Writer's Bitcointalk username: kitanodebunmi
Writer's Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1298583
