AsiaCoin, The First “Continental Coin” Besides Eurocoin

Journalist:
Samuel Barnes @gravysam
April 25, 2014

AsiaCoin plans to give users a new perspective on national cryptocurrencies.

There’s an interesting new altcoin: AsiaCoin is another Altcoin that claims to be different from the rest. Asserting itself as the first “continental coin”. However, back in March there was a Eurocoin that released with little mainstream attention.  With ambitions to dominate the Asian market in these “hard times”, AsiaCoin is a direct nod to the Chinese Bitcoin ban controversy but is it worth the hype?

To deduce this we have to look at the facts:

  • Zero Pre-mine – Always welcome, hopefully this attitude to launch leading to no initial public offering is a shift away from pre-mined shit-coins that have been the market standard.
  • PoS – Proof of Stake, but to a much greater degree than has ever been seen in the past. 100% PoS is being offered in year one, with 2% every year afterwards. I think this is a move to entice early investors and attract attention with such a large return figure being used. AsiaCoin is the first region-centric coin to take this approach.
  • Early Support – Already AsiaCoin has a multitude of pools, acceptance on exchanges (including BITREX, poloniex, Crypto Altex, C-Cex, mintpal and Bit123) and a slew of bounties waiting to be claimed by early contributors.
  • Experienced Developers – This video insists they have a “professional development team”, regardless of the legitimacy of this claim their website is informal and sexy. This is in stark contrast to many other Altcoins, let alone some national cryptocurrencies.

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[dropcap size=small]T[/dropcap]heir bitcointalk thread details their supposed plan:

“Recently, a lot of Country Coin have been created with a huge % of the premine ( 48% + ). Then the coins were distributed to the people living in the country.For freedom, for finance or helping cryptocurrecny to be accepted by more and more people , however it seems to be a nice idea. But as we have seen, most of them are 100% HUGE SCAM. Because the huge premine is unfair to the miners and investors pay for the premined coins finally. So AsiaCoin is created without premine and IPO, it definitely fair to every miners and investors.

But a new problem has arisen which is important to any alternative coins – how to anti Pump And Dump? We think that the multipool idea from BC is the most effective way to solve this problem. As planed, a multipool that pays out in Asiacoin will be built after the POW stage. This multipool will support the long term growth and profitability of Asiacoin. We set the fee to 2% and it will be used for the development , promotion and also giveaway.”

Despite the shoddy English (forgivable as it is AsiaCoin) I feel there is quite a coherent plan here, and the wish to separate themselves from other national cryptocurrencies is always welcome. Determination to not fall into the trap of becoming a multipool exploited pump-and-dump will undoubtably attract those who have found this to be a problem in the past. Hopefully, AsiaCoin will follow through on the plan of an AsiaCoin multipool, although this is a little hypocritical to its purpose, this will relax the cold feet many early investors would feel otherwise.

Final Thoughts

Cryptocurrency users will surely welcome the fresh perspective AsiaCoin plans to take on national cryptocurrencies. This follows a troubled past surrounding coins of this nature. Like most altcoins, AsiaCoin will have to rely on fostering a community if it is to successfully blossom. In terms of trading evidence points toward financial success for AsiaCoin, it has had a consistent 300BTC volume per day across exchanges since launch. This expresses that many investors want a “stake” in the young currency and with block rewards to half in less than a day from writing this appears to be a wise move. However, AsiaCoin fails to offer anything software-wise not seen before, to fulfill it’s namesake the coin will have to find some way to specifically latch onto the Asian market. We would love to hear your opinion in the comments. Do you think AsiaCoin sets a new precedence for national cryptocurrencies and altcoins alike? Or do you think that the coin is using the popularity of PoS to make empty statements about the Bitcoin controversy surrounding China?

Last modified (UTC): April 26, 2014 00:55

Tags: asia
Samuel Barnes @gravysam

Computer Science Student. Excited for the future of cryptocurrencies.