Captcoin Exclusive Interview – Mine by Entering Captcha Codes

Journalist:
August 19, 2014

Captcoin is today’s Random Coin of the Day due to its unique ability to be pseudo-mined by entering captchas. The coin’s page asks you for your wallet address, and then it provides you with three captchas, re-Captcha by Google, VisualCaptcha, and their home-brew. After successfully entering all three captchas, the system queues your payment and will send it within 12 hours.

Unlike traditional faucets, you get your payout directly and in a much larger quantity, plus there’s only a 10 second cooldown which will almost undoubtedly finish before you complete all the captchas.

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Captcoin Exclusive Interview

I conducted the following interview with EcuaMobi, the founder of Captcoin.

Market Cap:

At this early state, it’s hard to say an exact market cap as it is constantly changing. Right now, considering the amount of distributed coins of 1,792,131 and the price of CoinSwap, the market cap is about 33 BTC.

Maximum coins issued: 20 million. However, unclaimed coins will be destroyed.
Hash algorithm: Scrypt. However, PoW blocks are no longer accepted.
PoW or PoS: PoS, with 30% yearly interest until 100,000,000 coins are reached.
Is it able to be mined: Not exactly. However, it can be claimed by investing time and effort.
Exchanges: Coin Swap, Atomic Trade, Cryptoine, LazyCoins, BitTrex
Block explorer: Captcoin
Launch date: July 25, 2014, 5pm UTC.

What is the coin’s purpose?

The main purpose of CAPTcoin is to introduce new people to crypto-currencies. This coin can be claimed by everybody, even without technical knowledge and without investing in mining hardware.

As a result, so far (in [three] weeks) it’s been distributed to more than 10,000 unique addresses. A big percentage [are] people who hold a crypto-currency for the first time. Distribution will last about [four] more weeks.

What problem does it solve?

It solves one of the main problems of crypto-currencies: unfair distribution.

  • Some coins require expensive equipment to mine; therefore, most people can’t afford it.
  • Others [sell] through IPOs and only those who already have Bitcoin can participate.
  • A third kind of currencies freely distribute the coins to people who subscribe. In this case, several people unfairly claim multiple times. Usually, less than 1,000 people are reached.

CAPTcoin solves this problem by allowing anyone to participate in the distribution of the coin. Holding Bitcoins, owning mining equipment or being tech-savvy are not required. The idea is to reward people for their time [and] effort. The more time someone invests, the more coins they get. To achieve this, [we use] captchas. Their only objective is to prevent bots [from claiming] coins while allowing any person to do so.

Who are the developers?

I, EcuaMobi, am the founder and main developer. I have experience [in] crypto-currencies, web development and Android apps.

Several members of the community have joined too: Developers, designers, translators, SEO experts, promoters, among others.

What are the coin’s future endeavors and how do they plan on achieving those goals?

Some of the objectives of CAPTcoin are:

  • Become accepted by a great number of merchants and exchanges.
  • Have an unprecedented number of people [holding] CAPTcoins.

To achieve this, [we take several actions]:

  • [With the] creation of an automated payment system, merchants will be able to process CAPTcoin payments almost without any development required, even without having a CAPTcoin daemon running.
  • A free web service will be provided to notify of new payments, to provide current information and to forward the payment to any desired address, among other things.
  • Several other services are being developed.
  • CAPTcoin, its website and services will be available in several languages.
  • Development of new CAPTcoin services [is] being encouraged by freely promoting them in the official claiming site, which has about 400,000 hits per day and growing. The same applies for new merchants.
  • Referrals are available, so all CAPTcoin holders are acting as promoters.
  • [We will run] several promotional campaigns.

Is there anything else you’d like to say about your coin?

Several common questions [often pop up on] the official forum and social channels. Most frequent are:

  1. How does distribution work?
    Distribution runs for 50 days. During that time, anyone can claim CAPTcoins here. For [ten] days, [one] full CAPTcoin will be rewarded. It will be halved to 0.5 and then again to 0.25. At the end of the 50-period, all coins [that no one] claimed will be destroyed. More information can be read [on the Captcoin Forums.]
  2. Is it a captcha farm? What are you doing with all those “broken” captchas?
    No. Captchas are used to prevent bots from breaking the system while allowing anybody to claim based on the invested time. [We do not use these captchas in any other way], and [they] certainly are not served to another site. More information can be read [on the Captcoin Forums.]
  3. Where can I learn more and get help?
    [More information may be found on the coin’s] official website, BitcoinTalk thread, official forum & chat, Facebook, [and] Twitter.

Do you own any Captcoin? What do you think of their captcha idea? Leave a comment below or let us know what you think in the CCN Forums.

Disclosure: In order to better understand how the coin’s captcha promotion works, I installed the wallet and tried the captchas once. I donated as much of the funds as possible and deleted my wallet afterwards.

Photo Credit: Captcoin logo used with the permission of Captcoin.

Last modified (UTC): August 18, 2014 21:31

Rick Mac Gillis @ManWithNoBrows

Rick Mac Gillis entered the world of Cryptocurrencies in late 2013. He is a controversial journalist committed to investigating and exposing the "dirty bits" of the community. With over a decade of experience in LAMP web development with a focus in custom cryptographic security methods and ethical hacking, Rick Mac Gillis understands the need for proper security standards in cryptocurrency.