What is UltraCoin?

UltraCoin (UTC) is a unique cryptocurrency that aims to meet the requirements of a real-world currency. It was initiated in February 2014 by a small team with a vision to develop a currency that is a unit of account, divisible, stable, and accepted. UltraCoin is a hybrid proof-of-work/proof-of-stake coin, meaning that active nodes involved in the mining of blocks are rewarded if they maintain a UTC balance. It employs the Scrypt-Chacha algorithm, which ensures it cannot be mined by ASICs like other cryptocurrencies. UltraCoin aims to be a voluntary, competitive, and widely accepted free market currency, with a community that is engaging, supportive, and innovative.

How does UltraCoin work?

UltraCoin operates on a hybrid Proof of Work/Proof of Stake system. Miners are rewarded UltraCoin for mining blocks, and users are compensated for maintaining network connectivity through their wallets. This system aims to keep the network healthy and secure. Transactions with UltraCoin are designed to be lightning-fast, with a confirmation time of just 60 seconds. The total coin supply is 100,000,000, with a block time target of 60 seconds. The block reward for Proof of Work is 10, halving at 4,000,000 blocks, and the block reward for Proof of Stake is 5.6% per year, 3% at 3,000,000 blocks.

What are the potential use cases for UltraCoin?

UltraCoin seeks to be a powerful alternative to debt-backed fiat currencies. It aims to be a currency that is recognized beyond political affiliations, geographical borders, or nationalities, and to change the face of currency and the way commerce is performed. UltraCoin can be used for a variety of transactions, with the potential to be used by businesses for e-commerce in cryptocurrency. It is also designed to be a currency worthy of voluntary acceptance, without "legal tender" laws, and to develop a currency with potential longevity.

What is the history of UltraCoin?

UltraCoin was initiated in February 2014 by a small team with a vision to develop a cryptocurrency that can meet the requirements of a real-world currency. The team and community behind UltraCoin are dedicated to meeting these requirements, especially acceptance, which they believe is the staple of any successful currency. They believe that a currency with a community that is engaging, supportive, and innovative can pave the future of modern voluntary exchange.