Week 7: Energi

Apr 10, 2019

This week I learned more about Aksel structure, which Mr.Biswas is planning to use for one of the cryptocurrencies that he is developing called Qcoin. Aksel basically sets up a mini-economy in Qcoins can be made, used, and traded. The purpose of holding on Qcoins would be to gain voting rights to invest in startups. Its goal is to essentially decentralize the role of venture capitalists.

I also learned about a different cryptocurrency called Energi because it has a quality that is probably going to be replicated in Qcoin. The amount of Energi that created is based on its demand. This is done by keeping supply and demand at a 1:2 ratio. This means that if I want to buy 1 Energi coin, I won’t be able to do so until another person wants to buy one coin. Then that person won’t be issued a coin until a third person wants an Energi coin, and so on. I think this would be a great way for Qcoin to raise its value but it will only work if people value the things that Qcoin can be used for, which is yet to be determined.

At the beginning of this project, I was planning to make a general report on the balance of the security of cryptocurrency data and its fungibility assuming that their goal was to be as valuable as possible compared to an American dollar. However, after learning more about the purpose of Qcoin I will modify it to include cryptocurrencies that have one purpose and my thoughts on how to make them the most valuable.

 

One Reply to “Week 7: Energi”

  1. Suraj P. says:

    I don’t understand the purpose of having that 1:2 ratio? Why limit people from buying your cryptocurrency? Doesn’t that just limit your customer base?

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