Coin

10 Main Features of 1CoinH

  1. 1CoinH is a peer-to-peer payment system that runs on devices like smartphones or stand alone computers and laptops.

  2. To transfer (pay) coins, you bring 2 devices together that connect directly using their wifi antennas, or a bluetooth connection or even using a (mini)usb-stick.

  3. All payments, balance inquiries, ID setting and any other function of the wallet, can be done without ever using the internet. So no need for 3G/4G/5G, GSM or ever connecting to the internet in any other way.

  4. Coins are automatically created and distributed evenly among all the participants: Everyone gets 1 coin per hour.

  5. All coins are automatically depreciated with 0.005827182% per hour (=40% yearly) to ensure the money supply becomes constant in 20 years, to keep the money velocity high and totally eradicate inflation.

  6. The symbol of the coin is “ᕫ”. You can also use “CPH” (Coin Per Hour). In colloquial language we simply refer to ᕫ as “Coin”. When you pay – for instance – ᕫ3.20, you can say: “I paid three coin twenty”.

  7. 1CoinH is NO cryptocurrency! All transactions are visible to everyone. So no encryption and no private keys or passwords. You never need to worry about losing your private keys or login passwords ever again.

  8. 1CoinH uses personal blockchains and fully self-sovereign identity “.png”-files that are only secured with “sha256”-hashing technology and are shared with any person you transact with.

  9. The main goal of 1CoinH is that all money in circulation is created in an ethical way. Based on ethical money, privacy cryptocurrencies might be developped to enable full private transactions.

  10. 1CoinH is not backed by gold or anything else, to prevent that certain people that own a lot of gold, have any influence on the value of the coin. The value is solely based on the trust of the community using it.

Centralized is also allowed!

All the money we use goes through more or less centralized systems. For transfers, you use the servers of banks on which the account details of their customers are centrally stored in databases per bank. And although the blockchains of cryptocurrencies are spread over the miners (i.e. decentralized), you still need an internet subscription, which you pay in the currency used by the internet provider and all communication is centralized via the servers of the internet providers. The administrators of these central points (banks and internet providers) can allow or block your payments – via these central points – if they wish.

To ensure that money is created in an ethical way (equally for everyone and without restrictions), it is necessary to have a money creation, distribution and transaction system that is completely decentralized – i.e. without centralized databases at banks, governments or internet providers – can function. That is the only way to put the Money Printers out of the game.

The pilot that 1CoinH held in July 2022 showed that this is possible and how it works.

Now that we know that a pure peer-to-peer money creation and payment system is possible, it is important that this is developed as quickly and professionally as possible. Paradoxically, the fastest way to achieve this is a way that initially runs on the internet, simply because it then becomes very easy to check with everyone whether the locally running personal blockchains grow flawlessly. This means that the development phase that we will start at the end of 2022 will be centralized via the internet, but in a way that we can move to a fully decentralized system (without internet providers) at any time.

Incidentally, it is not inconceivable that the internet-centralized version of 1CoinH will one day disappear. It is very easy to imagine that you leave the control mechanisms centralized via the internet per region, for example. As long as the internet is accessible to (sufficient) people within the region.

Detailed Description of the 1CoinH Technology

  1. The Purpose of 1CoinH
  2. Proof of Peers
  3. Self-Sovereign Identity
  4. Demurrage
  5. Originating
  6. Start Coins
  7. Data Model
  8. The Sentinel
Open Source

1CoinH is developed as open source software. We invite all programmers that understand the importance of redesigning the financial system, to take a look at our efforts and help us to create the best user experience for our users. 1CoinH is developed using JavaScript, that is locally installed and runs without being connected to the internet, to make it accessable to as many people as possible.

See more at: https://gitlab.com/1coinh/