I’ve decided to create a new cryptocurrency I’m working on which is backed by bitcoin. The name of the coin is makcoin, named after me (the creator) Makell Bird. The idea behind this coin is to solve certain problems:
- At the time I’m writing this, there are somewhere between 7-8 billion people in this world and I’d like to see that represented in a way where everyone on Earth could attain at least 1 whole makcoin. So, there will be 8 billion whole makcoins created.
- There is currently no wallet to store these coins. Coins will be privately sent out, verified, and transferred via a secret SHA-256 Hash controlled by a verified list of people connected to the hash code. There is no limit to the number of makcoins 1 person can hold but 1 person can never hold all the makcoins.
- MakCoin will be representing a 1:1 ratio on bitcoin, whereas 0.00000001 bitcoins is referred to as 1 satoshi. The initial value of a makcoin is the same in exchange. Owners can choose to own their coins publicly, meaning they can be attached to the hash code assigned to their makcoin or privately as the hash assigned to them and the coins they have are only known to the database and the database can only be adjusted by a moderator. This means that a makcoin transaction must be verified by a makcoin operator.
MakCoins will also be earned every 30 days like a “proof of stake”. Every 30 days 1% of the makcoins you hold will be adjusted and the new “staked” coins will be added to your balance.
Nothing is automated with makcoin at the moment. All transactions must be negotiated.
How it works
You will pick a username and a password. Your username and password will be assigned a SHA-256 hash code. These 4 things will be used to identify you and your wallet and all 4 things will be used to verify a transaction. You can send makcoin to someone if you know they’re username. You can identify yourself publicly with an e-mail address and your name if you want.
NEVER EVER give out your username, password, and hashcodes as someone could compromise your wallet.
Once you own a makcoin (or makcoins) you can send them to someone or someone can buy your coins. You will need to identify yourself publicly in order for them to contact you but then you can arrange to sell your makcoins directly and at your own price! You can exchange your makcoins for any other crypto currency.
Currently you will need to e-mail firstname.lastname@example.org to arrange to get some makcoins or buy makcoins.
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