The cryptocurrency market has been continuously expanding in the last few years
and new digital assets were released to the market. One of the crypto assets that claims to be the cryptocurrency of the future is WebDollar (WEBD). In this article, we will explain what WebDollar is, what it’s aiming to improve, and which are the main characteristics of this cryptocurrency. The Internet became an important part of our daily lives and it is connecting not only people and businesses but also objects and machines. With WEBD, the goal is to have a native asset for the World Wide Web and enhance the entire www ecosystem.
What is WebDollar?
WebDollar wants to become the native cryptocurrency of the World Wide Web and help the whole industry to expand, to improve its portability, lightness and simplicity. Although Bitcoin (BTC) remains the largest cryptocurrency in the market, it was not able to establish itself as the native currency to the internet. The team behind WebDollar has been working very hard writing an original code for the whole network. With it, it is possible to run an independent and powerful blockchain with different capabilities. The surprising thing about this project is the fact that they didn’t start from an Initial Coin Offering (ICO) as most of the tokens that are currently available in the market. Inventor Alexandru Ionut Budisteanu along with several other developers has already an ongoing project that didn’t receive funds from private investors in the form of an ICO.
Back in 2017, ICOs were the main tool for crypto and blockchain-related projects. However, most of these ICOs were not able to succeed and grow. Indeed, they were highly criticized by market enthusiasts and many countries have banned them. ICOs used to generate high profits for their creators, which resulted in a wave of scam projects that had a negative impact on decentralization in general. WebDollar instead started from scratch without an ICO and it has set apart just 10% of the total supply that the network will ever create. These funds are only used by the creators to pay for the continuous development of the market in many forms of rewards. WebDollar team is working so as to offer a simple user experience to handle cryptocurrencies. No installations or downloads are required and there is no need to handle complicated configurations. To make it faster for users, the wallets are generated and handled automatically and can be saved locally on any machine that has a storage.
How Does WebDollar Work?
WebDollar is currently powered by a hybrid consensus algorithm that includes 33.33% Proof-of-Work (PoW) and 66.66% Proof-of-Stake (PoS). The network is moving forward with its goal of becoming 90% PoS and just 10% PoW considering this would be much more effective, green (eco-friendly) and secure for the whole ecosystem. When it was launched (26 April 2018) the cryptocurrency was 100% PoW.
Users can start mining the digital currency in a fast and easy way just by running any browser on any supported device. A computer can easily start mining WEBD and the user is quickly rewarded. Moreover, WEBD is powered by one of the most advanced NIPoPoW consensus algorithms. The Non-Interactive Proofs of Proof-of-Work are stand-alone strings that a computer program can inspect and verify an event happened on a PoW network. These are usually very efficient for mobile wallets and for sidechains, among other things. As mentioned before, WebDollar allows users to start using it without having to make any specific download, installation or registration. Moreover, the wallets are generated directly in the browser, which allows non-savvy individuals to start handling cryptocurrencies. At the same time, the network offers offline transactions and it has been designed to be ASIC resistant and GPU unfriendly.
In the future, the goal is to increase the anonymity of its users by developing and adding transaction mixers. These mixers are very useful for individuals that want to protect their privacy and data when making transactions on the network. There are some cryptocurrencies that have already added these features but none of them is able to offer the fast and easy-to-use services offered by WebDollar. At the same time, the team wants to implement smart contracts as well. This would help the whole network work not only as a blockchain platform to make and process transactions but also to process more complex tasks and instructions.
A future set of new features include an ecosystem exchange and exchange listings, scaling transactions, a community voting centre for updates, multi-sig using fingerprint and facial recognition ID and many other things. It is worth mentioning that the project is also promoting the network with monthly bounties on Twitter and YouTube, you can follow them on Twitter for the weekly topics. Users that want to acquire the WEBD cryptocurrency can do so by registering on the BitRabbit cryptocurrency exchange, a platform that allows clients to trade digital assets on the market. Other exchanges supporting this virtual currency include P2PB2B, BitMahavi (bank transfer), Swaps Network and WebD Timi (paypal and credit card).
The WebD Timi exchange aims to deliver a 24/7 services for buying and selling WEBD cryptocurrency without barriers and using the most common fiat currencies among the WebDollar community members. The team is constantly working in order to increase the liquidity for this cryptocurrency. They are also trying to list the digital asset in other popular and widely used crypto exchanges. This would have a positive effect on WEBD considering that it will have more exposure to investors, traders and crypto enthusiasts. Some of the companies that are currently working with WEBD include Hostero, Webd.Shop, Ale-Teo, Mojito Club, Crypto Coffee, Shop Aji, and many others. In the future, the number of companies working with WEBD is expected to grow as the team creates new partnerships and the WEBD digital asset expands in the market.
WebDollar was created as a cryptocurrency that wants to become the native asset of the Internet. Although the team knows this is not an easy task, they are building a network that is easy to use and that would provide innovative solutions to users. With a NiPoPoW and its ASIC-resistant consensus algorithm, WEBD aims at offering simplicity, lightness and portability to users that are currently using the Internet all around the world.
Article Produced By
Heiko Closhen, Entrepreneur