FuturoCoin – description, controversies, White Paper
And it has finally happened… 😉
One of the most controversial (if it comes to opinions online) cryptocurrencies, has launched on 31st of January 2018, as it was announced by Futurenet company, and at the same time with a short delay, as many people thought it would start in 2017 – after inauguration event in Macau.
In this article I’d like to describe what this cryptocurrency is about, what interesting things we can learn from its White Paper and how to find its source code – based on information that can be found online and on official FTO website.
But before I get to description – few words in regards to controversies 🙂
Because you have to be aware, that online, this cryptocurrency has similar number of fans, as enemies. And it’s extremely interesting, that the groups of supporters and opponents were already there BEFORE this crypto even started! And that’s the most hilarious thing about it, as both sides presented their opinions way early and because of that… FuturoCoin was widely discussed and popular subject before the launch of White Paper, their wallet, and before it got on the market.
It seems a bit like judging the Musk’s human colony on Mars…
Where did all those FuturoCoin (FTO) controversies came from?
1. The creator of this cryptocurrency is Futurenet – social platform (of over 2mln users), which makes many people annoyed as it sells matrix, advertisement and you can earn in it by referring your friends to sign up. Accusation no.1 – multilevel marketing that’s practiced by the company is a big NO NO! If someone does not like it, he should just not register – I think it’s pretty simple.
2. Futurenet also announced the sale of mining packs for FuturoCoin mining, based on commission reward system (another horror!) 😉
— Where can you buy this mining pack? On Futuro.Network panel
Catch: At the moment the only payment option available to purchase e.g. $100 FTO mining pack, requires you to register in Futurenet. Otherwise you would not be able to top up your Futuro.Network account.
Of course you can mine this crypto by using your own miner, but if you don’t have it, but still want to mine, the mining pool is sold exclusively by Futuro Network. And here as well ‘level commissions’ seem to be a pain for crypto world ‘traditionalists’.
3. FTO entry on Bitbay market was announced by company’s chairman, Sylwester Suszek, during November event in Macau (2017). He did that well before the launch of White Paper, source code and wallet, and by doing so, he attracted a lot of hate from crypto users. Because how can you announce something that has not been seen by anybody yet and that actually did not exist at the time? The chairman Suszek explained that the audit of FuturoCoin has already taken place, but it did not help much.
One way or another, things that ‘weren’t there’ back then – are already here:
FuturoCoin White Paper:
Open source code on github:
Current number of blocks that were already mined:
FTO mining packs:
FuturoCoin online wallet (for direct withdrawals from Futuro.Network):
Proof of Work info (from their own miners):
Cryptocurrency markets that include FuturoCoin:
1. Yobit (see current price on https://yobit.io/en/trade/FTO/BTC/?bonus=lxxhL)
2. Piyasa (turkish market)
If you are a specialists in reading open source codes (as I am not) then I’d appreciate a comment under this article on how above FTO source code looks like to you, does it seem OK, is there anything in it that raises your questions, etc.?
Where can you purchase FuturoCoin from?
At the moment, you can buy it on Yobit. FTO has been added out there in first days of February 2018. Once it’s introduced on new markets I will add the info to the list above.
If it comes to the answer to question: why should I mine it or buy mining packs if I can’t sell it anywhere just yet?
Well, for exactly the same reason why you’d buy into ICOs.
Because the price of it may look good in the future and you may have a good deal there. But it may also turn out, that the price will be low and the project would not turn out to be wonderful – as the price and the worth of the coin would depend on the market and it will be then when we’re going to see whether we’re winning or loosing.
Is it worth it? I DON’T KNOW 🙂
The risk equals 100%. You’ll either earn or not. Out here, same as in any other high risk investment: if you are worried to lose and the potential risk exceeds your possibilities – just don’t take that risk and give it up now.
And now, shortened list of important (in my opinion) information from:
FuturoCoin White Paper:
What was FuturoCoin made for? FuturoCoin was made to provide a solution for slow payments and high fees = it guarantees instant transactions with fixed, competitive fees.
Fixed FTO transaction fee means that it does not depend on the value you send – it is simply FIXED.
The strength of FuturoCoin, comparing to other cryptocurrencies with similar aims, is a very large community connected with Futurenet, that is FTO creator. Currently, it is over 2mln people.
What is the total number of coins? 100,000,000 FuturoCoin
From this number, 70,000,000 will be there to be mined, and 30,000,000 got dedicated for coin’s promotion.
The time needed to mine all coins: 10 years.
New block will be mined every minute.
Each block is rewarded with 13.31811263 FTOs.
FuturoCoin is based on expanded Dash algorithm (it is Dash’s fork), but out here 50% reward goes to miners and 50% goes to masternode network (Dash: 45%/45%/10%).
Because of legal rules and regulations, the PrivateSend functions that’s available in Dash, got deleted from FuturoCoin system. In result, everyone has the same type of anonymity as in cryptocurrencies similar to Bitcoin.
MASTERNODES: the play many important roles in FututoCoin ecosystem.
– instant transactions
– low, fixed transaction fee (which does not depend on the amount being sent)
In DASH masternodes receive additional reward for processing instant transactions. In FuturoCoin there is no additional fee for it, because all transactions are instant.
Masternodes are scattered geographically and protected by specialized companies.
And here, the information that I don’t fully understand: Maternodes are the property of FutureNet company (!) and they are responsible for code development, event organization, staff employment, preparation and implementation for marketing strategies and reward system. Does it mean that nobody would be able to set their own Masternode, and if all of them belong to FutureNet doesn’t it mean that FN will own at least 50% of all coins that were mined? As 50% reward from a block goes to masternode?
In Dash, masternode can be owned by anyone who complies with certain requirements (e.g. owns the minimum of 1000 Dash coins + has his own autonomous servers) and by doing so he contributes to coin decentralization.
So what does it mean that all masternodes are Futurenet’s property? And what if suddenly Futurenet changes its mind and says: ‘you know what guys, we don’t want to do it anymore’? If the masternodes are responsible for transaction speed, fees and management, would there be anybody to take care of these things? Saying apocalyptically: would the system stop, because nobody would send anything? 😉
I would be grateful if someone could explain it to me, answering to two question below, as I am really not an expert:
a) if (hypothetically) without masternodes, that have impact on instant transactions, management and fixed transaction fees, could the system sustain?
b) how is that possible that it does not have an impact on decentralization if 50% reward from each block always goes to masternodes?
Mining: Proof of Work. FuturoCoin runs in X11 algorithm (FTO code is based on Dash code). In FuturoCoin network, each user can set his own chain and hold it to generate new block (13.31811263 FuturoCoin reward).
FuturoCoin is based on Dash. It has all the restrictions protecting the network from various attacks (Finney, Sybil, etc.).
I have skipped a lot of blah blah if it comes to history of cryptocurrency, Satoshi Nakamoto, crypto idea, Bitcoin, blah blah blah, explanations of cryptographic asymmetry, how blockchain transaction looks like, blah blah, what are the benefits of Dash code, etc – in general, there was a lot in it about Dash, and I think it was not needed.
To summarize (and that is of course my personal opinion):
– FuturoCoin does not bring any outstanding technological news, and it does not offer groundbreaking solutions for the market. We know, that this cryptocurrency is not revolutionary, and it does not aim to create something that would be a discovery worth Noble prize…
– BUT… we cannot deny the fact, that no.1 power of FuturoCoin is the community of Futurenet social platform (with dominance of China, Korea + the rest of the world – and those first two countries prove what scale of popularity this coin might have on the cryptocurrency market). There is substantial number of people that is waiting for the coin – and many have it already, as they received it for marketing activities in Futurenet.
– Taking into consideration the fact that the community around FTO consists mainly of MARKETERS from various parts of the world, it might have significant impact on ‘pumping’ the price and strong promotion.
– If in addition to that, FTO will honestly allow instant transactions and will appear on major markets (and that’s the plan) – then I think, it wouldn’t have to give any more, because the problem of speed and fees is still the major problem in today’s world. It is also worth to remember that the community may impact THE RISE of price, as well as its DROP. Especially if people decide to suddenly start selling – for example, due to panic, that happens a lot on crypto market.
– And what else… even if it turns out that masternodes, belonging to Futurenet, did impact its centralization, then what? Nowadays, people are starting to notice that many cryptocurrencies (including Bitcoin) are not really as decentralized as it’s commonly perceived. But I don’t personally know much about it.
What is the risk in FuturoCoin investment?
Same as with every other cryptocurrency: YOU MAY LOSE.
Or gain. Nobody knows how the price will develop, as it is always up for speculation.
Just remember about the rule no.1: NEVER invest the money in ANYTHING, if you don’t have it or you’re not prepared to lose it. And remember that you will NEVER get 100% guarantee that you will earn 🙂 And it is you to make the decision.