ABOUT OFW COIN

OFWCOIN is a decentralized cryptocurrency which is peer to peer with X11 Algorithm and using a hybrid PoW/PoS system which provides several layers of security, and transparency of transactions via the blockchain which is publicly available to see on links below. The OFWCOIN is created for the Filipino to remit money to family and friends saving you expensive fees and often slow transfers from banks. Our vision is for the OFWCOIN to be the cryptocurrency of choice for all Filipino’s both at home and abroad.

Some Features of the OFW COIN

4 Million USD Market Cap with 2% Yearly Interest

Only 1% Pre-Mine, Self Funded - No ICO

Minimum of 7 Confirmations for sending

0.1 Transaction fees

Android App Coming Soon

Targeting a 30 Billion USD a Year Industry

OFWCOIN Is an innovative, secure remittance and payment method which is a perfect platform for the Overseas Filipino Worker to send money to and from the Philippines with anonymity and with a tiny cost of 0.1% per transaction.

Everything in the twenty first century is turning digital, and our money is following the trend. And the Philippines is no different to any other Country with most of the public now having access to both Internet and Smartphones / Tablets etc.

OFWCOIN was founded in June/July 2017 by a team of Filipino and Foreigners with the aim of creating a clean, user-friendly and cohesive solution for Overseas Filipino Workers seeking an coin they can both identify with, relate to and embrace and proudly call it the Altcoin of choice for the Filipino.

Using innovative and secure blockchain-based technology, to complete regular low cost transactions amongst peers/family and friends and eventually merchants.

The OFWCOIN while using some of the principal technologies of Bitcoin, also uses newer technology to keep your money safe and stored on your PC / laptop or Phone so that it is easily accessible but with the option of taking your money “offline” to secure it in a paper wallets.

Our vision is to integrate the OFWCOIN into the Filipino society making it even more user friendly with plans to team up with both local and overseas based exchanges and local remittance services while still maintaining the 0.1% cost to the user.

The Remittance Industry is a staggering 30 Billion USD a year in the industry Philippines and is growing every year!

Multi Platform OFWCOIN is currently supporting Mac, Linux and Windows Wallets. An Android Wallet will soon be released.

Future plans for OFWCOIN include the following :

  • Android Wallets
  • Integration with more exchanges
  • Payment Systems allowing the payment of bills from providers
  • Integration with the major current Bitcoin and Altcoin exchanges in the Philippines
  • See WhitePaper for further information

The OFWCOIN uses an X11 Pow/PoS Hybrid Algorithm which is to say that the OFWCOIN uses the best of both Worlds, making the coin Secure, Sustainable, Environmentally Friendly and Miner Friendly.

The proof-of-stake system was designed to address vulnerabilities that could occur in a pure proof-of-work system. With bitcoin for example, there is a risk of attacks resulting from a monopoly on mining share. This is because rewards from mining are programmed to decline exponentially, which may decrease the incentive to mine.

As miner’s decline, the likelihood of a monopoly increases, which leaves the network vulnerable to a 51% attack (a 51% attack is when a single entity possesses over half the mining share, which would allow this entity to theoretically double-spend a transaction involving their coins). With a proof-of-stake system, new coins are generated based on the holdings of individuals. In other words, someone holding 1% of the currency will generate 1% of all proof-of-stake coin blocks. This has the effect of making a monopoly costlier, and separates the risk of a monopoly from proof-of-work mining shares.
The proof-of-stake method of generating coins requires very minimal energy consumption; it only requires the energy to run the client software on a computer, as opposed to running resource-intensive cryptographic hashing functions.

During its early stages of growth, most OFWCOINS will be generated by proof-of-work like bitcoin, however over time proof-of-work will be phased out as proof-of-work difficulty increases and block rewards decrease. As proof-of-stake becomes the primary source of coin generation, energy consumption (relative to market cap) decreases over time.

OFWCOIN is designed so that it will experience a steady 2% inflation rate per year, yielding an unlimited number of coins. This is a combined result of the proof-of-stake minting process, and scaling of mining difficulty with popularity.

See Technical information below which can also be found on the Whitepaper –
Difficulty Re-targeting: Sophisticated method every block
Block Time: 3 Minutes (180 Seconds)

PoW Reward:

  • 100 Coins each block for the First 2 Months – (Totaling 2,688,000 Coins Created)
  • 50 Coins each block for the next 4 Months – (Totaling 2,688,000 Coins Created)
  • 30 Coins each block Thereafter – Flat Rate Forever Until Coin Cap (Totaling 6,451,200 Coins Per Year)
  • PoS Yearly Interest Rate (% Per Year): 2% (0.0054% Interest Per Day)
  • Minimum Stake Age: 12 Hours
  • Maximum Stake Age: Unlimited
  • Block Confirms for Mined Blocks: 20 (60 Minutes)
  • Block Confirms for Sending/Receiving: 7 (21 Minutes)
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WHY OFWCOIN

OFWCOIN Is an innovative, secure remittance and payment method which is a perfect platform for the Overseas Filipino Worker to send money to and from the Philippines with anonymity and with a tiny cost of 0.1% per transaction.

Everything in the twenty first century is turning digital, and our money is following the trend. And the Philippines is no different to any other Country with most of the public now having access to both Internet and Smartphones / Tablets etc.

OFWCOIN was founded in June/July 2017 by a team of Filipino and Foreigners with the aim of creating a clean, user-friendly and cohesive solution for Overseas Filipino Workers seeking an coin they can both identify with, relate to and embrace and proudly call it the Altcoin of choice for the Filipino.

Using innovative and secure blockchain-based technology, to complete regular low cost transactions amongst peers/family and friends and eventually merchants.

The OFWCOIN while using some of the principal technologies of Bitcoin, also uses newer technology to keep your money safe and stored on your PC / laptop or Phone so that it is easily accessible but with the option of taking your money “offline” to secure it in a paper wallets.

Our vision is to integrate the OFWCOIN into the Filipino society making it even more user friendly with plans to team up with both local and overseas based exchanges and local remittance services while still maintaining the 0.1% cost to the user.

The Remittance Industry is a staggering 30 Billion USD a year in the industry Philippines and is growing every year!

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MULTI PLATFORM

Multi Platform OFWCOIN is currently supporting Mac, Linux and Windows Wallets. An Android Wallet will soon be released.

Future plans for OFWCOIN include the following :

  • Android Wallets
  • Integration with more exchanges
  • Payment Systems allowing the payment of bills from providers
  • Integration with the major current Bitcoin and Altcoin exchanges in the Philippines
  • See WhitePaper for further information
+
PoW/PoS HYBRID SYSTEM

The OFWCOIN uses an X11 Pow/PoS Hybrid Algorithm which is to say that the OFWCOIN uses the best of both Worlds, making the coin Secure, Sustainable, Environmentally Friendly and Miner Friendly.

The proof-of-stake system was designed to address vulnerabilities that could occur in a pure proof-of-work system. With bitcoin for example, there is a risk of attacks resulting from a monopoly on mining share. This is because rewards from mining are programmed to decline exponentially, which may decrease the incentive to mine.

As miner’s decline, the likelihood of a monopoly increases, which leaves the network vulnerable to a 51% attack (a 51% attack is when a single entity possesses over half the mining share, which would allow this entity to theoretically double-spend a transaction involving their coins). With a proof-of-stake system, new coins are generated based on the holdings of individuals. In other words, someone holding 1% of the currency will generate 1% of all proof-of-stake coin blocks. This has the effect of making a monopoly costlier, and separates the risk of a monopoly from proof-of-work mining shares.
The proof-of-stake method of generating coins requires very minimal energy consumption; it only requires the energy to run the client software on a computer, as opposed to running resource-intensive cryptographic hashing functions.

During its early stages of growth, most OFWCOINS will be generated by proof-of-work like bitcoin, however over time proof-of-work will be phased out as proof-of-work difficulty increases and block rewards decrease. As proof-of-stake becomes the primary source of coin generation, energy consumption (relative to market cap) decreases over time.

OFWCOIN is designed so that it will experience a steady 2% inflation rate per year, yielding an unlimited number of coins. This is a combined result of the proof-of-stake minting process, and scaling of mining difficulty with popularity.

See Technical information below which can also be found on the Whitepaper –
Difficulty Re-targeting: Sophisticated method every block
Block Time: 3 Minutes (180 Seconds)

PoW Reward:

  • 100 Coins each block for the First 2 Months – (Totaling 2,688,000 Coins Created)
  • 50 Coins each block for the next 4 Months – (Totaling 2,688,000 Coins Created)
  • 30 Coins each block Thereafter – Flat Rate Forever Until Coin Cap (Totaling 6,451,200 Coins Per Year)
  • PoS Yearly Interest Rate (% Per Year): 2% (0.0054% Interest Per Day)
  • Minimum Stake Age: 12 Hours
  • Maximum Stake Age: Unlimited
  • Block Confirms for Mined Blocks: 20 (60 Minutes)
  • Block Confirms for Sending/Receiving: 7 (21 Minutes)

OFW COIN TEAM

Our team is made up of several professionals in various fields from the Philippines, Australia, and a few countries in Europe. Our Developers are from Bitcoin-talk and at this stage prefer their anonymity, suffice to say they are the highest ranking members with several years of combined experience and wish to remain anonymous as like everyone they have a right to privacy. They also charge like wounded bulls but have put a lot of time, thought and advise into this project which we thank them for. We respect their right to privacy but we are confident they will proudly announce to all that they played a part in this coin as we see it as being a long term, stable investment and tool for the OFW to use to send money to Family members without the massive costs incurred by the banks.

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