So someone on Twitter asked me to do an article on Abundance, which is a new digital currency which hasn’t even launched yet. I promised him it would be my first article while I’m in London, so here we go. Folks,meet Abundance!
From the original pre-announcement thread, Abundance’s objective is clear : set the Crypto world on fire! By calling itself an income coin (because of fair distribution and residual income through Proof-of-Stake) , Abundance is setting the bar very high for itself.
However , there is something “unique” about Abundance that you aren’t aware of just yet.
Abundance wants to earn the users’ trust by introducing PoE (Proof-of-Effort). Participate in social media ations and earn Abundance!
There will be two PoE phases for Abundance. Phase
1 requires participation in at least two out of three social media events, whereas Phase 2 will reward users with Abundance by casting their votes on MintPal.
With a team consisting of no less than seven people, alll with their own area of expertise, there could be an interesting future for Abundance. You can find a full list of team members by clicking here
Only 500,000 coins will be mined during the Proof-of-Work phase, before Abundance switches to Proof-of-Stake. In total, there will only be 1 million ABC after 8 years, making Abundance a very scarce digital currency.
There will also be an Abundance Foundation, in order to maintain and grow the value of this coin , and to give it back to causes improving the human condition. Nothing we haven’t heard before as far as I’m concerned.
Considering the fact there is also a plan to run an IPO for Abundance, I’m completely unimpressed by this coin so far. This seems to be a step backwards from where we are at the moment. But I’ll hold off on final judgement until the coin actually launched.
You can find out more about Abundance by using the following sources :
Abundance on BitcoinTalk : https://bitcointalk.org/index.php?topic=682939.0