The “New Money Making Coin ?” – UFOChain
In 2019, with the help of known celebrities in the crypto community, mining pools,, and large and small exchanges. The online celebrity anonymous coin Grin was born, and the price skyrocketed. It was known as the “money making coin.”.
（UFO BAIDU search volume）
Opportunity comes and goes, if you missed it, there is nothing you can do about it. However, in 2020, there is another anynomous crypto that is slowly ridding the wave. And, that is UFO.
Since it is still early stage, the upside potential is huge. UFO is not trying to copy the market trend, it creates new market trends. UFO is considered the next Grin due to the popularity. Maybe the sooner you get involved, the sooner you can get them golden nuggets. However, UFO is not trying to become a second version of Grin, UFO will only be the best at being himself- UFO.
UFO, which is an anonymous coin project, is kinda similar to GRIN and BEAM, both based on the MW protocol. According to the official website description, UFO is a modern digital currency designed for the next few decades without third-party restrictions and available to the entire population.
The main features of UFO are as follows:
1. Team maintenance: 100% community-driven, no ICO, no pre-mining; no bullsh!t.
2. Number of issuances: voluntary promotion done by miners, the total amount is half of Bitcoin which amounts to 10.5 million coins.
3. Issuing method: mining with PoW algorithm;
4. Privacy protection: UFO is without account and addresses, you can easily aggregate transactions. In order to hide the source of new transactions, each new transaction will be privately transmitted between peer nodes before being announced;
5. Has a higher scalability: The use of cryptographic technology to greatly compress the past transaction data, thereby ensuring that UFO will not collapse in the future due to the overload of data.
Similar to Bitcoin, UFO is only produced in the form of mining, which is jointly maintained by the community and can be used as a peer-to-peer payment tool; however, the latter is more focused on the privacy of transactions and tries to solve it in new ways. UFO is solving both the privacy issue and the universal scalability problem of blockchain systems.
UFO protocol was also proposed by anonymous people. It originally appeared in the development forum as a Bitcoin expansion solution; its main innovation is to modify the UTXO model of Bitcoin and use an elliptic curve-based encryption algorithm for all inputs. Create multiple signatures with outputs, enabling confidential transactions without revealing addresses and transaction amounts.
In simple terms, both parties to a transaction need only share a blinding factor composed of the transaction’s private and public keys to verify the validity of the transaction through related equations. Because of the difference in the verification mechanism, the block does not need to store the complete transaction history, and only maintains key information to maintain normal operation; this greatly reduces the storage burden of nodes and improves the scalability of the network.
UFO can be produced through computer mining. The off-site purchase price has reached 5–8 yuan, which has increased from 3 yuan to the current 8 yuan. The number of online mining rigs in mining pools has grown rapidly, and more and more mining rigs have entered the market. The project does not have any pre-mining and private placement. All coins are produced through mining. At present, only the initial portion of the coins are mined, which is why the price skyrocketed.
Computing power has always been an important indicator to ensure network security and health. The increase in computing power indicates that the number of mining people continues to increase, and the market has a high degree of recognition of the project. Observing the following figure, we can see that the UFO computing power has been less than 20M on Monday to today 2672M, which means that more and more people and machines have joined UFO mining. The soaring UFO network computing power seems to be very in line with the rising trend of UFO prices. Higher prices have also led to increasing market demand for mining, which has greatly exceeded the market supply.
UFO has currently cooperated with 4 mining pools, which were previously mining Moneros. Now it has also attracted many users and related service providers from the mining community. The cooperation mining pools are:
2. mainnet-pool01.ufo.link, online miner: 5752, mining difficulty: 10401.451264
3.web.666ufo.com:90: Online miner: 5756, Difficulty of mining: 9259.468288
4. ufo.zettapool: The number of miners is 44,621, which is still increasing.
The total number of miners in the above four major mining pools is 130,000. According to current price estimates, this first batch of miners will soon recoup their initial investment. For POW coins, usually the computing power surges will play a positive role in the network security. It is also possible to raise market expectations. No matter when UFO can be listed on the exchange, it is now a real off-exchange transaction. This is a reflection of the consensus of investors on UFO. Everyone looks forward to the amazing performance of UFO currency prices and is very optimistic about the future of UFO. This is also the driving force for everyone to participate in the ecosystem. Once consensus is formed, the price of the currency will only go up, just like BTC!