OK cash is an open-source digital currency which enables users to make instant transactions. The OK cash network is decentralized, meaning that it is
OK cash is an open-source digital currency which enables users to make instant transactions. The OK cash network is decentralized, meaning that it is free of middlemen and bank control.
“Welcome to the next generation of digital currency OK is open-source; its design is public, nobody owns or controls Okcash and everyone can take part.”, reads on their official website okcash.info.
How it works?
New users need to install an OK wallet on their computers, mobile phones or IoT devices. Thus, their first OK address will be generated.
“You can disclose your addresses to your friends or costumers so that they can pay you or vice versa. This is pretty similar to how email works, except that Okcash addresses should only be used once.”, explained okcash.info.
The OK cash network relies on the OK blockchain, a shared public ledger. Furthermore, all confirmed transactions are included in the OK blockchain, wrote okcash.info.
“A transaction is a transfer of value between Okcash wallets that gets included in the OK block chain. Okcash wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet”, added okcash.info.
OK cash has updated some of the information regarding their specific characteristics. The list below was published on bitcointalk.org:
- Algo: Started as a PoW/PoS Scrypt Hybrid mine-able for 15 days without halving to make it fair for all the miners no matter when they started.
- PoW Ended at block: 33,186
- Total coins at the end of Pow/Pos Hybrid Period: 36,297,000 OKCash
- Full POS started: Dec 9th 2014
- Proof of Stake: 69% Year reward on coins on your wallet.
- PoS Min Stake Time: 8 hr
- Pos Max Stake Time: Unlimited
- POS blocks to mature: 69 confirmations
- Transactions: 10 confirmations
- Rpcport: 6969
- Port: 6970
- Test ports: ( RPCport 7979 ) ( Port 7980 )
Market capitalization and supply
As of 9 February 2017, OK cash has a market cap of $ 696,443, a 24-hour volume of $ 6,686 and available supply of 70,157,581 OK, as coinmarketcap.com reported.