The cryptocurrency invention has promised to solve a number of problems that are troubling the modern world. Even some of the most advanced technological solutions from only a few decades ago are now considered slow, outdated, and inadequate to handle our current needs.
Fortunately, we have already made the next step in our technological evolution by inventing cryptocurrencies and their underlying technology, the blockchain.
However, while these technologies do hold the major potential to solve numerous problems, they also have problems of their own. Most of them are well-known, and they revolve around the lack of regulatory clarity, inability to scale, volatility, and alike.
However, one big problem that goes a bit unaddressed is the complexity and difficulty that is still marking this tech. To put it simply — crypto and blockchain are difficult to use for anyone who is not an experienced developer.
Newcomers to crypto industry face this problem on a daily basis, although most of those who are used to dealing with crypto do not even notice it anymore. The fact is that it is pretty difficult to get into crypto if you have to devote hours upon hours to studying it, just so that you would know what you are doing. The alternative is to lose all of your money does to a rookie mistake, which can easily be avoided by raising awareness.
It is even more difficult to create your own coin, again, unless you are an experienced developer with knowledge of coding and a deep understanding of how crypto and blockchain work. However, there are projects that aim to change that, with the leading one currently being Nokenchain.
Nokenchain is a project that believes that cryptocurrencies will someday be created and launched not only for projects, but also for individuals and even objects. For now, this is impossible, simply because it is too difficult and complicated.
The project plans to change that by significantly simplifying the process of creating new coins, to the point where anyone would be able to do it. These days, creating a token on Ethereum's network, for example, requires not only the knowledge of crypto and blockchain but also the understanding and knowledge of Ethereum's personal programing language, Solidity.
This is a big obstacle even for experienced developers that have never encountered this language before, and an impossible one for someone who is not as tech-savvy. Another issue is that PoW consumes way too much energy to be effective. Not to mention that things like transactions, contract signatures, and alike are very slow, expensive, and outdated when done between different participants in a system.
This is why Nokenchain plans to create an ecosystem that would offer simple tools, and allow users to create new coins as easily as a domain name is filed these days. However, to do that, it first needs its own token, which is being sold in an ICO right now.
As mentioned, Nokenchain is holding its token sale right now. Its pre-sale period started back on September 9th of this year, and it lasted for 20 days, ending on September 29th. After that, the ICO started on October 2nd, and it will end in about twelve days, on November 18th.
The token that is being offered is known ad NOKN, and it was created on Waves' platform. Its ICO price is around $0.022559 per unit, and the project has announced that it can be purchased in exchange for BTC and ETH.
The team has also decided on the soft cap of only $30,000, which is rather low for an ICO, while the hard cap sits at $400,000. The project was registered in France, and anyone wishing to participate will have to go through a KYC procedure first.
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The project has an interesting idea, and simplifying the process of creating new coins can definitely be helpful for future project launchers. However, with predictions that most predictions for the future of altcoins stating that they will go down to zero, it remains questionable whether or not it is better for everyone to launch their own coin, or to simply use a handful of cryptocurrencies with real-world value and ensure that they can reach their full potential.
TheSmartest May 11, 2020 Reply
Hey guys from Nokenchain, do you really want us coders to be out of jobs? Are you really that heartless? Jokes aside, this idea is way far from being feasible, especially by the likes of Nokenchain that can't even come up with a decent-looking website. No offense guys, you are voicing the concept that might come to fruition in a decade or so, but you seem to lack competence to see it through.
Cryptolennial March 1, 2020 Reply
Okay, so with Nokenchain, virtually any average Joe will be able to create his own token. But the question remains, what would he do with that? Share it with his friends and co-workers? Let's face it, 99% of such tokens will be completely useless since they will be made just for fun and have to true value or concept behind them. Besides, they will certainly be backward in terms of technological prowess.
Mach Willy December 28, 2019 Reply