Oduwacoin
| Oduwacoin | |
|---|---|
 | |
| Denominations | |
| Plural | Oduwacoins |
| Code | OWC |
| Precision | 10-8 |
| Subunits | |
| 1⁄1000 | Oduwacoins mOWC |
| 1⁄1000000 | Oduwacoins µOWC |
| 1⁄100000000 | Oduwashi- Oduwacoins |
| Development | |
| Original author(s) | Bright Enabulele |
| White paper | https://indd.adobe.com/view/450c91d0-93ce-4e67-8883-78fc61ae290e |
| Initial release | January 4, 2018 |
| Latest release | v2.0.0.1-IVIE / JUNE 1, 2021 / |
| Code repository | https://github.com/ODUWAX/oduwacoin |
| Development status | Active |
| Source model | open-source software |
| License | MIT License |
| Ledger | |
| Timestamping scheme | Proof-of-stake |
| Hash function | Scrypt |
| Block reward | 20 |
| Block time | 120 seconds |
| Circulating supply | OWC 15.17 million |
| Supply limit | 21 million |
| Valuation | |
| Exchange rate | Floating |
| Demographics | |
| Official user(s) | Pan-African |
Oduwa Coin is a decentralized open-source blockchain-based monetary system that serves as an alternative digital currency. Oduwacoin can be transferred on the peer-to-peer blockchain network, and its transactions are verified through cryptography and recorded in a publicly distributed ledger called a blockchain.[1][2]
History
Oduwacoin is the first African cryptocurrency, invented in 2017 by Bright Enabulele. The currency began to use in January 2018, when it was released as open-source software. It is an alternative digital currency to paper money backed by the blockchain technology network. Oduwacoin serves as a medium of exchange, proof of ownership, and store of value. It eliminates human meddling, double spending, counterfeiting, and excessive printing, in contrast to government-issued currency. In June 2021, Oduwacoin was upgraded to the most recent network protocol, IVIE. Oduwacoin is managed on its native Blockchain to secure transaction records, regulate the generation of new coins, and validate the transfer of coin ownership.[3]
Oduwacoin currently has a circulating supply of OWC 15.18 million and a maximum supply of 21 million OWC.[4]
Design
Units and divisibility
The unit of account of the Oduwacoin system is the Oduwacoin. The currency code for representing Oduwacoin is OWC. One Oduwacoin has up to eight decimal places of divisibility. The units for lower amounts of Oduwacoin are the milliOduwacoin (mOWC), which is equal to one-thousandth (1/1000) of an Oduwacoin, and the Oduwashi, which is the smallest feasible division, equivalent to one hundred millionth (1/100000000) of an Oduwacoin. One million Oduwashis equals one mOWC.[5]
Blockchain
The Oduwacoin blockchain is a decentralized public ledger that documents Oduwacoin transactions. The blockchain is maintained by a network of connecting nodes running Oduwacoin software.[6] At varying intervals of the time average of every 120 seconds, a new group of accepted transactions, known as a block, is formed, added to the blockchain, and rapidly distributed to all nodes without the need for centralized control. This permits the Oduwacoin software to determine when a certain Oduwacoin was spent, which is necessary to prevent double-spending.[7]
Wallets
A wallet maintains the information required to conduct Oduwacoin transactions. Due to the system's structure, Oduwacoins are inseparable from the blockchain transaction record. Wallets are commonly referred to as a place to store or hold bitcoins. The correct definition of a wallet is something that "stores the digital credentials for your Oduwacoin holdings" and enables access to them.[8][9]
Initially, OduwaPay Wallet was developed to give African businesses and individuals access to digital financial instruments.[10] OduwaPay is a secure and dependable payment system that facilitates the conversion of OWC to local fiat currency, avoiding the possibility of accounting and calculation errors. It is a platform for storing, receiving, and transmitting OWC tokens, with security protocols and cheap transaction fees.[11]
In the media
References
- ↑ "Publish Online". indd.adobe.com. Retrieved 16 December 2022.
- ↑ "Oduwacoin". www.wikidata.org. Retrieved 16 December 2022.
- ↑ "ODUWA Whitepaper". The Whitepaper Database. 7 March 2019. Retrieved 16 December 2022.
- ↑ "oduwa". coinbase.com. Retrieved 16 December 2022.
- ↑ "Meet Bright Enabulele, the Visionary Oduwa Coin Creator and Indigenous Cryptocurrency Innovator". Bloomberg.com. 25 February 2021. Retrieved 16 December 2022.
- ↑ "Oduwa Coin Price, OWC Live Chart, All-Time High & Market Cap (USD) | Nomics". nomics.com. Retrieved 16 December 2022.
- ↑ "oduwa". crypto.com. Retrieved 16 December 2022.
- ↑ "Oduwacoin INR (OWC-INR) Price, Value, News & History - Yahoo Finance". finance.yahoo.com. Retrieved 16 December 2022.
- ↑ "The origins of Oduwacoin, the first Pan-African cryptocurrency". The Guardian Nigeria News - Nigeria and World News. 11 December 2022. Retrieved 16 December 2022.
- ↑ "Oduwacoin Chat and Forum". Investing.com India. Retrieved 16 December 2022.
- ↑ "The origins of Oduwacoin, the first Pan-African cryptocurrency". The Guardian Nigeria News - Nigeria and World News. 11 December 2022. Retrieved 16 December 2022.