Bitcoin has been a contradictory currency from the very beginning. There are people passionate about it while there are those who are not tired of reminding everyone of volatile nature of the cryptocurrency. Bearing in mind multiple hacks and the war going on over the block size, can we say that the time to search for a new digital currency might have come?
Bitcoin’s reputation turned out to appear at stake after Mike Hearn, one of the most prominent bitcoin leaders, publicly called bitcoin a failure. He talked about the cryptocurrency as an experiment that has failed.
“What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people. Worse still, the network is on the brink of technical collapse,” he said.
Bitcoin price at once felt the impact from Hearn’s statement. It rapidly fell below a $400 level. However, soon bitcoin industry witnessed the first time in bitcoin’s history when the total network hash rate has crossed the one quintillion, 1018 or one exahash per second benchmark. This was perhaps the strongest proof that bitcoin is alive and its supporters are still very much committed to holding up the network.
So knowing all drawbacks of bitcoin, what alternative can we have? There is Aten Coin striving to take his place in the digital currency space.
Aten Coin’s team is engaging governments from around the world and creating dialogue. Allegedly it has found support from countries that are interested in digital currencies but don’t like the anonymity that bitcoin offers. The new currency is announced to be anti-theft. It is possible to identify the owner of Aten Coins at all times. Thus even if they were stolen, the location of funds would be defined and the coins would be frozen.
Just like bitcoin, Aten Coin is decentralized, but at the same time it is very transparent and aims to become a currency that is accepted by governments.
Aten Coin’s team has already conducted its first conference in Warsaw, Poland. The list of more than 100 attendees included government and banking professionals from the region, while the CEO of Groupon was a speaker at the event.
There is no confirmed information about who is standing behind Aten Coin. Rumors are flying that the CEO of NAC the National Aten Coin Foundation might be Marcus Andrade. As if the company has raised an undisclosed amount through private funding and is going to reveal its marketing plan about mass adoption soon.
Bitcoin has already found support and its “target audience” while Aten Coin only has it ahead. Now it’s too early to compare two digital currencies having almost no reliable information about one of them.