BoostCoin has received plenty of attention last week due to people interested in the X13 algorithm. However, it was not the first coin to implement it, the creators of the X13 algorithm abandoned their coin and now, boostcoin could be a very nice replacement to that which failed. BoostCoin is a PoW/PoS with a maximum of 40 million coins including the PoS stage, though it does have a 1% premine and therefore must be dealt with with caution. I spoke with the developer yesteday, and he was kind enough to answer a few questions I had asked him. Without further ado, the interview:
Q: Why did you choose the X13 algorithm rather than Scrypt or X11?
I choose x13 over x11, because everyone is thinking that x11 is the ‘new’ scrypt so i wanted to be different to stand out for the crowd.
Q: Is there main reason why X13 appealed to you more as an algorithm?
X13 appealed to me as its a more technical Algorithm to mine, the majority of chats we have in the forum are to discuss how to mine in the X13 algorithm, and how to compile X13 mining tools
Q: Who composes the BoostCoin developer team?
The BoostCoin team is composed of 3 people. Me as the lead developer, 1x Web developer, and 1x PR / Social media expert
Q: Is there a reason why you decided to create BoostCoin?
The main reason i wanted to create BoostCoin is the same reason why all devs in AltCoin land create new coins, ‘to be the next big thing’
Q: Are you working on anything to bring a market into BoostCoin? Anything new perhaps?
The main reason i wanted to create BoostCoin is the same reason why all devs in AltCoin land create new coins, ‘to be the next big thing’
Q: Why did you decide to go with a premine? and is this premine going to be dumped anytime soon?
Controversially i decided to go with a 1% pre-mine to pay for promotion stuff. Getting listed on some exchanges required ‘creative marketing’ And simply put, i want everyone to profit from this coin. The fact that it is already being traded at 900 BTC Vol per 24hr mean there is a lot of people profiting from it. Unless you have an underground movement like the darkweb, behind your project getting noticed as a new profitable coin is very difficult so having the fund to get noticed is important.
Q: What is the date for PoS to begin and PoW to end in BoostCoin?
Currently, the PoW phase is running faster than expected, so i estimate that in about 5 days PoW will end, and PoS will begin
Q: Where do you think the real value of BoostCoin lies?
The real value in BoostCoin is in the fact that it is different, it is the first ever X13 PoW+PoS hybrid, that will eventually have anonymous transactions incorporated
My Opinion
I find that the innovation in BoostCoin lies in its algorithm and its developers. I have a firm belief that if a coin’s developer is active and keeps striving for the best for his coin it most likely will survive in the long run. Value has never justified a coin’s community and developer team. The X13 algorithm is based on the X11 algorithm, but incorporates 2 more hashing functions in order to make it more secure which as simple as it sounds, still is innovation, and I like how the developer of BoostCoin was able to find a way to bring innovation to the coin. Other than the algorithm, anonymous transactions are becoming common as days pass, but this is the first X13 coin that is going to implement it which is good news for those who believe in the future of the coin.
The coin’s value has decreased rapidly from yesterday to today, yet whether to be willing to hold the coin for the long run is each person’s decision. Personally, I also feel that a community is brewing in BoostCoin due to people wanting to join a coin when they see that its value has increased. This is common all over the crypto community and a great and special example of community backing would be DogeCoin. When a coin brings you profit, it seems as if more and more people keep joining said coin. This could be the case with BoostCoin, but in other cases, you never want to be part of a community of bagholders, and that is one hell of a difference. Concluding, I feel the coin will only succeed if there is good promotion and active development by the developers. Not only this, the community that they have built must stay and expand itself in order for the coin to succeed in the near future. When considering the purchase of a coin, innovation is key, but so is your personal opinion. Gut feelings do work, but I recommend everyone do their own research on a coin before they enter it, and don’t let anyone convince you of something you are not sure of