Hello, Mr. Patel! Thank you for talking with us today!
To start with, your experience with technology is astonishing! You’ve been developing software since you were eight years old and mining Bitcoin since you were 13. You won 14 hackathons, and today you’re here to discuss ONFO, a worldwide cryptocurrency that grows through a novel “network mining” process designed for rapid user growth. It’s truly an honor to speak with you today!
1) First we’d like to know, as a person who spent his life building software, where does blockchain stand? Is it developing slower than other technologies? Is it the future?
Blockchain is continuing to be one of the hottest investment trends in Silicon Valley right now. I’ve been involved in cryptocurrency since nearly the beginning and as many developers in this community, we obviously consider it to be one of the greatest innovations of the last 100 years. Perhaps we are a bit biased, but it certainly has the opportunity to revolutionize the concept of digital asset management. It is so fair and resistant to manipulation by larger powers. How could this kind of technology not be the future of currency?
2) What inspired you to want to build a decentralized system? Is ONFO the first system of its kind that you are the architect of?
Bitcoin has proven to us that an open-source, decentralized blockchain could weather the tests of time. It is over 11 years old now and still going strong. ONFO, on the other hand, is brand new and is certainly not the first decentralized cryptocurrency, but what it does have are huge advantages over systems like Bitcoin in that transactions only take a couple seconds to confirm and transaction fees are fractions of a penny. I have seen Bitcoin transactions take several hours to confirm, and transaction fees can sometimes be as high as 100 USD!
3) Can you explain to us what “Network Mining” means? What makes the mechanism behind ONFO different from other referral mechanisms?
Bitcoin uses a proof-based system to reward participating computers once they successfully guess the correct answer to a difficult math problem generated by the Bitcoin protocol. This happens every 10 minutes and will continue to occur until the year 2140. It requires massive power requirements due to the level of competition to obtain these rewards. Instead of wasting the energy in that competitive manner, we’ve developed the idea of “network mining” which allows a user to submit a “proof” that they are a real person, thereby generating a reward from the protocol. This uses a fraction of the power requirements compared to Bitcoin. Each time a user refers someone, that new individual is taken through a series of steps which helps the system recognize that they are a unique living individual. Both the referrer and the new recruit are rewarded with tokens once successfully verified. This referral structure creates a fractal growth pattern that self propagates. ONFO grows this way on its own without any marketing.
4) Each user has its own unique referral code. What are the principles that you are using to generate this code? Can the system generate a unique code for every person in the world?
Each person, once successfully signed up, is able to choose their own unique referral code which looks similar to what you might usually see as a username. For example, my referral code is simply “drew”.
5) The platform is live right now. How did the mainnet launch go? How did you make sure everything was correct right before going public?
We tested the system rigorously last year in a beta testing phase with a limited number of users. We gradually opened the system up to the world as it started to become more reliable.
6) In order to create an account, users need to provide a social media account. How do you protect the platform from fake accounts?
That is a proprietary secret we developed and we do not like to discuss it publically, as we don’t want scammers to be able to spoof our system with accounts that are generated simply to grab tokens. Bottom line: we believe that once an account is successfully created, that account represents a real individual.
7) What solutions are you planning to provide for merchants and retailers who would like to accept ONFO as payment?
As time goes on, much like the Bitcoin ecosystem, we expect third-party organizations to participate in our network and provide those solutions to our community. ONFO belongs to the world at large and any organization that would like to link into it has the ability to do so. Bitcoin has numerous third parties participating in the program and that participation does not require any kind of permission. ONFO works the same way.
8) Internally, you are planning to regulate the value of a token through coin splits. Can you explain this mechanism to us?
We have a mechanism to keep the value of each token low in order to better facilitate use in everyday commerce. Ultimately, we would like to keep each token at a value of less than 1 USD each. It becomes very difficult to use a cryptocurrency when you see the value climb in the hundreds or thousands of dollars each. People don’t like transacting in fractions, such as 0.00043 Bitcoin. We have found that working in whole numbers feels much nicer to the average person so that is why we split the token to keep the value lower. So if someone owns 100 ONFO at 50 cents each and if we were to initiate a 2:1 split, the individual would simply own 200 of them at a value of 25 cents each. It basically works the same way as a stock split.
9) Where can we see the current activity on the ONFO network? Where can people get their first tokens and their referral link? Finally, what features do you have currently in development right now?
Anyone can watch the blockchain transactions live at explorer.onfocoin.com. If people want to sign up, they simply need to be referred by a current user. I earn them the same way anyone else does so they can use my username as their referral code: drew.
We already have the Android app available for download. We are hopeful to get approval from Apple to have it listed for the iPhone.