Last Week’s Biggest Gainer: Vulcano Coin Up 3,317 Percent
The Vulcano Coin (VULC) project focuses on geothermal research and development. The coin’s primary purpose is to help facilitate fundraising for increased research in the sector. Cleverly, the coin’s developers choose to name the crypto after a small island in the Tyrrhenian Sea known as Vulcano Island. The development team behind this project believes that blockchain technology is the key to moving research in this science forward.
The project’s developers have stated that they intend to create an altcoin ecosystem where users receive rewards for their efforts. Let’s take a moment to see how this coin erupted into this week’s biggest gainer.
The Vulcano coin project entered the market on September 24, 2017, amid last year’s crypto craze. The coin peaked at just under $.04 during its release. Since then, Vulcano has remained dormant until this most recent rally.
Initially, Vulcano utilizes a hybrid Proof-of-Work/Proof-of-Stake consensus mechanism. Recently, the project switched entirely over to a Proof-of-Stake mechanism. Developers enacted the change as a means of staying true to the coins environmental research core beliefs.
The Vulcano Erupts
It now appears that much of Vulcano’s growth came from a combination of factors. One important fact to consider is the coin’s addition to the popular altcoin platform Coinexchange. In most scenarios, anytime a coin is added to an exchange there is automatically a rise in trading volume. Currently, Vulcano users can trade their coins on the Yobit, coinsmarkets, and Coinexchange platforms.
Vulcano developers upgraded to a new blockchain network recently that provides users with more security and faster transactions. Additionally, researchers chose to reduce the total amount of VULC and enhance the operating code of the platform. All of these maneuvers added to the momentum this obscure altcoin gained.
Vulcano received additional velocity from a perfectly timed hard fork planned during the week. This hard fork shifted the cryptocurrency over to the Proof-of-Stake consensus mechanism. Everyone holding Vulcano during the hard fork received an equal amount of the new VULC coin. Hard forks usually provide a boost in trading volume for a coin because investors look to position their holdings to maximize their free coins received.
This added trading volume also results in an increased market value for the coin. Considering that the new Proof-of-Stake mechanism pays out 950 percent interest to those involved, there is plenty of reasons to see why investors jumped on the hard fork.
The Vulcano platform utilizes Masternodes to provide added security. Masternode operators provide specific network services in exchange for compensation. Masternodes differ from regular nodes in that they hold the entire blockchain in real-time. This full node protocol allows master nodes to perform additional services for blockchain users such as those related to private transactions.
Masternodes also gain the ability to vote on necessary network changes. These nodes are critical to enabling budgeting and treasury systems within the blockchain. Unlike regular nodes, Masternodes are always running. To become a Masternode in the Vulcano platform you must stake at least 50,000 VULC.
Vulcano manages a Github page where interested parties can find helpful information such as the Masternode download scripts. The original page doesn’t have much activity with the project only showing six repositories and zero people. Last month, the coin’s developers launched a new Github and updated Whitepaper to help promote some upgrades to the system.
Vulcano’s telegram account has much more activity with 165 active members. The coin’s Twitter isn’t overly active as well. The account shows only 847 followers with a total of 55 Tweets. While not very busy, here is where you can start to see where some of this week’s momentum through a history of promotional posts.
Vulcano wallets exist for all the major operating systems including Windows, Mac OS, and Linux. The platform doesn’t have any mobile wallets at this time, but developers are working towards this goal. As stated before, Masternodes must download their installation files from the Github link.
The Vulcano development team’s leader is blockchain theorists Jason Brink, aka Bitbender. This outspoken, self-proclaimed distributed ledger evangelist can be found promoting the project at numerous Asian blockchain-related events. The majority of the project’s development team is unknown in the crypto community.
VULC OLD & NEW
There will be 8,026,511,433 VULC (old) created. There are already 7,957,622,878 VULC in circulation. Today, the coin’s momentum has begun to slow with 24-hour trading volume dropping to USD 5,437. The recently created new VULC lists a total supply of 103,900,001. The total circulating supply is not available for this coin yet, but the coin is showing USD 8,233 in 24-hour trading volume via CoinMarketCap.
Vulcano is just one of many research-based coins that have entered the market in the last year. Platforms such as these are pushing blockchain integration into the scientific community and helping show people that this technology applies to nearly any sector with success. Expect that more research-based coins such as VULC will develop in the coming months as the success of the previous projects come to light.
This Week’s Top Gainer
After reviewing the facts surrounding this week’s top cryptomarket gainer, VULC’s gains were not the result of an immediate pump-and-dump scheme. Instead, the development team’s decision to hard fork directly following an exchange listing can be considered the primary factor in the coin’s gains.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
David Hamilton aka DavidtheWriter has published thousands of cryptocurrency related articles. Currently, he resides in the epicenter of the cryptomarket – Puerto Rico. David is a strong advocate for blockchain technologies and financial sovereignty.