Our general stance regarding Hard Forks

Dear Customers,

Unocoin believes in the principle of highest customer benefit without compromising on the security of funds in the event of hard fork/network split. Forking of a cryptocurrency network can now be seen as a way that many organizations have identified to spread out their tokens to a wide audience. As the forked chain can also be programmed to award some pre-mined coins to founders, change the mining algorithms and difficulty levels dynamically, there won’t be a technical limitation to such feats and all it needs is a small team of programmers and a small community following to support such forks. We have seen numerous such forks so far but only one has sustained till now (Bitcoin Cash). We may even see the new age fundraising & fund distribution taking this approach in the future.

Unocoin is presently designed to be a single cryptocurrency trading platform and is supporting Bitcoin trading since the last 4 years. The number of hard forks that could emerge is not in control of Unocoin. Supporting all the hard forks will require significant resources and manpower involving investigation of the forking-code base and supporting team along with the research & development of the infrastructure to support the forked coins and finally for the disbursement of those coins. As this could become impractical very fast, it pushes Unocoin to have a stance in general regarding the hard forks.

Keeping the above-mentioned reasons in mind, Unocoin will not be supporting any hard forks for bitcoin or any other cryptocurrency upfront unless stated otherwise including the disbursals of those forked coins (based on the due diligence & discretion of Unocoin). However, Unocoin may choose to support forked coins in future if it proves to be significantly valuable and secure. Whenever this happens, either Unocoin will list the coin on www.unocoin.com to trade/exchange or will enable distribution of the forked coins with a strict deadline of 4 weeks since the event of the fork. In these 4 weeks, we will do our best to support weekly distribution cycles as such distribution may need intensive manual work. The undistributed or unclaimed (after the 4 weeks deadline) forked coins will either be untouched/burnt (if they do not have considerable value) or they will be used for the benefit of customers at the discretion of Unocoin.

Customers who need access to the forked coins irrespective of Unocoin’s stance or do not want to support our above stance for whatever reasons or as soon as the fork happens are requested to withdraw the bitcoin before the particular fork in question and keep the bitcoin in your own bitcoin wallets. We won’t be able to officially recommend any wallets. However, at your own risk, you may choose hardware wallets like Trezor and Ledger, or software wallets like Jaxx and Coinomi which generally start supporting the forked coins quite fast or you can opt for any forking community’s official wallets.

Regarding the two upcoming hard forks, keeping in mind the safety & security concerns pertaining to the “Bitcoin Gold” fork due to the instability of network and insignificant support, Unocoin is not supporting “Bitcoin Gold” at present, but might extend support at a later date which would be informed effectively to the customers. Unocoin’s current priority is to support the Segwit2x fork (planned at block-494784 [Read more @ this Unocoin News article]).

 

Regards,

Sathvik Vishwanath

Co-Founder and CEO, Unocoin

Discard the email regarding UNOCOIN ICO

Dear Unocoin Customers,

A message was sent out to our customers about an ICO (initial coin offering) that Unocoin is undergoing on 12th August 2017. Please note that this was NOT sent out by our team and is an attempt to steal customer funds. Please ignore that email.

Sincerely,
Team Unocoin

Unocoin hosted Cryptothon, a hackathon for creating Bitcoin-Blockchain related value adding system

The innovative hackathon also centered around Micro payments, Merchant Services, Smart Investments, Augmented reality and Hyperledger

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Bangalore, April 13, 2017: Unocoin – India’s leading Bitcoin & Blockchain Company hosted “Cryptothon”- A Bitcoin – Blockchain hackathon on April 8th – 9th at 91Springboard, Koramangala. The Hackathon was organised with an aim to provide a platform for developers to tinker around the Bitcoin – Blockchain space and build products that would create a value addition to the present system.

Cryptothon witnessed participation from 120 developers from different walks of life, from school goers to highly experienced professionals. The team spent 24 hours building solutions using Bitcoin – Blockchain involving complex areas like Micropayments, Merchant Services, Smart Investments, Augmented reality and Hyperledger. As Sathvik Vishwanath, CEO and Co-Founder, Unocoin puts it in his own words “Something remarkable is going to come out of this room,” the event was electrifying with energy.

With an aim to build a product that would set them apart from the rest, each team put in their tireless work which continued throughout the night. The Jury selected 11 teams out of 32 teams to present their hack and give a live demo. The Jury comprised of Mr. Jayavardhan, Head of Emerging Trends & Technologies in Innovation Department of Societe Generale, Mr. Mani Madhukar, Architect and Developer Advocate at IBM and Mr. Sathvik Vishwananth, CEO and Co-Founder, Unocoin.

The winning team and their challenges included:

  1. Gizmo_geeks (Winner)

Hack: BitGo – Gamification platform for Bitcoins using Augmented Reality. Players can find Bitcoins pretty much anywhere such as the street, local landmarks, malls, college campus, and working places. BitGo makes revenue using Advertisement and In-App purchases. The hack was further linked to the UNOCOIN android and iOS app which has more than 500 merchants.

  1. Dmaniax (1st Runner Up)

Hack: Hyperbit – A Bitcoin and Hyperledger amalgam, which is a decentralised system for pay-rolling and job allotment.

  1. TeamIron (2nd Runner Up)

Hack: Uniform Payment Gateway for Bitcoin – A chrome extension that lets you shop “ANYWHERE” with your Unocoin Wallet

The Jury had selected 11 teams for the final presentation out of the 33 teams.

Cryptothon – Reimagine the future of Bitcoin in India

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As India transitions from a cash economy to a cashless one, digital currency will be at the forefront! The most famous form of digital currency is bitcoin. It promises to be the currency of the future.To expose people to the power of bitcoin and the underlying technology, Unocoin is conducting India’s first ever Bitcoin only hackathon. The theme of this hackathon is to “Reimagine the future of Bitcoin in India”.

At the hackathon, work on this exciting new technology, and facilitate the transition to a cashless economy by leveraging the power of Bitcoin!

This hack is open for all Developers.

Prizes
First Prize Rs. 50,000 worth bitcoin
Second Prize Rs. 30,000 worth bitcoin
Third Prize Rs. 20,000 worth bitcoin

Venue
91springboard, Koramangala, Bangalore

Start
08 Apr 2017 – 10:00 am
End
09 Apr 2017 – 10:00 am

Application
Please visit http://www.venturesity.com/challenge/id/403 to apply

Bitcoin is not illegal in India

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Recent media propositions have brought serious concerns to the users about change in the legal stance of Indian government towards the disruptive technology of Bitcoin.

There is a misbelief spreading among the community that Bitcoin has been regarded as illegal by the government and it is not true.

This is to clarify the people that Bitcoin is not illegal as per the provisions of Indian law and it is completely legal business to trade Bitcoin in India.

Very recently, a statement made by a respectable Minister of Parliament portraying Bitcoin as a Ponzi scheme started these media propositions. There are various MLM companies operating scams using Bitcoin and his statement is a possible indication of that and does not reflect the business of trading Bitcoins. His statement in no way can be considered as the government’s stance on this matter.

While it is to be noted that disruptive technologies are always hard to be adopted easily and demand such hard opinions in the stages of early adoption. It would be an unwise decision to undermine the potential of these technologies without proper research and analysis. Fortunately, the apex financial institutes in the country such as RBI and SEBI are adopting a ‘Wait and watch’ mode to come up with comprehensive guidelines along with regulations to impose upon the industry soon.