As a developer, my eyes tend to glaze over when I hear about the next big cryptocurrency that is “going to be bigger than Bitcoin.” Altcoins have had a terrible 2019, and it could only get worse. On top of that, the crypto world is full of scams, pyramid schemes, and vaporware. A new coin can pop up overnight and appear well funded and well promoted to the casual observer, only to have the core team cash out all their coin, leaving it worthless to retail investors or crypto hobbyists — ask just about anyone who bought into an ICO in 2018.
So then, given my prudish attitude toward altcoins, how did I stumble upon a project with honest potential? In March 2019, Monero hard forked and turned Bitmain’s Antminer X3 into the world’s most expensive space heater. I’d been curious about crypto mining for a while, and the market seemed to be coming back, so I checked CryptUnit and saw that an X3 could still earn between 1 and 2 dollars a day mining something called QwertyCoin (QWC). Whats’s more, QWC supports merged mining, so you can mine other coins at the same time as long as that coin uses the same algorithm as QWC. Merged mining is a sign of an active, skilled dev team, and QWC was initially built using a framework called CryptoNote, so there are a large handful of other coins with the same algorithm which also support merged mining.
I picked up an X3 for a couple hundred bucks on eBay and after about a month it arrived, fresh from Latvia. I jumped on the QwertyCoin Community Telegram Channel and found a mining pool that turned out to be more profitable than CryptUnit had initially predicted. A couple days later a guy in the mining channel asked if someone with an X3 could connect to his pool to test his new configurations. I connected to his pool, and with his new configurations it was even faster than the first. Naturally, I began talking shop with him and started to learn more about the QwertyCoin dev community.
If you have a little bit of technical knowledge, the QwertyCoin wiki is a veritable treasure trove. Before long I had set up a QwertyCoin master node, (which does not require an initial investment to run, like other coins), set up a mining pool, and poked around the QwertyCoin github. Even if you had zero technical know-how, the QWC team has worked hard to ensure that their documentation is accessible to all, with step by step instructions for things that many would find trivial (on the opposite end of the spectrum, if you want to host your own web wallet, pointed to your master node, they’ve got you covered there as well.)
Late one night, I decided to ask the QWC Telegram channel if anyone else was American. From my time lurking it seemed like most of the devs and active members were European or Chinese, so I was curious what the American representation was like. One guy did respond, another dev who had been involved with the project for a while. We had a couple things in common and chatted for a while. He was an old school engineer who still mostly coded in C and COBOL — the guy had been around the block a time or two. When I asked him how he found QwertyCoin, he told me,
“I’ve interacted and been a part of several crypto communities, even the top ones, and most that I can remember don’t really let the community decide the direction of the coin, they all had developers or a board that made all the decisions. The developers on this project are different. Also, they are fairly good and have accomplished a lot without any funding or outside help, that means they believe in the project more than anyone.
There has been no marketing and they’ve never asked for money upfront to work on this project. They’re building an ecosystem that could be great.”
I was intrigued, and the next day I started doing as much due diligence on QwertyCoin as I could.
What makes Qwertycoin stand out?
The QwertyCoin team has established their reputation as a group of practical forward thinkers. Egalitarian Proof of Service (EPoSe) is just one brainchild, but it serves as a great example of how they are quietly shaping the future of cryptocurrency. Several years from now, a couple issues will arise for crypto users; blockchains will be too large to sync to a retail PC’s hard drive and mining will no longer be profitable and potentially very damaging to the environment. EPoSe addresses both of these concerns. When the blockchain becomes too large to store on a retail hard drive, crypto users will need to connect to remote nodes in order to sync their wallets. Therefore, it is inevitable that the QWC blockchain algorithm has to shift from individual miners(EPoW) to competent node operators(EPoSe) as more coins are mined towards QWC’s maximum supply limit of 184.47 billion and remote node usage increases over time. Most coins require an investment to host a remote node, and in return the host is paid fees for each transaction they process. With QwertyCoin, anyone can host a remote node, so the main avenue of acquiring coins will shift from mining to hosting. Another side effect of EPoSe is to further secure the QWC network, decentralizing it on a larger scale. As with all their proposals and ideas, the QWC team has been very transparent in their analysis of EPoSe’s effects on the community. You can read more about EPoSe in the whitepaper, and can expect a vote on it in the future.
Crypto always carries risk, and QWC is no different. The QWC team has provided a large volume of information on their project, and it should be perused before investing.
- Paul Oliva