Bitcoin has proved the concept of a cryptocurrency can work, but not work well. Qora is a new cryptocurrency that promises to evolve the concept to be future proof.
Los Angeles, CA -- (SBWIRE) -- 07/21/2014 -- Cryptocurrency, known by frequent users as ‘altcoins’, is perhaps best known to the general public by its most controversial iteration, Bitcoin. Bitcoin, while popular, is mired in conceptual flaws that cause its value to fluctuate wildly, and is subject to mining and other scams that have hit headlines. With Bitcoin’s development stagnating due to a lack of core coders and internal political differences, many are looking for alternatives. In a recent BitcoinTalk Announcement Thread, Qora promises to be the best hope for the future of cryptocurrency.
The Qora Community is poised to gain market share in the current slew of altcoins, thanks to a number of innovative features and fast-moving development processes. Launched on May 16, the new protocol was designed to ‘solve Bitcoin’s biggest problems while adding promising new features’.
While most other cryptocurrencies have been built on Bitcoin’s code, Qora was built from the ground up in Java, using native C libraries to perform the most CPU-intensive tasks.
Qora works on a completely new implementation of the proof-of-stake algorithm, by which transactions are verified by coin stakeholders rather than independent miners, contrasting starkly with proof-of-work coins like Bitcoin and their power-hungry mining culture. ‘Forging’ (stakeholders securing the network and adding the latest set of transactions to the blockchain) is possible after just 10 confirmations of balance.
With over 300 altcoins in existence and little to differentiate the vast majority of them, Qora has claimed first-to-market position in several key areas. Qora is known for its fast confirmation and sending speeds, and is the first second-generation coin to implement a voting system, as well as the first to offer a working name-trading service.
Additionally, Qora enables users to recover their wallets from a ‘seed’, a safety feature that makes backing up and restoring relevant information fast and simple. At the core of the concept however is simplicity, giving it the potential to become far more popular than the convoluted first generation concepts.
In the future, Qora plans to add anonymity features, and potentially cross-chain trading with other cryptocurrencies. New developers will also be sought in the near future when certain core features have been finalised.
A spokesperson for Qora explained, “Ease-of-use has been paramount to Qora’s growth. Cryptocurrencies are not simple technologies, and have suffered from a dearth of user-friendly interfaces. The aim behind Qora is for a complex, feature-rich cryptocurrency that nonetheless enables anyone to use it safely and easily. The vision is to make this the go-to currency system for the masses - a complex system that even a child can work.”
Qora is a new crypto-currency designed from the ground up to solve Bitcoin's problems while also adding new features. Qora is being built from scratch and will not rely on any other crypto-currency. Qora uses a new proof-of-stake algorithm making it future-proof. Qora can currently be traded on BTER and Poloniex, with more exchanges coming soon. For more information see http://qora.org/