Interview with Nevacoin: The latest addition is the Bitsquare decentralized exchange

It started as a birthday gift for my girlfriend Neva. I considered it a nice creative gift at the time, to this day it developed into a regularly updated project and a large global community formed around it. It has a unique reward model, a fixed reward of 5 NEVA that halves every 7 years, making the total supply predictable at 26,280,000 NEVAs (the total supply will be reached in approximately 350 years). It is the first successful coin to use the BLAKE2S hashing algorithm, since it is a new algorithm in the market of cryptocurrencies, no ASICs were developed for it (yet) and even GPU support is quite limited, making Nevacoin still friendly for CPU mining.

Q: What type of services exist or can we expect in the future?”

There are exchanges where Nevacoin can be traded. The latest addition is the Bitsquare decentralized exchange, which is a great project heading in the right direction. Another good service is offered by poswallet.com, enabling you to participate in the stake rewards without running your own node 24/7. For the future there is no roadmap since all the functions it already offers are adequate for the purpose of a cryptocurrency at the moment. New features can always be added, but the simpler it stays the safer it is. And in the end the market has to come up with new services, Nevacoin is just a decentralized protocol that other services can make use of.

Q: Are you targeting the consumer or Business Market? If so, how does the business model work?”

It targets all markets, you can not have consumers without businesses offering them products to consume.

It mainly targets novice users in the crypto world with an emphasis on the female population that is almost not present at in the crypto community the moment. Still no good results on that front and Nevacoin is in existence for almost a year.

Nevacoin is not a business, it is more of a platform that other people can build upon and a way to continue spreading the message that Satoshi Nakamoto started with Bitcoin. The market has to find a purpose for its use. Today that purpose is still mainly price speculation, like in most other cryptocurrencies.

Q: What are the details around the most important project you’re working on currently?

Mainly marketing to spread awareness, not just about Nevacoin but this technology in general. For Nevacoin the development currently in focus is a mobile wallet, there have been issues with an existing android multi-coin wallet provider to add Nevacoin, so another option is now being developed. Since most of the Internet activity is shifting towards mobile devices it is one of the most important platforms to develop for at the moment.

Q: How does the competition compare?

As a proof of work / proof of stake hybrid cryptocurrency it differs mainly in the already mentioned different algorithm it uses and the reward/mining schedule. Most PoS currencies are (proof of work) mined for a few months and then switch to a pure proof of stake model. This makes the currency unaccessible to a wider audience since (if you miss the pow mining phase) the only way to obtain it at that point is to buy it in exchange for Bitcoin, which means you have to buy bitcoins first, which usually means you need a bank account to transfer $ to an online exchange..etc.

Nevacoin is scheduled to be minable (with a CPU/GPU) for 14 years (and there is a vote open to maybe eliminate that limit altogether). Meaning that anyone in the world that has a CPU can mine some coins in this time. Worldwide, more people have access to a CPU than a normal bank account so in that perspective it is more accessible to obtain and experiment with to a wider audience.

Q: The market has many players, what differentiates you?”

Honest open development, a fair launch, no premine, no big promises, slow and healthy growth. There was no “get rich quick” idea present in the creation of Nevacoin, it tries to be neutral in the crowd of cryptocurrencies that sometimes promise too much and sound too good to be true and have all these crazy speculative pumps and dumps.

Nevacoin is not in a rush to get anywhere, the longer it stays under the radar of big mining GPU farms the better. Allowing small miners to obtain the coins, making the distribution of coins more decentralized.

Q: could you tell us more about your achievements in this?”

So far the network has been stable, the price of Nevacoin is also relatively stable, rising slowly as well as the network hash rate. One year later the goal was achieved, it survived and established a good reputation as far as I can tell.

Q: could you tell us more about where you see Blockchain technology in the future?”

I think the word Blockchain is abused considerably. By itself it does not mean anything. But an open source, open access blockchain has a very bright future (like Bitcoin and also Nevacoin and others). It provides the one thing that is missing desperately in the world at this time, and that is trust and it enables trust through its openness, transparency and predictability.

There are so many circumstances in life where one has to trust a third party and very often that trust is abused through various kinds of corruption. Open transparent decentralized blockchains solve this to some degree, since it is solution through technology and not law that then has to be enforced, and law usually fails to be enforced where it matters.

The most exiting thing that I expect from Blockchain in the future is the unexpected. Like all the unexpected things that developed out of the internet, a lot more than a fancy telephone/fax as we see today.