Why is Bankcoin Reserve different to other cryptocurrencies?
The value is derived from the tethering of the Bankcoin Reserve Coin to the ceiling market price of one troy ounce of gold over the previous month. That price becomes the floor price of the coin for the next month. The Bankcoin Reserve Coin is a market price ‘taker’ not a market price ‘maker’ meaning the gold price determines the price of the coin. The Bankcoin Reserve current price is published on the Homepage of the Bankcoin Reserve website.
Does the Bankcoin Reserve Coin mint new discoveries?
The Bankcoin Reserve Coin also has the unique ability to mint up to 10% of the principal amount held in its proprietary digital wallet. For example, holding 1,000 Bankcoin Reserve Coins with a total value of USD 1.375 million, at its current price. for twelve months will result in a balance of 1,100 coins with a value of USD 1.5125 million, assuming the price of gold had not increased from its current price, otherwise the holding will reflect the appropriate increase.
What type of mining mechanism does Bankcoin Reserve use?
Bankcoin Reserve uses a Proof-of-Stake (PoS) algorithm by which the Bankcoin Reserve Blockchain network aims to achieve distributed consensus. In a proof-of-stake based cryptocurrency like the Bankcoin Reserve Coin, the creation of the next block is chosen via various combinations of random selection, quantity or age of the coins being held, also known as the stake. In contrast, the algorithm of proof-of-work based cryptocurrencies, such as Bitcoin, uses computationally intensive puzzles to validate transactions and create new blocks.
Is the Bankcoin Reserve Technology patented?
Bankcoin Reserve has 8 patents that protect the innovations registered by Gary McAlister and AAA Blockchain. All information can be viewed on the Patents page.
Are the Bankcoin Reserve instruments Sharia compliant?
Islamic banking, or sharia compliant finance, prohibits riba or usury, which are both defined as unjust, exploitative gains made in trade or business, under Islamic law. The acceptance of interest or fees for loans of money or investments in businesses that provide goods and services considered contrary to Islamic principles are also haram, which means ‘sinful’ or ‘prohibited’. This patented innovation addresses all issues in the current banking and financial sectors that conflict with Sharia compliant finance.