Blockchain is a vital part of a cryptocurrency. In the cryptocurrency, the blockchain save the entire transaction from the beginning until the data in the future. Interestingly, a database which has been stored is temper proof or not can be manipulated.
Those transactions that occur, is stored in block-block which is interlocked with each other. One block with another block, will collate historical transactions until heading to the other end of the block early.
Block that became the base of the end and the beginning in blockhcain in the bitcoin called Genesis Block. Because of that, the historical validity of such transactions become more secure, and temper proof.
Meanwhile, blockchain version Onecoin been widely known as a mere sham. They only use subterfuge only to attempt to show that they really have blockchain in it.
But, of course if it is not just based on sheer assumptions. There is plenty of evidence that could show the actual facts. That Onecoin is not a cryptocurrency, because none of the evidence over the ownership of blockchain in their system. Let's search for the evidence.
The launch of the new version of Blockchain in Bangkok October 1, 2016
Earlier, on June 11, Ruja in posting stated that Onecoin need more supply. So it needed it should be melaunching blockchain the new version (based on the understanding of the Ruja).
In the real world of cryptocurrency glasses, the total supply of coins, of course have been standardized in the core software crypto Protocol. So that consensus can be run and according to the rules that have been put in place. Changes regarding the total supply will result in fundamental changes in the rules.
Fundamental changes are closely related with many things and have implications for the existence of a major change is called Hard Fork. From this side, we certainly can see the capacity of understanding Ruja Ignatova who claim to be experts figure the actual Cryptocurrency hanyalan sheer gibberish. The use of the term launch of the latest version of blockchain already shows quite bizarre in the world of cryptocurrency.
In the end, the Onecoin decided to increase the total supply until it reaches 120 billion coins. In this case, the menjunjukkan also that the actual nature of the cryptocurrency tends to limit the total number of supplynya. It is not without reason.
Limitation of total supply creation of coins in the cryptocurrency, based on to bring closer to the nature of the gold. As we know, the Golden number is also limited, and at one time will be exhausted entirely mined.
By capping the total supply then it can give you an advantage. In economic cryptocurrency as Bitcoin, it makes it more resistant of impending inflation. Now trying to view the facts upside-down that is presented by Onecoin, they thus add to the total supply of them. If they are really cryptocurrency, it would cause turmoil in the market. There are certainly risks pump total supply which resulted in a decrease in value due to the amount of the supply on the market.
However as many known in pyramid schemes, however, will certainly need rotation of the larger money flow until at some point not be able to pay it enough anymore and finally to kolap.
In this case, Onecoin trying to keep attracting new victims a greater infusion of funds, so there is greater, with the hope the wheel of this Ponzi scheme will still keep going. One of them in the moment is to make the program double coins all over the membernya at the launch of their new version blockchain.
At the time of the launch, Ruja says that witnessed the process of mining the block first to live. From a source which had recorded video footage, showing the time at 4:30. The video footage can be seen here on Youtube minutes 20:15.
Ruja, also stated at the time of the first block was mined, and the entire amount of the coins will be duplicated (double). While that appears in this recording, Youtube minutes 22:25, Ruja declared the mining block of first shows 1 986 580 000 coins that have been mined.
If indeed the mining is really done, then in the blockchain will certainly be recorded in the appropriate time. What's at the moment performed live. If the event was held in Bangkok, then in the whole Onecoin of its timestamp based on GMT/UMT, then the matching results for the timeanddate.com time in Bangkok, it will be demonstrated at 09:30 PM GMT/UTC. Bookmark time based on GMT/UTC this is what should be displayed appropriately and is unlikely to miss the mark in the registration Blockchain. Or at least, the time difference will not vary much, maybe only about 1-2 minutes.
From the search results in a blog shows, that on the block #0 timestamp recorded turns out to be appropriate, though still in the dashboard (not yet updated the moment of post). Search the #0 block using a plugin called Selenium IDE in Firefox browser. So assuming the search block, #0 correct. However, let us look further.
There is only one Output address, i.e. 9UHVMKSB8xdgzjY5X82gC5An4NiupfiUE5 in Block #0
At the #0 mining block, attached to the following conditions:
- Double coins in all member
- Total Output by the number of 1,968,580,000.00000000 who successfully mined there is only one transaction (see the output to the address below).
- The address on the output should be in block #0, there is the entire output of the address to all the member Onecoin. - - Because on the block, as well as all of the coins copied. So, in the block #0 should also note the output address to all membernya. No there is only one transaction only.
- In the timestamp recorded in the dashboard, it is still appropriate, but after the migration, there was a surge in berbedaan time far enough, i.e. 01-01-2016 00:00:01. That means it's already recorded 9.5 hours earlier. See the difference below.
There is a post migration dashboard coin post duplicated, thus striking the time difference occurs, 9.5 hours earlier. As if to show this already prepared in advance. On the dashboard blockchain their time, noted exploler is 01-01-2016 00:00:01
- Should be on the block after block, #1 #0, was able to also merelasikan transactions that correspond to the Output of the Address "9UHVMKSB8xdgzjY5X82gC5An4NiupfiUE5". But it didn't. On this block, there is only one transaction only, with a total of 50 000 coins. So there is no address input there, just no output address only. It is of course quite ridiculous. (see picture below)
Block #1 not able to refer to the block before, including the input of address which is supposed to be referring to the block before.
- At block #16041, there are two transactions. But strangely, input the address of both the transaction originated from the same address in block transactions, i.e., #0 in the address "9UHVMKSB8xdgzjY5X82gC5An4NiupfiUE5".
***Block #16041 input the address from the address in block #0****
On the next block, viz. block #16042, there are 20 input address with a total of 50 000 coins, with only 1 output address that receives 1 million coins. If 50 000 coins it is suppose to be undue, then mining reward should also be distributed to all participants of mining in the same pool. But here there is only one recipient's address only.
Associated with the confirmation of the transaction is, in fact, the crypto world certainly is also quite important. Onecoin, on its website, explaining that their blockchain are centralized system. But it also described that in every detail of the transaction are shown with a number of confirmation. Then the number of confirmation of this must be also identical with the number block which has been mined starting from genesis block to block-block next. And will increase continuously. Note that needs to be underlined here is, on December 12, 2016, turns on the Genesis Block there have been more than 100,000 confirm that has happened. This indicates confirmation in their view are meaningless. In fact, it is quite important as a variant of the legality and the validity of the block. What if it were closely related with the genesis block that became the Centre of reference to the validity of the block-block next.
Now let's see Genesis comparison Block in the Bitcoin. We can see it on the block at blockchain.info exploler. Please own assessed based on observations from around the explanation above
The conclusion of the results of the investigation in the search for evidence of error blockchain onecoin this is, how it can be described as a cryptocurrency, if blockhain there are so many things that just a random course. Genesis Block, becoming a benchmark validity of block-block afterwards. That is, if the genesis Block alone is not valid, then the whole block further too. So, overall blockchain Onecoin is just nonsense.