Guest January 30, 2018 Press Releases
Cryptocurrency Karbo (formerly Karbowanec), was founded by Ukrainian volunteer and crypto enthusiasts as a free exchange medium – an egalitarian, decentralized system with improved privacy, in which the value of its units is based solely on demand and supply of the free market and where everyone can take part in the emission of the coins with their ordinary computers as mining devices. It is worth mentioning, that mining algorithm is ASIC-resistant, moreover, it doesn’t give much advantage for GPU over CPU.
May 30, 2016 – Karbo coin was originally created under the name Karbowanec on the Cryptonote technology, with 0% premine and without any ICO involved. Later the original source code was updated to the source code of the Bytecoin as a basis for Karbo code.
On December 22, 2016 the smooth Karbo hardfork took place in the network. As a result, Karbo became the first cryptocurrency to test the formula that protects against the massive hashrate mining attacks, so called “multipool effect” or “Nicehash effect”, proposed by Zawy12, one of Zcash developers. The algorithm formula, first implemented in Karbo, was later used as a reference in the development of the difficulty algorithm for Bitcoin Cash.
Anon & Fungible
Just like Monero, Karbo tries to achieve best possible fungibility (no coins blacklisting possible), without pursuing the best possible anonymity (that is not obfuscating transactions amounts with Ring CT). As a result, Karbo transactions are smaller than in Monero, but coins are still fully fungible, untraceable and unlinkable, just like in Monero. Due to this and other differences, Karbo blockchain is growing at a much slower rate and as of now twenty times smaller than Monero.
Fees
One of the best features of Karbo is it’s extremely low fees – 0.0001 krb, that’s about 0.01 cent with the current price. There are plans to develop stable fee mechanism which will keep fees on the same level in fiat equivalent, adjusting them accordingly to the price rise.
Development
Currently, developers are polishing Mobile (Android) and Lite wallet, to release them just in a couple of weeks. Next goal is Web-wallet, planned for Q1 2018.
Real usage
Karbo aims to the real world usage. Thus on December 28, 2017 the second in Ukraine real estate deal using Karbo cryptocurrency took place. The first one was made using Ethereum. Two parties of the deal decided to remain anonymous which is understandable due to anonymous nature of the coin and numerous cases of crypto robbery as of late. There is the whole marketplace for trading with KRB where various goods are being sold, from phones to cars.
There is also a growing network of merchants accepting Karbo cryptocurrency for payment, and biggest ukrainian crypto exchange (kuna.io) is on the way to add Karbo in the biggest crypto ATM network in Ukraine (150 atm’s planned).