The fact is that cryptocurrencies are, or at least have the potential to be, much more than just a medium. Cryptocurrencies developed out of the early cryptoanarchism and cypherpunk movements from the 1960's and 1970's. Since those early years it has been a community or even a subculture striving for a common goal. Even today you can feel the sense of community when visiting the many cryptocoin chats and blog comments. What has been lacking, however, is a one-stop-shop platform that allows cryptocurrency users to buy, sell, shop etc.
A New Sheriff in Town?
ShopCoin is a new cryptocurrency that uses Bitcoin as a foundation while adding a large number of features and bring a new user experience to the table. There are a number of very large differences between ShopCoin and other cryptocurrencies based on Bitcoin. First, it has a very impressive distribution model, which promises long term stability. But it also offers a welcoming community and even online auction-style marketplace that allows users to buy and sell products to each other with its SHOP feature.
The only comparable service on the internet currently is the Second Life Linden dollar (SSL) where their Virox Exchange offers many of the same services and community synergy. ShopCoin goes further, however, by bringing everything together under one roof. Linden dollars are used in game and can be purchased either there or at Virox. But they cannot be traded for either cryptocurrencies or fiat currencies in-game as the only way to do this is by going to the Virox exchange. ShopCoin’s SHOP feature is also different in that it lets users sell actual items instead of virtual items. One company statement said about ShopCoin:
"We are not just a COIN. We are a forum community that has their own market and escrow system. We will provide our users a place to sell items and services in a safe manner. Our users will also be able to earn SHOP coin daily by posting in our forums and by just being active."
The price of ShopCoin has grown more than 500% over just the last several days making it a very good investment opportunity. There are several ways to obtain the coin now, however. The first is through the Bittrex exchange or through the SHOP feature on the website by exchanging Bitcoin. Other ways include developer giveaways and by remaining an active user in the ShopCoin forums in general.
Innovation is the Secret
One of the main reasons for the recent price surge is the recent introduction of the above mentioned forums dubbed the “Bitcoin Talk-n-Shop” by developers. Talk-n-Shop works though the SHOP feature and serves not only at a chat feature for the forum itself but also as the auction-style market that allows users to sell items as well as cryptocurrencies. The marketplace already includes such items as iPhones, laptops, a PlayStation 4 and Amazon gift cards. Finally, the system has a built in escrow feature which potentially makes it more secure than eBay in helping protect against fraud.
Arcade Style Fun Included
Not to be outdone by Second Life, ShopCoin is upping the ante by introducing the Arcade. The Arcade is just what it claims to be: A wide range of video games that can be played directly in your browser. Popular games include Yetisports 05, Tetris, Snake, and Super Mario Jump. Currently the games are free to play with jackpots disabled but the expectation is that ShopCoin will eventually be offering both Free-to-Play and Premium accounts in much the same way that Second Life and other MMO's do. This is expected to be up and running within a week or so and users will be able to use ShopCoins for in-game purchases and premium accounts. Pay-to-Play will allow users to qualify for Progressive Jackpots in game.
ShopCoin has a Built-in Strength
Unfortunately many speculative endeavors turn out to be scam artists who intentionally inflate the price of an investment just to dump it when it peaks. This is the case with many fly-by-night altcoins and professional investors refer to these as “pump-and-dump” schemes. ShopCoin's distribution model however is designed to prevent this. There will be more than 20 million Bitcoins but only 500,000 ShopCoins. What this means is that as the coins are mined the value will naturally increase. The company has already mined half of the coins and used them to fund promotions, contests, ShopCoin giveaways, and initial investor distribution. The rest of the coins will require a proof-of-stake algorithm. This strategy prevents a pump-and-dump while still encouraging investors to hold on to their coins in expectation of rising value.