The ICO ran from November 15 to December 31, 2016.
BitConnect for Bitcoin are the apps, and the Android BitConnect app appeared in March.
It should be noted that March 2016, BitConnect saw itself as a community that aims to popularize Bitcoin.
However, in a few months the information on their website has been changed; BitConnect introduced itself as a business and offered its own currency.
TECHNICAL CHARACTERISTICS
Distribution of chips
The number of BCC is limited to 28 million, as of October 15, 2017, there were 8.2 million pieces.
4 million chips issued by the ICO.
The remaining BitConnect parts are distributed through the combination of Proof of Work (PoW) and Proof of Stake (PoS) algorithms:
As soon as the number of blocks in the blockchain reached 262,800, PoW stopped working. On October 15, 2017, there were 197,951 blocks. A reward of 10 BCC is given for each block created.
Then the work of the blockchain will be supported by the PDS. The maximum number of coins is 20.4 million. Evidence of implementation of a flexible payment system.
The first 6 months mean the monthly reward of 10% of funds that have settled in the user's wallet.
Every 6 months thereafter, the payment will be reduced to 8%; 7%; 5%; 3% and 1.4% correspondingly.
Technical characteristics
The Scrypt hash algorithm is used here. The block building speed is 2 minutes.
Transactions are made between users without an intermediary
Transactions are verified by network nods
Exploration is done with a BitConnect portfolio
The use of a video card (GPU) and a CPU (CPU) is possible.
Protection is provided by a hybrid algorithm consisting of proof of work (PoS) and proof of implementation (PoS)
Specificities of use
Cryptocurrency is used within the community: coins are difficult to exchange, they are accepted / supported by a limited number of platforms.
BitConnect can be used as:
1. Long-term investment. The strategy of buying BCC for market speculation or investments in the growth of the coin rate can be rarely achieved.
2. Means of loan. The system design creates incentives for users to keep money in e-wallets. The creators of the currency inform investors in their promotional videos about the presence of BitConnect's own trading robot, which changes on BCC's internal exchange. The coins are used to pass the offers.
It is necessary that:
Replenish your account with Bitcoins
Buy BitConnect parts, loan them to the commercial robot. To this, the amount of BCC is given in US dollars.
The money on the account is frozen for 120-299 days
Interest is accumulated in the amount held in the portfolio (up to 30% per month)
Interest can be reinvested or withdrawn
PERSPECTIVES
The roadmap on the project website ends in November 2017, which explains why future developer plans are not known.
The portion of BCC in the volume of general transactions in the cryptographic currency market is approximately 0.1%; However, a rapid growth in the popularity of BitConnect can be noticed:
1. During a year of work from the plate-shape, it has been successful in attracting 50,000 users
2. In Crypto Idea Scoring, BCC is in 11th place, although it was launched less than a year ago
3. The general capitalization of BCC is over 1.2 billion
