Technical Details of OctoinCoin Future Released.
Octoin (reviewed here) just released a “White Paper” that “contains not only technical data, but also the main steps for the development of the community and our cryptocurrency.” I tried to read through it, but it is aimed at the person with a good deal of familiarity with the technical side of cryptocurrency development and it was very difficult for me t o understand. It even includes a page of computer code! How many users of Octoincoin can read that?! The release suggests that “all members of the community get acquainted with the information provided in white paper: product description and information on future developments will help you expand the scope of OCC.” Unless members of the Octoin community are all very savvy with the technical details of cryptocurrency development, much of what is contained in the White Paper will be of little use to them. Assuming that the technical information presented in the Paper is correct (I am not qualified to evaluate it), it will be useful to crypto geeks. However, my feeling is that it will be of little use to the lay person.
Personally, I was more interested in knowing a little about the management team that supposedly is running the Octoin corporation. The Paper gives their names and a very brief paragraph indicating what their roles are. Unfortunately, there is no verifiable information concerning their backgrounds. So, the person interested in Octoin really knows NOTHING about the people that are running the company. Interestingly, if you check the incorporation document for Octoin that is provided in the company website, it indicates that Octoin was incorporated on August 9, 2017 by a single individual, a Mr. Matt Blunt, who, at least at that time, was the only director of the company and who also served as the company secretary. At least in 2017, Octoin was a one-man-show (Please see HYIP Insights #17 for an article entitled “The One Man Show”). Mr. Blunt is the only share holder in Octoin and holds a single share in the company that he purchased for one British pound. Mr. Blunt is NOT mentioned at all in the White Paper nor are and any other more recent appointees to the board of directors of the corporation (are there others?). Typically, the CEO of a company (whose name is given in the White Paper) is a member of a company’s board of directors or is appointed by it. The management team given in the White Paper also doesn’t include the secretary and treasurer of the corporation. So, what happened to Mr. Blunt?
There are also some issues with respect to timing. If the company only became incorporated in August of 2017, what was its status before that? In many places in the Octoin website, reference is made to company activities that took place in 2016. This is curious. Along with the incorporation document, there is another document (that looks unofficial) indicating that Mr. Blunt was “appointed” as first director. He was also “appointed” as first secretary. Who “appointed” him if there was no company in existence at that time?
I am sorry to have to bring up these points. However, now that Octoin has released this “White Paper” implying that it is a major corporate player in the cryptocurrency market, I feel that it owes its community a degree of transparency (honesty?) concerning its history and the background of the folks that are in charge of the organization.
Following is the Octoin news release related to the White Paper…
White paper OctoinCoin!
Octoin team announced the completion of work on the main document (white paper), which contains not only technical data, but also the main steps for the development of the community and our cryptocurrency.
White paper is the main document that confirms the reliability of the project, informs about the future development, distribution of coins and contains a full and detailed description of OctoinCoin: its application, business plan, technology of work and security. It also provides details on the OCC’s mining and the OctoinCoin cryptocurrency Roadmap. In the document you can find legal documentation and information about the Team’s key people and community leaders.
You can find the full version of White paper following the link https://octoin.com/image/octoin-wp03-eng.pdf
The Octoin team recommends that all members of the community get acquainted with the information provided in white paper: product description and information on future developments will help you expand the scope of OCC.
The presence of white paper once again confirms the responsibility and seriousness of the intentions of the Octoin team.
Octoin is your reliable partner in the crypto world!
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