SIMPLIFYING CRYPTOCURRENCY, COMMERCE, MINING AND USER ADOPTION – THROUGH A BROWSER
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SIMPLE TO USE
Easy to get started, straightforward to purchase and simple to send digital currency to anyone with an email address
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WEB BROWSER MINING
Anyone with a web browser or website can now mine cryptocurrency. Either mine on your own device on our easy to use platform, or simply install a code snippet into your website which will earn you tokens whilst your visitors browse.
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STORAGE
You can store your tokens on the JSEcoin platform or alternatively export them to an Ethereum compatible wallet of your choice.
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HOW TO USE YOUR TOKENS
Use your JSEcoin tokens to make online purchases at participating sites. If you have your own site you can now start accepting JSEcoin using our easy to use merchant tools.
ENVIRONMENTAL IMPACT OF CRYPTOCURRENCY
TRADITIONAL CRYPTOCURRENCIES USE MORE POWER THAN SMALL COUNTRIES TO OPERATE THEIR NETWORKS
Every other industry across the globe is moving towards greener solutions that mitigate the risk of climate change and global warming. Sooner rather than later blockchain technology needs to follow suit. There is simply no need to consume the vast amounts of electrical power that traditional cryptocurrency networks waste.
JSEcoin is mined using surplus CPU resources which would be otherwise wasted. Browser mining has a huge environmental and cost advantage over existing cryptocurrency networks. There is an opportunity to make a real difference with web based cryptocurrency mining.
Current mining practices are not sustainable or justifiable in terms of energy consumption – we feel browser mining provides a solution. Whether it’s our project that breaks through with it or someone else’s, this is the direction the industry is going in and we have the first mover advantage.
BELOW IS ATTACHED THEIR WHITE PAPER ABOUT THE ENTIRE PROJECT, CHECK THAT
OUT… OR IF YOU ARE EXCITED TO TRY THIS NEW CRYPTO MINING PLATFORM
CLICK HERE
Updated v1.02 Updated v1.03 Updated v1.04 Updated v1.05 Updated v1.06 Updated v1.07 Updated v1.08
27/8/2017 13/9/2017 19/9/2017 12/10/2017 1/11/2017 9/11/2017 26/1/2018
JSEcoin is a cryptocurrency mined by webmasters and built for everyone
Visit the live platform at https://platform.jsecoin.com
View public accounts at https://jsecoin.com/category/accounts/
Keep up-to-date with the latest from JSEcoin https://jsecoin.com/blog/
Blockchain explorer at https://blockchain.jsecoin.com
Disclaimer
This whitepaper does not provide any type of legally binding contract. JSEcoin Limited does not accept any legal liability arising from the material contained in this whitepaper. Anyone looking to invest in cryptocurrency should seek professional advice regarding tax regulations and legislations in their local area. The material provided here represents our current plans for the cryptocurrency platform. The details may change (including ICO distribution plans) and should not be considered finalised. JSEcoin co-founders and employees do not offer investment advice under any circumstances. No entity is legally bound or contractually obligated by the transferring of JSEcoin tokens or fiat currency. Contributions from investors should be seen as that, a contribution towards the project.
JSEcoin Limited and all persons associated with the company are in no way arranging, dealing or advising on regulated financial investments.
JSEcoin is protected by the official UK Intellectual Property Office, the government body responsible for intellectual property (IP) rights including patents, designs, trademarks and copyright.
Full terms can be viewed at https://jsecoin.com/terms/
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Contents
Vision 2 Environment 3 Webmasters 4 Transparency 5 Timeline 6 Coin Distribution & ICO 7 Product 9 Future Use Cases 10 Technology 11 Investors 13 Traction 14 Security 15 Market Overview 16 Marketing 17 The Company 18 Live System 19
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Vision |
Our ambition is to create an energy efficient cryptocurrency mined by webmasters which is adopted globally by mainstream users. All major cryptocurrencies currently rely on miners to carry out the cryptography hashing. Hashing is a mathematical equation that is carried out at large scale to secure a blockchain which is the underlying transaction database of a cryptocurrency. This process consumes huge amounts of computing power, server farms and electricity. Miners are rewarded for their efforts by the distribution of the currency. It is possible to carry out SHA256 and other encryption in a standard web browser or on a mobile device. By embedding a javascript snippet on a website all visitors to the website could carry out the hashing encryption process, which when combined at scale could replace the role of the miners . Website owners would then be rewarded by the distribution of the currency. We have estimated 1 in 15 people either own or have access to a website which provides a large distribution and potential client base. By using surplus CPU power, huge energy and cost savings could be made over traditional cryptocurrency networks. © Copyright 2017-2018 JSEcoin.com Page 2 |
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Environment |
Do you know what Cuba, Croatia and Sri Lanka all have in common? They all consume less electrical power than the Bitcoin network ( 16.73 TW/hr as of September 2017). The electrical resources used for mining are increasing at an uncontrollable and unsustainable rate. In the last 30 days the Bitcoin network energy consumption has increased 0.8 TW/hr. To give some context the CERN large hadron collider, which required its own power station, consumes 1.3 TW/hr annually. The higher the BTC price climbs, the more incentive there is for industrial mining corporations to open new server farms where their only variable cost is electricity. JSEcoin is different, it is mined using background resources within a web browser tab. The additional power consumption when the device is in use is miniscule. The CPU usage for our hashing algorithm is less resource demanding than the loading of a video advertisement. By using surplus CPU availability within the browser we can efficiently hash data at scale to secure the JSE blockchain. In the future, all industries will need to move towards energy efficient technologies, including cryptocurrencies and fin-tech. © Copyright 2017-2018 JSEcoin.com Page 3 |
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Webmasters |
JSE cryptography is providing a new way for website owners to m onetize their content as an alternative to displaying ads. This may be preferable for sites where space is at a premium or banner advertising is not appropriate. It could also be used in conjunction with existing traditional advertising methods as an additional revenue stream. The code snippet is copied and pasted from the platform on to a publishers website(s). Our system does not do any hidden background mining. The javascript is loaded as a post-page-load async process so it will not disrupt website performance and the user experience is not affected. “Poor Quality” traffic which doesn’t earn ad revenue such as visitors from remote regions can also be monetized effectively for the first time. This provides a foot in the door opportunity to test the program with larger media companies. “As of January 2018 we have more than 14,000 websites setup with around 20 million mining impressions per day.” Webmasters can earn additional revenue through the affiliate program. © Copyright 2017-2018 JSEcoin.com Page 4 |
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Transparency |
Transparency is paramount to our future success. JSEcoin has never carried out hidden background cryptocurrency mining. It is essential to inform users that the mathematical hashing process is running and the website is monetized via cryptography. We do this much like the cookie declaration in Europe. A pop up message is displayed at the bottom of the web page before hashing starts. Included is a link to an opt-out and privacy option. If a website user decides to opt-out this preference will be stored in their browser and the hashing function will be disabled on all websites in the network. To our knowledge we are the first platform to offer web based opt-out cryptocurrency mining An additional benefit to displaying the privacy message is that it puts the JSEcoin logo in front of over 5 million unique visitors every day ( Unique visitor stats 1st Nov 2017) and provides a source of advertising that is partly to thank for our growing user base. The code running on the users browser is not resource intensive in the same manner as traditional GPU and CPU mining programmes. The additional CPU usage and power consumption will be negligible because the code only consumes excess CPU power available to the browser. Trust Cryptocurrencies create value through trust. Investors and consumers exchange fiat money (i.e.USD/EUR) for cryptocurrencies on the understanding that the team behind it will operate in their best interests. Trust can be increased by publishing public accounts, open-sourcing code, maintaining ethical business practices. Trust is essential and will be proportional to the operating transparency. © Copyright 2017-2018 JSEcoin.com Page 5 |
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Timeline |
We are working towards an ICO and exchange listing in 2018. The exact date will be announced after the development plan below has been completed. Development Plan Q1 2018 SocketIO Hash a hash upgrade 12/11/17 28/12/17 Setup a pressence on Reddit 1/1/18 31/1/18 Promote facebook social account 1/1/18 31/1/18 JSE Site Crawler 1/12/17 21/12/17 Setup affiliate management system 15/1/17 31/1/17 Antivirus/AdBlocker CRM system 24/1/17 31/1/17 Solidity Contract ERC223 21/12/17 5/1/18 Business continuity plan 1/2/18 28/2/18 Identicons Framework 18/2/18 26/2/18 Merchant Tools 5/2/18 11/2/18 For the latest timeline please visit: https://jsecoin.com/timeline © Copyright 2017-2018 JSEcoin.com Page 6 |
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Coin Distribution & ICO |
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Current Distribution – 636,000 as of 30/10/2017 Current circulation can be found on the JSEcoin.com homepage. 440,000 currently held by distribution and co-founders accounts. Publisher Daily Distribution: 1440 max / daily Self-miner Daily Distribution: 720 max / daily We are currently keeping the distribution as small as possible to protect the currency valuation and allow for maximum options at ICO. Max. Final Hard Cap: 100,000,000 ICO Plan Max. Pre-ICO Distribution: 5,000,000 Max. ICO Distribution: 70,000,000 + Any Unsold Pre-ICO Distribution (max at ICO 75,000,000) We are currently targeting an ICO in 2018. This date may change as it is dependant on external factors and investor demand. A price ladder will be used at ICO. As coin allocations sell out, the price will be moved up to reach a fair market value according to demand. Exact price bands will be decided prior to ICO, depending on market conditions and investor demand. For example, if price expectations were around $2.50 we could use the following:
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Remaining coins (25m + any unsold) will be made available to the distribution account on a declining ten year plan. These will be used to fund mining, referrals and general business costs. If ICO does not sell out it may be necessary to “burn” some coins to prevent the distribution account becoming unnecessarily inflated.
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11+
50.05% 25.03% 12.51% 6.26% 3.13% 1.56% 0.78% 0.39% 0.20% 0.10% 0%
Co-founders and Advisors Remuneration
500,000 tokens will be awarded and divided between the cofounders and advisors as each stage of the ICO is reached. This offers performance related rewards and an incentive for everyone involved.
This will mean a maximum of 4,000,000 tokens or 4% of the total final allocation will be rewarded to the team and external advisors if all tokens are sold out at ICO.
A contractual agreement will be in place preventing the sale of tokens on exchange for a minimum of 6 months from the listing date for co-founders, advisors and the distribution account.
ICO Technology
Currently the industry standard is the Ethereum ERC20 smart contract which we have tested internally. This may however change by the time we get to ICO as new and exciting projects are currently in development within the ICO space.
We will use the best and most suitable technology which is convenient for investors and compatible with the exchanges.
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Post ICO 10 Year Deflationary Distribution
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Product |
Consumer Focus The cryptocurrencies that achieve long-term success will be ones focused around the users. Fee free fast transfers – utilizing a multi-blockchain core database along with an account ledger we have been able to get the transaction block time down to 30 seconds. Self-Mining – To make cryptocurrency fun, any user can log into their control panel and click the start mining button. Their browser will then be left to mine coins in the background. A dedicated coin pool will be offered so anyone with a web connection can go online and “earn” their fair share of the digital currency. This pushes the platform past “just being for webmasters and app developers. Simple Platform – The main user interface platform is for non-technical users. Someone with no previous experience of cryptocurrency should be able to setup an account and purchase,send,mine JSEcoin. View the platform for yourself at https://platform.jsecoin.com © Copyright 2017-2018 JSEcoin.com Page 9 |
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Future Use Cases |
Our primary ambition and end goal is to create a cryptocurrency that is adopted globally by a mainstream audience. Our best chance of getting to that stage is to produce a platform that is focused on the needs of webmasters and accessible to everyone. We intend to release merchant tools that will allow webmasters to use JSEcoin for taking digital payments via their websites.
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Technology |
The code snippet that website owners can install is an embedded external javascript file similar to common codes used for website analytics and advertising. A wordpress plugin is also now available, which makes it really easy to install JSEcoin on a website. https://wordpress.org/plugins/jsecoin/ The javascript code loads at a set time after the page has finished loading preventing any performance delay and SEO page speed penalties. The public block data is sent to the website users browser and will be processed while they are reading the page, the most accurate hashes sent back to the server. The server will collect all the hashes, compare, check, select the best and use this to secure the blockchain. As soon as a website visitor leaves a publisher’s site, the code stops immediately. Nothing is downloaded onto the visitors PC or run after the visit to the website. In our speed tests the crypto.subtle browser API performed very well. Hash rates exceeded 30,000 hp/s in a single browser, while this is not comparable to ASIC hardware it is more than sufficient for what we need. Further increases could be made possible using custom WASM modules in the future. SHA256 is used as the main hashing algorithm. Elliptical curve secp256k1 cryptography is used for signing and verification. A transaction via the platform is signed in the browser and then sent to the servers for verification. It is also possible to carry out transactions and other functions via the API. APIdocumentationisavailableath ttps://jsecoin.com/api/ The user platform integrates with the JSE network as a client providing a simple point of entry for everyday users. The system is currently fully-centralized with all servers being operated by JSEcoin. The system is hosted on the Google Cloud Network and data is stored inside a Google Firebase datastore. High volume load servers on the publisher side have been separated from the platform behind a load balancer. © Copyright 2017-2018 JSEcoin.com Page 11 |
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A blockchain controller is installed to carry out maintenance and do essential tasks to the blockchain, such as carrying out backups, selecting hashes and completing data and verification checks. This is only accessible from the internal network and does not have a web interface.
The website server runs the wordpress website at jsecoin.com and also a blockchain explorer whichisavailableath ttps://blockchain.jsecoin.com
Network Diagram
The current system introduced in October has been tested at high volumes and we expect it to scale well in the future as the user base grows.
In November we have arranged for penetration security testing and have also put a bug bounty program in place. The code base will be open-sourced prior to ICO once thorough security checks and code reviews are completed.
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Investors |
Pre-ICO funding round is currently closed. Exchange listing will take place after the ICO in 2018, at this time investors will be able to trade their JSE tokens at open market value on 3rd party exchanges. Information from the FCA on Cryptocurrency Investments and ICO’s https://www.fca.org.uk/news/statements/initial-coin-offerings What are the investment risks?
Investors should register to purchase JSE tokens via the platform at https://platform.jsecoin.com Investments totalling more than $10,000 need to be verified in order to comply with the KYC regulations: https://jsecoin.com/kyc-policy/ © Copyright 2017-2018 JSEcoin.com Page 13 |
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Traction |
Since we opened the platform up to the public on the 15th August 2017 the adoption and feedback from the community has been incredible. Our user base is growing fast, webmasters are pushing huge volumes of traffic and outside investors are trusting us with their funds. Recent user sign-ups to the platform Todays Stats at 1pm 13th September 2017 See these live on the JSEcoin.com home page Updated Stats at 4pm 30th October 2017 © Copyright 2017-2018 JSEcoin.com Page 14 |
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Security |
Security is everything when dealing with online financial transactions. The following measures have been taken against foreseeable threats. Double spending – With multiple blockchains in place the threat of double spending becomes more complicated. An account lock is put on a user when they initiate a transaction and then removed once the block is written. The drawback of this approach is that a user can only place one transaction at a time. With only 30 second block window this should not provide a practicality problem for most users. Server Data – Private data is kept on the platform server but is not stored in the blockchain. Private email addresses, users names and locations are stored in plain text. Passwords are hashed and then removed from the system. Hashing help – A webmaster could modify the browser side javascript to link up high powered hashing hardware and return a better hash every time. The algorithm for rewarding webmasters will focus on impressions as well as hashing. Automated checks are run hourly to remove any statistically improbable mining. Manual reviews are also in place to prevent fraud attempts. Multiple Devices/Accounts – Platform miners could benefit from running multiple devices or accounts. If we allow this to happen it will lead down the same road as Bitcoin where the mining is dominated by commercial organisations. Our system has anti-fraud measures in place to ensure a fair distribution of the coins to individual end users. Penetration Testing – 3rd parties have agreed to penetration test our platform in exchange for bug bounties. It is preferable that professionals find and disclose potential security vulnerabilities rather than hackers. Code Reviews & Open-Sourcing – Our code base will be reviewed and eventually open sourced to allow for peer review and comment. At this time our fraud prevention measures will be made public so it will be imperative that we stay on top of manual fraud checks and constant updates to the automated tools. Working to stay ahead of fraud and cyber-criminals will be an ongoing battle across multiple fronts. © Copyright 2017-2018 JSEcoin.com Page 15 |
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Market Overview |
Cryptocurrencies are at a turning point in 2017 with popular consumer based trading platforms such as Coinbase making it easier for investors to purchase cryptocurrency. The two largest cryptocurrencies Bitcoin and Ethereum have gone up 895% and 2896% respectively in the last 12 months. The appetite for an alternative to government backed currency is increasing and investors are speculating. With national debt spiralling out of control our belief is that hyper-inflation is now inevitable. The stock-markets are at all time highs and due a crash by historical statistics. If these two factors happen together a lot of funds are going to be moved in to the cryptocurrency space. Bitcoin has the first mover advantage and Ethereum has a superb smart contract platform which has become the standard for altcoin ICO’s. There is still a dark shadow hanging over cryptocurrency though. Most consumers still associate Bitcoin with the news and press releases related to the closure of the silk road darkweb site and illegal trading of goods. The US government has taken somewhat of a stance against cryptocurrencies on the grounds that it could be used for money laundering and to fund terrorism. The Chinese government have recently set out to restrict exchanges. Legislation, regulation and taxation are still all lagging behind the development and adoption of digital currency which makes governments nervous along with the negative threat to their own currencies. Investment in the cryptocurrency markets are now in excess of 100 billion USD. This is money that hasn’t been invested in Wall Street & The LSE. It seems unlikely that governments and banks will stand by as money is drained from the stocks and bonds markets and placed into cryptocurrency. In our opinion no one has successfully made a cryptocurrency system that is built around consumers. Most of the current developments are built on top of an existing blockchain technology and compromises are made when it comes to ease of use. Purchasing cryptocurrencies, especially at ICO is extremely challenging for non-technical users. JSEcoin was built, first and foremost, as a consumer platform. We developed a system that we believe is how cryptocurrencies should operate in the future. The result is an intuitive, simple and user friendly system for transferring and storing digital funds. If executed well, the JSEcoin project has a chance to become the world’s first mainstream cryptocurrency. © Copyright 2017-2018 JSEcoin.com Page 16 |
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Marketing |
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Marketing and PR are key to generating enough interest in the cryptocurrency to create market liquidity and create a real store of value. Initially there would be four key demographics
Our t eam specializes in ad-tech and online marketing can be carried out in-house. We spent roughly £500 GBP on marketing in the first month, mainly on Facebook advertising aimed at webmasters. This was paused prior to completing the major platform update on the 11th September 2017. We now feel we are ready to restart and scale marketing efforts towards cryptocurrency investors in the coming weeks. The affiliate/referral program we have as part of the platform has proved a huge success and incentivises users to spread the word about JSEcoin. © Copyright 2017-2018 JSEcoin.com Page 17 |
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The Company |
JSEcoin Limited is a UK registered business. We publish monthly accounts on our websites at https://jsecoin.com/category/accounts/ Our accounts will be audited annually by an accredited independent UK accountancy company. The Founders Advisors TBC… We are looking to work with advisors who have previous experience in successfully taking a cryptocurrency to ICO and who can add real value to the project. If you would like to work with us on this exciting project please contact t [email protected] with some details about your previous experience and what you can offer. SWOT Analysis
Strengths Weaknesses ● UK business environment difficult for cryptocurrency startups ● Centralized network cryptocurrency mining Threats ● Antivirus and ad blocking companies targeting browser based mining ● Competitors unethical hidden mining hurting JSEcoin reputation and public relations ● Legislation and regulation inevitable eventually ● Tackling fraud is a constant challenge Page 18 |
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Live System |
The mining code is currently live on the main j secoin.com site and blog. You can view this live by opening a console window (CTRL + SHIFT + J in Chrome or CTRL + SHIFT + K in Firefox). The privacy pop up will display once per visit after a set period delay at the bottom of the screen. Domain / Link http://cryptoways.com http://freefansitehosting.com http://gamcast.com http://mycryptotal.com Description Publisher website Publisher network Further live publisher sites Platform The platform is now live and open to the public. While we still consider it to be in beta the ledger will be carried forwards on all future updates. Become an early adopter and see for yourself how blockchain cryptocurrency does not have to be complicated or resource consuming. Setup your account at © Copyright 2017-2018 JSEcoin.com Page 19 |