What is OKU Coin?
OKU Coin is a Decentralized Cryptocurrency, based on Swirge Blockchain Protocol as a Smart contract. It is the local cryptocurrency for Swirge Social media Platform.
OKU coin is not mined using Proof of Work or Proof of Stake Agolrithm instead new coins are created by the users of Swirge Social media Platform.
How OKU Coin Mining works.
When a User create a new post on Swirge, Be it a Blog post, a Picture, Video or Audio file they earn 15 Points. When you comment on any post on Swirge you earn 10 Points and when you react (ie: Like) on any post you earn 3 Points. These points are then converted to OKU Coins which is paid out to your Swirge Wallet. Automatically. The OKU rewards is not always fixed, it is calculated by the Smart contract on the Blockchain based on the total number of Points generated and the total number of OKU Coins in circulation.
Use Case for OKU Coins.
OKU Coin is the Default currency on Swirge it is used to make payments for adverts on Swirge, Pay for goods and services on Swirge Marketplace, Upgrade user accounts on Swirge and many more.
In other to create Scarcity on OKU Coins, when a user makes payments for adverts on Swirge or pay for a user account upgrade those coins get destroyed thereby decreasing the current supply of OKU Coins in existance. eg: if there are 5000 OKU Coins in Circulation and someone pays for adverts on Swirge with 1000 OKU coins. These coins gets destroyed and reduces the current supply of 5000 OKU Coins down to 4000 OKU Coins.
The total current Supply of OKU Coins on Swirge is 4129 OKU Coins as at 4th December 2019 12PM UTC.
You can easily Send and Recieve OKU Coins using your Swirge Wallet with no fees attached!
OKU Coins can be traded on Exchanges for other cryptocurrencies and even Local fiat currencies. Currently OKU Coin is not traded on any excahnge, but will be listed onmultiple exchanges soon. And will soon be easily traded directly on Swirge Platform from your Swirge Wallet.