THE BITCOIN KILLER

1. GENERAL INFORMATION
1.1) What is OneCoin?
1.2) Management
1.3) The Blockchain and Security
1.4) KYC
1.5) Regulation
1.6) EU Regulation
1.7) Audit Reports

1. GENERAL INFORMATION

Please note: On June 11, 2016, the OneCoin cryptocurrency was officially separated from its marketing network, which was rebranded as the OneLife Network (OLN). To find out information about the OLN, please go to the official OLN press kit.

1.1) What is OneCoin?

OneCoin Ltd is a global company with key markets in Europe, South-east Asia, Africa and Latin America. With worldwide operations, the company has opened offices in Europe (Bulgaria) and Asia (Hong Kong and the United Arab Emirates). The company’s commitment to growth, innovative concept and unique business strategy has led to fast expansion.

OneCoin is a digital currency, using cryptography, and created through a process called mining. Just like the serial number on a paper bill, each digital coin is unique.

When joining OneCoin, users become part of a global network of millions of OneCoin users and are able to mine the coin and benefit from its value. OneCoin is not an altcoin, which means OneCoin is not a Bitcoin alternative or clone with slight alterations; it has an entirely different structure. In the future, users will also be able to make payments and transfer money to and from any part of the world.

A key tool in tracking and tracing value, OneCoin's blockchain has always been tailored for future-proof mass transactions. OneCoin’s new and unique blockchain (October 1, 2016) will set a new industry standard by storing Know-Your-Customer (KYC) information, run every minute and meet customer and merchant needs.

With 120 billion mineable coins and a centralized model, OneCoin can also become the biggest reserve cryptocurrency worldwide (i.e. the U.S. dollar of the crypto-space). OneCoins are easy to mine, easy to trade and easy to use. Because of the way OneCoin has structured its organization and operations, no complicated hardware or advanced knowledge is needed to mine and use coins.

1.2) Management

The OneCoin Management Team is lead by Founder Dr. Ruja Ignatova. Born in Sofia, Bulgaria, Dr. Ignatova now runs a company that is present in almost every country and six continents. Just as OneCoin is transparent to the public, so is Dr. Ruja Ignatova. She grew up in Bulgaria until age 10 when she moved to Germany. For a young, hard-working female foreigner, the transition was not easy, and Dr. Ignatova had to learn a new language and begin proving herself. She lived Germany as both a student and then as a businesswoman and developed her entrepreneurial spirit there. She received a Ph.D. in Law from the University of Konstanz, a degree in Law from the University of Oxford (M.Jur) and a Master’s Degree in Law from the University of Konstanz and Economics from the University of Hagen. Prior to founding OneCoin, Dr. Ignatova was an Associate Partner at McKinsey & Company and led one of the largest asset management funds in Bulgaria, CSIF, where she managed more than €250 million.

Dr. Ignatova was named “Businesswoman of the Year” in Bulgaria in 2014 and “International Businesswoman of the Year” in 2012. Called the “cryptoqueen” by some, Dr. Ignatova has become one of the top cryptocurrency experts and visionaries in the world.

1.3) The Blockchain and Security

A blockchain is a digital technology that records and verifies transactions. It is a key tool behind innovations, especially cryptocurrencies in general, and OneCoin in particular. A blockchain is based on protocols that authenticate, validate and store information in consistent, unbroken sequences that make a system safer by eliminating any attempts of fraud, duplicity and forgery. A secure tool that creates cost-efficient business networks, OneCoin’s blockchain's ledger can track and trace anything of value and consists of each transaction ever performed in OneCoin. Because of its centralized system, the OneCoin blockchain does not resemble a public ledger like the blockchains of decentralized cryptocurrencies. The new OneCoin blockchain (October 1, 2016) will instead be unique and allows for more transactions to be processed than major credit card providers. It will run every minute, store users' KYC documents and set a new standard in the cryptocurrency industry.

Anonymous transactions are not allowed and OneCoin strictly follows anti-money laundering (AML) policies. OneCoin is the first cryptocurrency company to introduce a monthly audit of its blockchain. All OneCoin blockchain audit reports have proven that the OneCoin blockchain is consistent and that the number of mined coins provided to users is genuine.

1.4) KYC

By requesting documentation that proves the identity of each user, OneCoin makes sure that each transfer made using the protocol is not anonymous. OneCoin will be the first cryptocurrency storing the KYC documents of its users in its new blockchain, which is vastly different than the anonymity afforded to users by other cryptocurrency companies.

The KYC policy adopted by OneCoin includes identifying the user and verifying the identity by examining reliable and independent documents. The KYC information requested includes name, residential address and date of birth/country. Each user must go through a verification procedure every time his or her identity information is changed.

1.5) Regulation

Cryptocurrencies were created in 2008 and, since then, the industry has been developing with rapid speed. With over 600 cryptocurrencies available currently, there are both amazing opportunities for innovation, but there are also cases showcasing how cryptocurrencies can also be uniquely suited for dubious behavior. Regulatory challenges related to cryptocurrencies are mainly linked to the anonymity of transactions and the decentralization of financial dealings.

To prevent individuals from engaging in criminal and unwanted behaviour, OneCoin monitors its clients and implements rules aligned with the legal development. For example, to prevent money laundering, identity theft, financial fraud and terrorist financing, OneCoin has implemented KYC rules.

1.6) EU Regulation

The European Commission proposed an “Action Plan for strengthening the fight against terrorist financing” in July 2016, which provided a set of strict rules on cryptocurrency regulation within an expanded framework of EU’s AML directive. These proposals will impose tighter regulations on digital currency platforms to prevent their use to fund terrorist activities. The providers will be obliged to monitor transactions and users the same way banks do. The measure is also aimed at money laundering and tax avoidance, bringing virtual currency exchanges under the EU’s AntiMoney Laundering Directive. Another important development is the introduction of a legal definition of a cryptocurrency: “…a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically.” This definition will have to be integrated into all EU member states’ anti-money laundering legislation from January 1, 2017 onwards. EU member states will be required to provide a central register of information of all bank and payment account users for the authorities to have better access when they are suspected of illegal activity. These changes are addressed primarily at the open source cryptocurrencies, which allow anonymous transactions.

Being a centralized cryptocurrency, OneCoin already complies with all of the new regulations that prevent individuals from engaging in criminal and unwanted behaviour.

1.7) Audit Reports

OneCoin is the first company to audit its blockchain by an external, independent auditor. The objectives of the audit are to assess the consistency of the blockchain and to verify that no coins are mined outside of the blockchain.

The procedure of verifying the transactions requires a number of automated tests. The first test aims to prove that all transactions are included in the blockchain and no coins are mined outside of the blockchain. The second test aims to prove that the blockchain is consistent, which means that each transaction's inputs and outputs correspond with one another and could be tracked back to the very first transaction.

The overall procedure has been designed to confirm that all blocks are consistent, i.e. that each block follows a previous one and that there are no errors in the block sequence. And the blockchain must prove it contains the transactions validated in the tests.

So far, the results of each blockchain audit have verified that each and every transaction is true and the blockchain is consistent. Moreover, the audits confirmed the figure shown as the number of coins mined on the homepage of the website is the actual, real-time data and there are neither more, nor less OneCoins than those stated.