UtilityCoin

PRESS RELEASE
October 9th, 2014


Utility Coin (UTIL: Bittrex, C-Cex) is a new Cryptocurrency(1) released on September 26th, 2014 with a fiercely competitive Proof of Work (PoW) phase lasting 2 days.  Less coins were mined than anticipated, due to the hybrid Proof of Stake (PoS) implementation, which the blockchain transitioned to flawlessly.   The end result was approximately 3,700,000 minted coins, paying 10% annual interest due to the PoS network.

Shortly after the PoW phase completed, exchanges were available for trading to take place, with volumes as high as $50,000 USD per day(2).  UTIL is definitely punching above its weight class, with volume higher than established currencies worth up to 40 times more market capitalization.  Anticipation can be seen throughout social media networks, as investors rush to become early adopters before core functionality is released.

The development team released plans that aimed to: “Apply value to money through innovation”(3).  Many examples were given, most notably the ability to develop real world business applications and submit them to the UTIL repository.  This will allow businesses and organizations seeking technology solutions, to ‘unlock’ portions of the UTIL Operating System over the blockchain, by purchasing coins.  This will not only secure the investments of the entity that purchased coins, but will pay developers, bringing value to the project.  This will allow early adopters of UTIL to benefit from outside investments, which will provide a constant influx of capital into the currency.

According to lead developer Mike C(4):  “I’ve always believed in the core values of Cryptocurrency, being economic freedom and innovation, and wanted to merge them into real world business applications.”  Which lines up perfectly with some of the notable names in the industry who are considering joining the team so far, such as:  Dan Metcalf. Brad F.  Patrick W. Jim V. Walen.  Darren V.  This knowledge base brings experience from projects that have made it to the pinnacle of digital currencies, but none so far have been branched into real world applications such as UTIL.

UTIL plans to bring value to the project through outside innovation, but the plans internally have only been vaguely referenced.  Focusing on anonymity, a cornerstone of Cryptocurrency, UTIL is developing a decentralized peer-to-peer network layer that will exist in the wallet framework.  This will be comparable to the Tor network, where each node (wallet) can choose to participate in a sub-network that allows users to conduct business online as someone else.  This will be followed up with anonymous send technology, allowing individuals to send coins without a trace on the block chain.

Sustainability is a major theme for UTIL development, this project aims to be the industry’s reserve currency.  With outside investments, an all-star team, and bleeding edge technology imminent, there could not be a better time to get involved.  UTIL can and will change how the world looks at Cryptocurrencies, most likely due to its use in a business environment.  Innovation has always been the best path to prosperity, especially when it empowers freedom for societies and individuals.  UTIL is not built on promises, the core functionality is built and will be released shortly.  Developers are now in the process of testing the OS to build third party applications.  Unlike other projects, which constantly bleed value, and lately plummet during major releases, UTIL serves a purpose.  It will finally end the cycle of hype based speculation, and allow investors to be paid interest to make money.  

A development roadmap is being accurately planned and the UtilityCoin development website is underway.

PRESS CONTACT:  utilitycoin@gmail.com
WEBSITE:  www.utilitycoin.net
TWITTER:  https://twitter.com/UtilityCoinTeam
BITCOINTALK:  https://bitcointalk.org/index.php?topic=797900.0


References:
1: http://en.wikipedia.org/wiki/Cryptocurrency
2: https://bittrex.com/Market/Index?MarketName=BTC-UTIL
3: http://utilitycoin.net/ann/UtilityCoin-Introduction.pdf  
4: http://cryptoasian.com/util-utilitycoin/