OHM (Cryptocurrency)

OHM
Denominations
Plural OHM
Symbol OHM, Ω
Demographics
Date of introduction 16 March 2017 (2017-03-16)
User(s) International
Valuation
Inflation Limited Pre-Mine (6%, used for giveaways; final amount 500 million OHM)
 Method Pure PoS after PoW for Pre-Mine, 30 seconds block target, difficulty retargets every block

OHM is an altcoin, a form of peer-to-peer cryptocurrency[1] which exists as an alternative to Bitcoin[2]. It is one of several hundred altcoins currently being actively traded. It was originally launched in May of 2017. Further development of the coin is ongoing, including the development of wallet and client software for various platforms and OS.

Logo (second revision)
Logo (second revision)

Development

Like most altcoins, which are often associated with a cause, hobby or other organized initiative, OHM is associated with a digital community. It is being developed in cooperation with SVV, an alternate reality game. SVV, which stands for "Sodalitas Vulturis Volantis," requires that players solve puzzles, including number games, and translate passages from ancient or fictional languages. There is also a limited amount of public activity required[3], such as the posting (or locating) of hidden symbols with meanings pertinent to the game's lore. 

In addition to advancing through a successive line of challenges, as with most alternate reality games, correct solutions to SVV's puzzles also earn OHM for the player.

As of June 2017, SVV administration launched its LAMB initiative. LAMB coordinates the concept of rewarding acts of kindness with OHM by providing various examples of eligible acts, as well as providing a form through which to submit the required proof. While the stated goal is to reward 1 OHM for each of 1 million acts of kindness, it has been suggested that significantly larger rewards are available, proportionate to the effort and the impact involved with a given act. For example, the donation of canned goods to a food bank will likely receive a higher reward than the act of leaving a positive comment on a stranger's social media profile[4].

History

OHM began development in late March of 2017. It was being publicly traded by mid-May. As of early June 2017, OHM was being traded on two separate cryptocurrency exchanges: Cryptodao and CoinsMarkets. NovaExchange and TradeSatoshi have since added OHM to their respective lists of currencies.

As of June 19th, 2017, OHM Wallet entered into a more active partnership with the organization behind the S.V.V. alternate reality game, a process which included an administrative staff crossover. This coincided with the departure of two lead developers of the OHM project, citing other professional and personal obligations. The change in management led to the rapid development of an updated blockchain explorer, an expansion of OHM's media presence, and a renewed focus on the project's mobile apps.

On June 28th, as part of an ongoing media campaign to promote a more consistent view of the cryptocurrency, OHM Wallet released a new, high-definition logo. At the same time, an official mission statement was published[5]. The altcoin's slogan was changed from "Resist, Contribute, Evolve" to "Cultivate, Inspire, Innovate."

Transactions 

OHM is a proof-of-stake coin. This sets it apart from Bitcoin, which operates by proof-of-work[6]. It is distributed via payments to user addresses on the network, which are Base58-encoded strings of 34 numbers and letters. OHM addresses always begin with the letter "M." Certain letters and numbers are omitted, in order to avoid confusion over similar appearances in long strings.

Exchanges

OHM is currently traded on the following cryptocurrency exchanges:

References

  1. ↑ "P2P Cryptocurrency Exchanges, Explained". CoinTelegraph. Retrieved 2017-05-28.
  2. ↑ "What is an Altcoin?". CryptoCoinsNews. 2014-09-12. Retrieved 2017-05-28.
  3. ↑ "ARGNet: Alternate Reality Gaming Network". ARGNet: Alternate Reality Gaming Network. Retrieved 2017-05-28.
  4. ↑ "Acts of Kindness". LAMB. Retrieved 11 June 2017.
  5. ↑ "About OHM Wallet". OHM Wallet. Retrieved 29 June 2017.
  6. ↑ "The Proof-of-Work Concept | Satoshi Nakamoto Institute". nakamotoinstitute.org. Retrieved 2017-06-11.
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