SOFIA, Bulgaria, Dec. 2, 2016 /CNW/ - OneCoin, the first and only cryptocurrency in the world to store KYC documents on its blockchain, has set a challenging goal - to become the global virtual currency preferred by mainstream users.

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Today there are over 700 cryptocurrencies (or virtual currencies) worldwide, yet very few people have ever heard about them or have any idea how they work. With the end of paper currency already planned in Scandinavian countries, OneCoin, has set out to become the first global mass cryptocurrency.

THE CRYPTOCURRENCY PHENOMENON

Cryptocurrencies have the potential to bring substantial changes to the economy and society in general, but their greatest benefit is for the mainstream user. Cryptocurrencies are independent from central banks, meaning that their value cannot be affected by financial markets volatility or inflation. Their finite number and the fact that they are based on cryptography make virtual currencies difficult to counterfeit.

One of the most common uses of cryptocurrencies is international money transfers. By using cryptocurrency, users make transfers faster and cheaper without expensive intermediaries. Thus they can be regarded as competition not only for banks but also companies such as Western Union, MoneyGram, Currencies Direct and many more. The value of each cryptocurrency depends on its usability, supply and demand. With over 2.7 million users OneCoin has one of the biggest user bases.

OneCoin & THE FUTURE OF CRYPTOCURRENCIES

In just two years OneCoin has become one of the most important virtual currencies on the market, aiming to become the first global mainstream cryptocurrency. Beside creating a stable currency, compliant with all regulations, OneCoin has created an ecosystem around its coin, aiming to increase its usability.

In 2016 OneCoin introduced its new blockchain - a big step toward achieving the company's strategic plans. This step will allow OneCoin to expand its user base and create a strong merchant network. The secure source code guarantees a higher level of security, substantially reducing the vulnerability that has plagued other cryptocurrencies. The blockchain is at the core of the digital payment revolution. Singapore's central bank for instance plans to launch a pilot blockchain project with the country's stock exchange and eight local and foreign banks, Reuters reports.

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SOURCE OneCoin Ltd.