According to the project developers, YCC and Yuan Chain are:
- Low latency
- High concurrency
Is YCC a Scam?
YCC might not be a scam, but it hasn’t built up enough of a positive reputation to shake that tag. Despite having a market cap in the hundreds of millions of dollars, experts feel that it is a pointless project that will inevitably crumble. With daily trading volumes around $150,000-180,000, it’s apparent that the project has already lost a lot of the interest it once had. With more than 96% of the liquidity on Huobi, all it would take to collapse would be the delisting from this platform.
Some of the claims on the website seem quite dubious, such as:
- 300 outstanding developers and other specialists
- High-scale ecosystem, large coverage, suitable for the development of individuals and SMEs
These two claims strike us as odd. If the platform has had over 300 experts contributing, why is it so hard to find out who is part of the project? This unsubstantiated claim does very little to build trust. The second claim, in particular, ‘good for the development of individuals and SMEs’, contradicts the claim that the platform is designed for supply chain businesses.
The claim that the project is 100% developed and designed in China does seem to be true, though, as most information about the project has been translated from Chinese. Although, whether the project is 100% developed remains unclear. n truth, this project seems a bit aimless, with no accountability behind the development team and confusing marketing talk used in place of actual technological explanations.
What is Yuan Chain Coin (YCC)?
The Yuan Chain platform and project combine technologies such as inter-blockchain tech and smart contracts, featuring the decentralized characteristics of a public blockchain while offering high performance and privacy. Confused? Don’t be.
In truth, this doesn’t make it much different from the vast majority of ERC-20 tokens (coins on the Ethereum network), so why is it getting so much attention? Suppose you’re interested in cryptocurrency and have been reading articles on various crypto news websites (such as Coin Clarity). In that case, it’s likely you might have seen mention of a Digital Yuan. If not, essentially, China is building its own digital currency, nationally backed, to enter the crypto marketplace and asset its domination. However, a project like that doesn’t just happen overnight, so in the meantime, we can expect to see plenty of Yuan-related projects popping up to take advantage of the situation. YCC is such a project, leveraging the terms ‘Yuan’ and ‘Coin’ to get a flood of traffic.
We will do our best to remain impartial, so fortunately, the facts speak for themselves. Unfortunately, Yuan Chain offers a poorly built website with badly translated English and a technological description that confuses more than it inspires. Yuan Chain Coin (YCC) is aimed at businesses, investors, and consumers, and it is based on the principles of ecological mining and the digitization of physical assets. The platform will be designed on blockchain technology, with data deposits, chain financing, asset digitization, and more. Like any good platform in this space, it must offer stability, security, efficiency, and privacy. The primary way it offers efficiency is through a low-energy blockchain that allows for ecological cloud mining by avoiding GPU mining equipment. The YCC token promises great and quick revenues for holders thanks to the mining applications it will be compatible with. As well as this, the token offers governance benefits to holders on the network.
Being an ERC-20 token, YCC is compatible with any ERC-20 digital wallet; however, unlike many of their competitors, they have not developed their dedicated wallet to help users protect their holdings.
Where to Buy YCC
If you’d like to purchase YCC as an investment opportunity, the best website to buy it from is Huobi Global, which offers YCC/BTC and YCC/ETH trading pairs. Other sites that sell YCC include HotBit, HitBTC, and BiONE.
How Yuan Chain Works
Yuan Chain claims to offer a reliable, efficient, and convenient trading platform for supply chain businesses. The enterprise would pledge the registered assets for financing and payment. The two parties would ensure their true identities on the blockchain, allowing the second party to complete the deal. The Yuan Chain would verify the smart contract and data deposit. This process, in simpler terms, allows physical assets to be digitized onto their blockchain, recorded, and tracked, making it supposedly easier to transfer assets between people and businesses. Another part of the Yuan Chain, as mentioned, is the non-GPU mining system which allows anyone with a computer and an internet connection to become a miner on the network. As a result, 60% of mining rewards go to the miners, and 40% go to the development foundation to ensure that the YCC project is technologically sustainable.
History of Yuan Chain
YCC coin was launched in August 2018 on the Ethereum network, listing at just under $0.02 per coin, with a total supply of 10 billion coins. While the coin has fluctuated in value quite a lot, it has spent most of its existence beneath this benchmark, despite an all-time high of $0.041. For a project with skeptics on high alert and little trust with investors, it is remarkable that the fully diluted cap is worth hundreds of millions of dollars. The development team behind the project remains unknown, with only first names given on the website. We looked deeper to try and find these characters on LinkedIn, but nothing came up, and due to the vague career descriptions, likely, these are simply aliases.