Last time we launched the series of interviews with enthusiasts who stays behind cryptocurrencies. Today we continue with Oktoshi, anonymous Lead Developer of Okcash.
What are the mission and vision of Okcash?
The main mission of the Okcash project is to empower its users while being energy friendly and sustainable, evolve with positive innovation and decentralization; to give the power to the user and help advance crypto forward. Okcash does it by offering long-term staking (year 2148), low fees and high transaction speed through a unique LTSS system.
The OK movement mission is to help change the world with positive innovation.
The Okcash vision is to become a user friendly, fast, reliable, self-sustainable and enviable secure network that will draw users from the conventional financial systems as well as other networks.
It means to provide users a cryptocurrency they deserve (speed, security, efficacy) and can get to love (fun, friendly and easy to use) while at the same time providing a tool for businesses to become more efficient, transparent and self-dependent, improving all the aspects in life that Okcash touches.
The Okcash network offers users protection against the most common frauds, such as refunds or imposed costs, and Okcash cannot be faked. How does it work? What allows the user to protect themselves from fraud?
The Okcash transactions (payments) are irreversible and secured by military grade cryptography, so nobody can charge you money or make a payment on your behalf, you are the sole owner of your wallet and private keys.
There is no such thing as an “Okcash or OK” coin that can be copied. Rather, there is a list of all the transactions that have taken place on the Okcash network and the order they have taken place, this list or common ledger is an immutable database (the OK Blockchain). Every full node client has a copy of this database (OK Blockchain).
Essentially, the only way to counterfeit Okcash would be to spend them in more than one place. This is called a double-spend attack. However, because of the design of the OK blockchain and the way that it is secured by staking, this would require a tremendous amount of computer power making it not feasible.
Tell us about Proof of Stake. How does it work?
While under a proof of work network, users validate or mine block transactions according how much mining (Hardware) power they have, under a Proof of Stake Network, the users validate or mine the block transactions according to how many coins they hold, this means that the more coins the user have this can be seen as more mining power under the proof of stake network.
In easy terms we could see OK proof of stake as a proof of ownership (being or having a part in the OK network).
What role can Okcash play in reducing poverty?
The Okcash network is becoming a new way of bringing communication and support worldwide, it breaks countries separation while it creates a new worldwide system where everyone can participate under the same rules, this brings new possibilities of growth, while at the same times it creates a growing economy where anyone can take part.
Also different users in the network are already supporting different charity projects, OK is a sharing economy, while in other networks the only way to participate is by “Buying” the coins, In the Okcash worldwide communities, you just need to take part and you could gain Okcash by different methods supported by the same community to be able to participate and take part in the network.
You can send and receive Okcash in any part of the world in less than a minute by paying less than a cent of fees, which helps people send money worldwide in a more cost efficient and reliable way, with no central authority involved, giving more opportunities to the people.
Finally, with Okcash being Open source, anyone can run Kickstarter-like crowdfunding campaigns and launch Social Crowdfunding campaigns or sites. In the OK network, the users hold all the power.
Okcash can be used to create an innovative dispute resolution service through multi-signatures. How do such services let confirm or reject the transaction in case of disagreement between the parties, while not having direct access to money?
Normally in a multisig transaction you have “Agent A”, “Agent B” and an “Escrow”, The transaction if agreed upon could get finished by “Escrow” signing the transaction and passing it to “Agent B” which then would access the coins from the transaction, you could also prevent losing access to the coins in case of disagreement by signing a unlocktime transaction releasing the coins if they are not spent by a certain date.
Are mobile payments and micropayments in development now? How do you plan to implement it? Which partners? What are the minimum micropayments? Are you planning to develop a mobile app?
The Okcash network is an open source protocol, in which the speed, efficiency and ease of access provides the perfect recipe for fast mobile payments and micro transactions, anyone can build their own services using the Okcash protocol/network. You can already use mobile payments and micropayments both as for paying for services or products and for selling and receiving Okcash micropayments by mobile in an easy way thanks to tools provided by partners like Cryptocurrency Checkout, Coinomi, CoinToPay and more wallet services that support the Okcash protocol. Same way you can use IoT devices like Raspberry Pi thanks to ROKOS Bitcoin Full node OS ( https://rokos.space Developed by the OK Devs) hence getting empowered by the speed, availability and efficiency of the Okcash network.
You can already accept or send micropayments directly from your Okcash wallet, you just need to be in sync and you are ready to be your own Bank.
To maintain privacy on the Okcash network, you need to make some efforts. Is Okcash anonymous or not? When can a transaction be anonymous?
Okcash is pseudo anonymous. Some effort is required to protect your privacy with OK. All OK transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any OK address.
The identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why OK addresses should only be used once.
Always remember that it is your responsibility to adopt good practices in order to protect your privacy.
You can protect your privacy further by using Tor and alike services or coin mixer services.
Okcash is available in many countries that are beyond the reach of conventional payment systems. Did Okcash suffer difficulties working in different countries?
Not at all, on the contrary most of the Okcash network growth has been organically, meaning users downloading the OK wallet in their own countries to try it out and then passing the voice to friends and family, Okcash is been used in every continent.
With Okcash being a totally understandable concept/word in other languages, especially for its ticker “OK” which does not require translation at all to get understood; it’s acceptance and adoption worldwide has been growing steadily and getting more participants day by day. Users make their own articles and translations which then they share to their fellow men in their own languages.
What are the risks associated with large updates? How do you inform users?
Okcash has always taken care of the user experience as one of its priorities, hence the wallets are pretty intuitive and easy to use, the same way the updates are always thought with the user in mind, hence providing constant non mandatory updates which improves the network, and providing a real wide timeline for large updates, giving full time to the network to get in line with the new proposed changes/upgrades and without giving issues to any of its users. There has been a nice series of large updates over the history of the Okcash network and not even 1 coin has been lost. We always take care of making it compatible so users that have not joined the network in a long time can claim their coins and upgrade them to the latest version of the OK network.
Also, every large change/update is first voted on by the community and reaching consensus then gets applied, hence all users upgrade fast as they take big part in the process.
Users get informed over the https://okcash.news community guides and news portal and across the different social communities and OK communications networks. Services get a direct message with the notice and latest update notes.
What improvements and updates are planned in the near future?
In the Okcash core client, you can expect new updates which increase the security, reliability and ease of use of the wallet for all new and advanced users, same way new features get added based on consensus and based on the experience gathered by the history and statistics of the network and user experience feedback.
We are also building and helping other teams and/or partners to integrate the Okcash technology to their services, which provides a growing and strong decentralized infrastructure giving the OK network another of its characteristics, it’s resilience.
We are building an OK Self-governance system as well where anyone will be able to submit their projects to get voted on by the Okcash users to decide and support on its development, giving the whole control to the users and increasing the rate of decentralization, development and growth of infrastructure and the whole OK environment.
With Okcash being decentralized and supported by voluntaries worldwide, is hard to know everything that is getting developed in the Okcash environment, but we have gathered a list of updates in a roadmap over https://okcash.co/#roadmap.
How do you see the future of cryptocurrency at all?
Cryptocurrencies are here to stay.
I can already picture the average user getting a hold of it for the daily use, I can see cryptocurrencies getting used with wearables, where they can pay or receive cryptocurrency with the use of NFC and wireless technologies.
The adoption rate could be seen as “slow” in a day by day timeframe, but it is already in a nice stage of development and gaining constant growth, it is also already part of the universal consciousness and it is really a required step to achieve for the society to evolve and become more efficient in the social and economic structure.
We can already see governments and banks starting their own alliances and digital currencies, with small countries creating their own digital currencies in the past, till recently the most sounded country: China.
Now even the World Economic Forum and a community of over 40 central banks, international organizations, academic researchers and financial institutions have created a framework to help central banks evaluate, design and potentially deploy the CBDC (Central Bank Digital Currency).
So, I am pretty happy to repeat myself and say: Cryptocurrencies are here to stay, and here we are building with determination and passion this environment and blockchain tech to empower the users in the present and help create a bright future ahead.
Thanks for the interview and all of the support and empowerment you bring to Okcash and the cryptocurrency environment as well, it is a pleasure to support StealthEX exchange.
We thank Oktoshi and all Okcash team for the opportunity to interview.
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