Octocoin (888) price

Octocoin (888) is a peer to peer (p2p) innovative payment network that operates without the intermission of central banks or any other financial institution. Octocoin is based on the original Bitcoin protocol although it runs on a separate blockchain, and its currency system allows users to send instant payments to anyone, regardless of their location. Octocoin is a project of the Octocoin Foundation.

According to the Octocoin Foundation's website, all transactions between parties, as well as all minting of Octocoins are executed in a collective fashion by all participants in the Octocoin Network, which is composed of a vast worldwide network of interconnected Octocoin peer nodes. The website also states that the Octocoin Foundation is manned by a “strong base of volunteers”, who share the common vision of a world where trade can be conducted in a free manner, between any parties who may wish to do so.

As of 2018, the Octocoin Foundation has not set up entities in any state in the world. According to the Foundation’s website, the project is waiting to acquire a so-called “initial membership” before beginning the process of setting up a non-profit institution that can take over the development of the Octocoin Network. Since the Octocoin Protocol is based on Bitcoin, Octocoin’s consensus system is Proof of Work, and it has a maximum coin supply of 54,986,834 888.

The Octocoin project was originally announced in Bitcointalk.org on March 6, 2014, in a post titles “[ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink” by a user named OctoCoin. The announcement included instructions to mine in pools such as https://fusionhash.com, http://888.fedaykin.us, https://www.minep.it/pool/888, and http://octoscanner.qemulab.com. This announcement also included links to Octocoin wallets named OctoCoin-QT v1.8.0.0 for Windows, and OctoCoin-QT v1.8.0.0-lite for Mac OS X, plus a link to the project’s source on GitHub, which was reportedly last updated on May 23, 2014.

Lack of Public Presence

Octocoin was originally available to be exchanged on Bittrex, Xnigma, CryptoALTeX, Crypto Rush, and prelude.io. The project has a subreddit that has only been updated twice in the last two years, and a Twitter account that has not been updated since October 4, 2014. According to this first announcement, the 1.8.0.0 version of Octocoin was going to be launched on Mar. 8, 2014, but subsequent edits to the post announced that the original Octocoin Project was hardforked on Monday, May 26 2014.

The Octocoin Foundation states that the original Octocoin project was abandoned by its original developer, and on November 11, 2015, a new developer announced the revival of the project, on a Bitcointalk.org post entitled “[888] OctoCoin Core 10.4”.

The statement was preceded by this announcement,

Octocoin is back! Left for dead, abandoned by its original developers, and community.  Octocoin makes a return with a shiny new Qt wallet based on the latest Litecoin 0.10.x source tree.

The post included links to a new Octocoin Core platform, and a series of new wallets available for Windows, Linux, Mac OS X and FreeBSD.

Current State

The latest specifications for Octocoin set the Block time at 88 seconds, with a current block reward of 80 Octocoins. Although mining difficulty is set to be retargeted every block, the rewards are set to be halved every year or 358,364 blocks after block number 180,655. The total Octocoin supply specified is of Between 81,350,163 and 135,776,563 because the system calculates each block reward randomly. The latests updates on the Bitcointalk forum regarding Octocoin include comments about the project being dead and not being available for mining on the previously indicated pools.