bitcoinR a New Contender has Entered the Ring

This morning Darkstreet bloggers were alerted to a launch of a new coin, bitcoinR. You can find the announcement/press wire that lit up Twitter here: businesswire.com Regulated-Bitcoin-Fork-XBR

A regulated Bitcoin Fork appears in Wyoming. https://t.co/i77BD2qbmd— Nicholas (@thegrandchavez) August 21, 2018

This launch caught our eye for a few reasons, but the most notable one is that while most cryptocurrency hides itself from the government, this one has endured the herculean task of getting all its ducks in a row with the SEC. The press release notes that as of today, of the top five cryptocurrencies on the market, only XRP has gone through the work of registering their coins with the U.S.Treasury like bitcoinR has. The effort to get regulated with the US Treasury did not seem to be an easy one:

Many thanks to the ULC and the bright minds that inform them for all of the efforts made to standardize and disambiguate expectations for those of us trying to proactively navigate the regulatory waters of blockchain.https://t.co/ScOv5XT6NA— Jessica Van Sickle (@jesvansickle) August 21, 2018

In order to do this, the technology built upon existing groundwork and added protection, as Jessica Van Sickle, cofounder of bitcoinR, called out this aspect in the Press Release:

"We are the U.S. Government-regulated Bitcoin fork," said Jessica Van Sickle, co-founder of XBR LLC, which is the administrator of record for the bitcoinR network. "We have maintained much of Satoshi Nakamoto’s original vision from Bitcoin Core, added modern algorithms & central-banking-style economics, and implemented a solid Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance program."

It seems the team, which includes multiple Harvard alums, met with various legal and regulation experts to navigate the hurdles of taking a technology that is often mistrusted by regulators, to get it approved. While connecting with authorities may be disapproved of by some crypto enthusiasts, it could also enlarge the market to main street institutions. This is a whole new front in the cryptocurrency market.

One game changing thing we are looking for is how well this team can use their regulated status to find use cases for the coin. This has been an area where many cryptocurrencies have stumbled, and none have done great. We already know that instead of pursuing medium of exchange uses, most have stubbornly rested on a Store of Value as their purpose. What we found the most intriguing element of the bitcoinR coin is the team behind it, which boasts over 4 Harvard alums, and who have ties to large companies like IBM and Visa. While many cryptocurrencies are launched by shadowy figures, these people are all known entities with backgrounds in technology and startups. On top of the pedigree of their resumes, and the legal status of the coin, the group also has a X:Y Pegged Strategy laid out in their whitepaper. This strategy seems designed to maintain the Store of Value capability of Bitcoin, but tack on a very real Medium of Exchange component. These attributes lean me toward seeing this coin as a strong contender for getting cryptocurrency on main street. A coin that can balance its Medium Exchange and Store of Value attributes better than Bitcoin is very much needed in the market place right now. That makes this coin exciting all by itself.
Notable Attributes of bitcoinR at a glance:1) Most regulated cryptocurrency coin2) Strong Team3) X:Y Pegged Strategy for Medium of Exchange4) Decentralized Centralized Hybrid

One element I need to continue to research is to understand how the coins are being allocated. It seems that their backing company of bitcoinR has transparently set aside coins into various buckets to serve a variety of purposes. I need to understand this part of the coin better. What are these buckets, and how do these buckets serve the coin's ends?

The other part that seems important with this coin is that its attempting to have a centralized authority as well as keep the decentralized network. Where does the relationship between the company and the coin begin and end? Is there a single point of failure issue? Should you invest in the company or the coin? And how are the incentives and disincentives balanced between the central company and the decentralized holders/miners?

I do not have answers to all of these questions, but I am excited to learn more. Once we have finished our research at Darkstreet we will add a Factsheet for the new coin beneath our Wiki. I really want to see this go ICO however the coin is not yet available for purchase. They have mining information up on the bitcoinr.org website here: http://bitcoinr.org/ and the whitepaper is here: http://bitcoinr.org/whitepaper/

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