Greetings my dear Whales’ friends,
Influxcoin (INFX) and the team behind it.
Influx was created in August 2015 and it is a hybrid PoW/PoS based on x11 algorithm. There was no pre-mine and it has a functional chain for the last two years. According to the cryptoid chain explorer there are 2,644.401 coins at block 341,139 (at the time of this writing).
Two months ago, ChainWorks Industries (CWI) adopted the coin from the original creator Coryvmcs1, a respected member of the community. CWI is a corporation that owns “TheFarm” located somewhere in the Australian wilderness, a sizable mining facility that is being rebuilt and upgraded. Many of their projects are under development and most of the teams effort is still under the radar. The team is also working on other coins, Granite, Ozziecoin, Droidz and recently they added Influxcoin under their umbrella. All the mentioned coins will work harmonically within the CWI ecosystem.
The main market you can acquire Influxcoin is Bittrex.
Consider Influxcoin as an extreme investment. There are only two possible outcomes, either multiplying your funds exponentially OR you end up with worthless coins. I cannot stress how risky such small cap coins can be.
The market capitalization is currently low, about 1 Million US Dollars. Coins of so low market capitalization are rare in large exchanges such as Bittrex.
Fifteen days ago(mid June 2017), there was a huge increase in the mining hash rate of influx. The event happened a couple of days after influxcoin was added in the cwi-stratum pool. Now, the coin’s dedicated hashrate is 20GH/s-50GH/s up from 1GH/s-5GH/s. Such a jump in hash is rare for a coin of 1mio mcap and it can only be attributed to miners showing their interest in Influx.
The recent price growth, that was timed with the increase in the hash power, according to the main developer Chrysophylax, was due to an investment from an unidentified source. This party contacted CWI before the accumulation for on OTC trade. As there is no pre-mine and as CWI just took over the coin, no trade happened. The unknown party bought off through exchanges and stated that they are here for the long run and they are willing to acquire more.
(I invite you to verify all the info by looking at the slack message history)
Apart from the above there is an announced new wallet release (sooner), an announced change of the x11 algorithm (later) and a new website.
My take is that the coin is under an accumulation phase now by miners and traders. After the algorithm change the coin will be harder to mine and more expensive to buy because of the rarity of the pieces.
For the long run, Influxcoin could offer a stable decentralized solution for a savings account type of ecosystem that will reward you with 8% per year interest through PoS. Just an assumption based on the architecture of the coin.
Developers might have another plans though!
No one knows yet but we are watching closely! This is just the tip of the iceberg!
Please understand the risks behind such low market capitalization coins, never invest more than you can afford to lose.
The above should not serve as an investment advice, it is wild speculation of a mad man!
Join the slack for the whole story.
Influxcoin – https://influxcoin.slack.com/