PRESS RELEASE—Details are finally starting to emerge about BlueCoin, the exuberant new cryptocurrency backed by renowned entrepreneur Charlie Shrem. It started as a bit of a joke, with “to the sea” instead of “to the moon” as their rallying call, and the hashtag #becauseblue. The coin gained new energy, however, following the official BlueCoin Afterparty (held at the North American Bitcoin Conference in Chicago), where models dressed in blue and posed with notable guests.
Now that it has completed its transition to a proof-of-stake hybrid, the community has unveiled the Blue Wells Project, a charitable initiative in keeping with their aqua theme. The Blue Wells Project hopes to provide clean drinking water to communities in need. The initial plan is to build wells and distribute water-filtration straws across developing Africa. This will be the start of more ambitious projects to come.
So far, Blue Wells has raised over $2,500 with the help of the BlueCoin community, who have been increasingly generous due to BLU’s steady rise in value, especially since the proof-of-stake release with block 50,000. The first funding goal is $20,000.
To help speed fundraising along, Charlie Shrem is auctioning off a Double Robotics Telepresence Unit—the wheeled “robot” he sent to Chicago so he could attend the North American Bitcoin Conference remotely (in light of his house arrest). It’s valued at another $2,500 + $500 for the iPad attachment, and is a popular attraction at conventions.
BlueCoin is still working on getting its own Foundation off the ground, with many project bounties having been issued and several filled. For proof-of-work, the currency itself is mined with the x11 scrypt algorithm used by DarkCoin, and a new block is generated every minute for faster transaction times. The block reward is currently 100 BLU, and the proof-of-stake rewards 5% interest annually.The best places to get some BlueCoin are currently Cryptsy and Bittrex, where BLU is already traded. A few others like Poloniex, Cryptokopen and Bleutrade also exchange the cryptocurrency, with more expected to follow. Like Bitcoin, BlueCoin is completely open source, and its decentralized peer-to-peer network operates without relying on a central authority.
BlueCoin will be making another appearance at the Coins in the Kingdom conference at Disney World in Florida. Many BlueCoin projects and details are still emerging, but Charlie Shrem and others are available for interview.