Being a presentation delivered by Ajibola Aries at the inaugural gathering of the EncoCoin Global Leaders Forum on Tuesday, January 16, 2018.
Encocoin historical background and journey to this day.
By Ajibola Aries
The EncoCoin, as we know, has come quite a long way. While it is true that we began to really treat it as a cryptocurrency from January 2018 or thereabout, EncoCoin had actually existed in one form or the other prior to this time as it evolved from a mere idea into the increasingly sophisticated digital asset that we all feel proud of today.
Every human achievement and indeed, everything that had successfully taken one shape or the other, started from an idea. In this sense, EncoCoin is not different. The brains behind Genes Scientific Limited – which would shortly metamorphose into GeneX Globalbits Limited and which I would be simply referring to as GeneX here, began by believing that beyond being a mere exchanger of digital currencies (as the majority of other exchangers are), they would achieve something that no other exchanger in the whole of Africa has ever achieved, which is to launch a digital currency that though would have Africa and Asia as its primary areas of concentration, would also be of global reckoning.
When GeneX therefore began to offer different plans of Piggy investments, apart from the fact that GeneX achieved one of its primary aims which is to help alleviate the economic and financial condition of its teeming members and investors, by so doing GeneX also achieved the milestone of successfully putting together both the foundational members of the then EncoCoin dream as well as an appreciable percentage of what would later become the user base of EncoCoin. This way, GeneX effectively killed two birds with just one stone, and so had indeed began to develop in a way that was extremely similar to the way Ripple started: promotion, adoption and distribution by initial investors who were paid in the coin in focus. Achievements like these could only come as a result of an organization being powered by thinkers who are both humanistic in thinking and brilliant in approach.
By the third quarter of 2017, the success of the Piggy investment plans had become evident to all, but the great thinkers behind GeneX were well aware of the implications of policies that were static in the face of a very dynamic cryptocurrency world. Piggy plans relied heavily, either directly or indirectly, on the vagaries of the cryptocurrency world; investors might have been happy that their ROIs were often increasing with the appreciation of the market value of the Bitcoin, but indeed, the same investors also used to experience periods when their ROIs diminished as a reflection of times when Bitcoin value decreased. Investors also knew that in the unlikely event of a dramatic crash of Bitcoin value to an embarrassing level, it would also mean a corresponding diminution in their ROIs. In view of this, the brilliant thinkers of GeneX, as well as other close watchers, appreciated the fact that the Piggy investments themselves were not perfect: investors were not protected from the effects of the fluctuations in the value of the bitcoin. This imperfection inherent in the Piggy investments actually turned out to be a blessing, as it partly inspired the emergence of the N-Fix/N-Token investment plans.
The main advantage of the N-fix plans was that it fully protected its investors from all the negative effects and uncertainties that were the characteristics of the Piggy investment plans. Investors in the N-token category were not only sure of their weekly returns; they could also predict how much it would be. Thus they could confidently make a lot of quantitative projections based on something they were sure of. Piggy investors, on the other hand, while having the potential to make explosive profits should bitcoin price appreciate drastically, could hardly boast of this. This important fact, apart from other issues that began to confront the Piggy plans, and, perhaps most importantly, the need for GeneX to press further ahead in its dream to achieve a digital currency almost like no other, made the Piggy plans effectively obsolete. It was therefore not a surprise for those who were in the know, that the Piggy investment plans had to be discontinued.
With the discontinuation of the Piggy plans, the main investment plan remaining then was the N-Fix which had by then become the hot cake that the vast majority of former Piggy holders had began to rush into, through optional migration via the conversion of their previous Piggy investments into N-fix/N-tokens. As people embraced the N-fix plans and began to acquire more quantities of N-tokens, the bigger picture and long term goals of the company began to make more sense to them.
Kudos should be given to the Super Merchants, Njoba Sunday Odii (a.k.a GoldenAge) and Laleye Rachael Oluwatoyin (a.k.a Tilexy) who aggressively championed the sale and wide distribution of the N-token.
As it turned out, the N-token which had gained wide acceptance among GeneX investors, was in fact the Initial Coin Offering (ICO), the actual birth, of the EncoCoin.
An Initial Coin Offering, abbreviated as ICO, is an important first step towards the launch of a viable digital coin, and it entails an entity making available to investors, some units of a crypto-token in exchange for some legal tender or some other cryptocurrencies. In the case of GeneX, the N-token was the ICO to the EncoCoin that was being birthed, and as GeneX investors were purchasing the
N-tokens, they were also participating in the initial fund raising for the upcoming EncoCoin.
The Admin Council of Cryptohall went into serious deliberations on different aspects of the emerging coin. At the beginning of these deliberations, it was not even clear what the name of the emerging coin would be. Different names, some of them quite funny, were brought up in the Admin Council. The problem with finding a befitting name is that apart from the need for the name to be easily pronouncable, sound good to the hear, must have corporate finesse, etc, it must also be a name that is unique among the several
hundreds of existing cryptocurrencies and beyond that, it must be a name that could be rationalized. When all these requirements were put together, it became rather difficult to determine a befitting name for the emerging coin. I remember that on at least two nights, members of the Admin Council went to bed without any conclusion on a befitting name.
However, eventually someone bailed us out of this dilemma. This exceptional person is Blackwells. Credit must be given to Blackwells for breaking this important dilemma in the Admin Council, as he came up with the name, ENCOCOIN. Thus Blackwell shall and would be remembered in the history of cryptocurrencies as the man who came up with the name of ENCOCOIN.
On the same night that Blackwell came up with the name ‘EncoCoin’, he gave me a marching order to put together a rationalization for the chosen name, so that we would be able to proudly tell people what the name ‘EncoCoin’ really stands for and be able to confidently defend it. Thus, I went into some deep thinking and after some hours of looking closely at the name, I was able to come up with the rationalization for ENCOCOIN as follows: ‘The ENCO in the name of the coin in focus, is a derivative of the word, ‘encompass’. Encompass means to include or to embrace, a large number or wide range of things. In the case of EncoCoin, we are talking about a cryptocurrency that includes and embraces all the qualities of a viable store of value and medium of exchange, and due to its encompassing nature, the power, utility and influence of EncoCoin cuts across geographical boundaries, times and other barriers. The name implies that as a store of value, EncoCoin embraces everyone and every clime and is the legal tender of the future’. This is word-for-word what I put together and submitted to the Admin Council as the rationalization for the name 'EncoCoin' and thus, we knew we were making progress in making the EncoCoin a reality.
Credit should also be given to other members of the Admin Council in this endeavour. Almost everybody in the Council was heroic. Sorry, I would not be able to remember or mention every Admin here but it is also noteworthy that Francis Udubor (B03) came up with the suggestion of the ‘NKN’ code or abbrevaition for the EncoCoin.
Many other suggestions for this abbreviation came up from other admins but Udubor’s NKN suggestion became the generally acceptable official, universal code for EncoCoin. Again, the contribution of every active and participating Admin is appreciated. We are already preparing a write-up that documents, in some details, the specific contributions of Admins who made impacts when it mattered most. This documentation would be published on EncoCoin website.
I also feel both proud and humble to say that GeneX gave me the historic task and honour of being the designer and producer of the EncoCoin logos that are officially adopted today.
Most important, are the crucial efforts of Blackwell, the Lead Admin, without which the efforts of the rest of us would have had any meaning.
Today, EncoCoin is on the verge of being listed on at least 5 (or more) global exchanges. International entities are already reckoning with EncoCoin. Foreigners are acquiring EncoCoins in the millions and also mining it. Independent organisations are also creating numerous EncoCoin wallets from EncoCoin open source on Github. Individual Cryptorians have also started doing business and making money from the sale of EncoCoin. All this within a month of the launch of EncoCoin - something that the majority of coins did not achieve within such a short time.
The signs that EncoCoin has a future that is brighter than our expectations, are all there for all of us to see. With EncoCoin, our future only becomes brighter. EncoCoin is Africa's gift to the corporate world and our mark on the sands of time.
I encourage all of you to keep up the faith, the dedication and the loyalty. Very obviously, we are almost there. Thanks for reading and God bless you all.
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|Comments on this page:|
|Comment posted by Abner Aldrich( ), 02/02/2018 at 11:36pm (UTC):|
Nice presentation. I've been going through this site. Ajibola Aries is more than intelligent; he is a resource person. A man with a great heart. Keep up the good job, young man.
|Comment posted by Karl O.Hoffmann( ), 01/21/2018 at 12:20am (UTC):|
Lovely site you've got here. Ajibola you are an intelligent speaker. You've got power of expression. Greetings from Deutschland.