New CubeCoin digital currency joins the fray

While the digital currency known as Bitcoin invented by the mysterious Satoshi Nakamoto in 2008 is currently the most easily recognised and accepted of the plethora of digital currencies, other alternative forms of digital currency since then have attempted to gain acceptance with varying levels of success. Now, one such currency dubbed CubeCoin is swiftly seeking to gain acceptance locally with a recent press conference to a packed crowd of potential investees in downtown Kuala Lumpur.

The new digital currency has mechanics for acquiring it and transferring it that are somewhat similar to BitCoin in that it is encrypted, is peer-to-peer and is not centralised. Ergo, it’s not managed by any bank and value is retained by its scarcity – there’s a finite number of CubeCoins existing in the market and to get new ones you have to ‘mine’ them. There are apparently 10 billion CubeCoins in total and it would theoretically take two decades to completely finish mining them.

Where it differs from BitCoin is that CubeCoin can have more digital currency potentially in circulation and is faster to conduct transactions. CubeCoin only needs a minute to transfer a block chain to conclude a financial transaction versus ten minutes for BitCoin. As mentioned earlier, there’s a maximum of 10 billion CubeCoins that can potentially be in the market versus a finite 21 million for BitCoin though to be clear, the value of a currency isn’t reliant on the amount in circulation. There’s no exchange rate yet for a CubeCoin that we could find at press time though a single BitCoin retails at US543 or so on the open market.

Locally, CubeCoin is being handled by MFR Capital Sdn Bhd, an investment and asset management company though as at press time, we weren’t able to buy or sell any CubeCoins on the official website as yet. You can swing by the official CubeCoin website to find out more here.