CaptchaCoin's mission is to become a global currency used to facilitate day-to-day transactions both online and offline.
The vast majority of people do not own a single crypto token as mining is too technologically difficult or they are not willing to risk their money to acquire any. Proof of human-work mining removes these barriers to entry entirely.
This uniquely accessible, equitable approach to mining will create the perfect environment for a rapidly growing userbase, though this process will take many years.
Below we will outline how this will be achieved by expanding CaptchaCoin's network, features and usability.
Phase 0: Proof of concept
Initial features will be extremely limited and the very early adopters mining during this stage will be those genuinely interested in the concept of CaptchaCoin and proof of human-work. Minor parts of the blockchain will be phased in and prototypes of novel use-cases will be introduced.
There will be no marketing or efforts to expand the userbase, though some growth through word-of-mouth is expected.
This phase will last until 5% of the pre-launch Caps have been mined.
Phase 1: Technological upgrades
Throughout this phase there will be regular rollouts of the underyling blockchain technology with a corresponding increase in functionality. Blocks will be issued every minute and will contain all of the transactions and records from a standard blockchain, though it will not be possible for users to create thier own blocks - this will still be centrally controlled.
Features and use-cases will be refined and made ready for a wider, non-technical audience. As these are developed CaptchaCoin will be shared with existing crypto-enthusiasts through existing online channels. CaptchaCoin will begin to have a social media presence.
This phase will continue until 10% of pre-launch Caps have been mined.
It is important to note that during the early phases the price of a Cap can only increase - by design the price is set intentionally low and there are no mechanisms for it to decrease.
Phase 2: Expanding the userbase
The final elements of the blockchain technology will be released, thereby establishing CaptchaCoin as a "true" cryptocurrency which will allow for initial conversations with exchanges to list Caps.
During this phase it is essential to expand the userbase to those not traditionally involved in crypto. CaptchaCoin will have established use-cases for fee-free low-value transactions, including indirect payment through mining to a non-technical audience, giving it a considerable advantage over all other cryptocurrencies.
Phase 3: Launch
CaptchaCoin will be listed on exchanges and during this stage there will be very high price volatility. Because of the initial mining structure there is an expectation that the wallets with the highest number of Caps will be held by early adopters that are invested for the long term and will not instantly dump their Caps, but naturally there will be a lot of unknowns during this time.
Phase 4: Consistent growth
At launch fewer than 10% of all Caps will have been mined and CaptchaCoin will have reached but a fraction of its potential userbase. CaptchaCoin will continue to achieve growth by delivering practical use-cases that encourage growth both online and offline.
We are currently at the first step on a journey of a 1,000 miles and we hope you'll join us.