Crypto ICO Review: JSECOIN VS Coinhive(Monero)

ankarlie (64)in #cryptocurrency • 6 years ago (edited)

I am always on a lookout for the next big coin or token that would give me a higher chance of succeeding in my cryptocurrency investment activities. One such coin is JSECOIN. This utility token might be something new to some but in reality it has been around and under development for quite some time now. In fact I first saw this project almost a year ago at around the same time that Coinhive came to existence or at least become popular. I initially I thought that they are one and the same since they both enable users to mine cryptocurrencies via web browsers. I got all hyped up about its feature even more when some of my favorite sites started implementing web-based browser mining as an additional means of monetizing their content or an outright replacement for advertisement revenues.

Unfortunately I lost much of my interest in web-based mining when a friend of mine fried his CPU using web-based mining and when ad blockers and anti-virus software started identifying websites with this feature as malware infested sites. However, after getting updated on JSECOIN my interest on web-based mining has been rekindled and I will discuss with you today why it did so. But first, for the benefit of those who are not yet familiar with JSECOIN let me give a brief overview about the Project.

What is JSECOIN?

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JSECOIN is Javascript Embedded Coin. From the name itself it can be inferred that this new coin was built to be imbedded in Javascript applications thus enabling it to be integrated in web applications for whatever use case developers would want it to be used. In this case the main utility of the token is for web browser-based mining in which it offers a new mechanism for webmasters to monetize their site without any of those intrusive advertising. Additionally, to secure the JSECOIN network, users who are registered in the JSECOIN platform can Self-mine with just a simple click of a mouse and adjust mining resources through a slider where one can adjust Hash Rate Acceleration.

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Circulating supply of JSECOIN is about 200 million as of the Q2 of 2018. Maximum Supply is 10 Billion JSO tokens of which 50% is available on the ongoing ICO that started last July 11th 2018 that will run through October or when hardcap is reached. 5% of the total supply will be reserved for Founders/Advisors/Team Remuneration. Remaining tokens after the ICO will be used to fund mining, referrals and bug bounties which will be allocated on a declining ten year plan.

What differentiates JSECOIN to other cryptocurrencies?

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Compared to other more famous cryptocurrency like Bitcoin, JSECOIN does not require massive mining farms and expensive mining equipment to be able to mine a substantial amount of JSEcoins daily. It is mined using background resources within a web browser tab which is said to require less resource than loading a video advertisement. This accumulated hashing power from the many JSECOIN powered sites and Self-miners will secure the JSE blockchain. This hashing power will only increase overtime as more webmasters and self-miners onboards the JSE platform thus securing the JSE blockchain even more.

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A better comparison might be with Monero which is the cryptocurrency being mined when one is using the famous or rather infamous Coinhive web-based mining software. Compared to Monero, JSECOIN from what I know never positioned itself as a privacy coin in fact it is for transparency which I honestly believe is the strongest point of JSECOIN compared Monero-based web browser mining application Coinhive. There is so much focus on privacy on Monero and other privacy-centric coins that they have been deemed illegal by some sovereign states for their lack of transparency and its tendency of being used by bad actors for nefarious reasons.

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This was demonstrated by the discovery of Monero’s secret ASIC miners which would have effectively given the control of more than 50% of the hashing power to a small group of people who could have executed 51% attack on the Monero network. Although there were no reports of double-spends upon the discovery of Moneros’ Asic miners this just goes to show you the importance of transparency. Another weakness is Monero’s web browser-based mining application Coinhive which has been involved in several incidents of Cryptojacking where in bad actors secretly mine Monero from the devices of unsuspecting web users through an undisclosed mining activity. It has been so prevalent that Coinhive have been deem a malware by many anti-malware software companies. This is problematic to both legitimate Coinhive operator and those who wants to secretly use the resources of web visitors.

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Unlike Monero and its web browser mining application, Coinhive, JSECOIN and JSE platform is for transparency. According to their whitepaper JSECOIN have never participated in hidden background cryptocurrency and will only run an opt-in only mining system which basically means that mining only starts when the user consented to do so. This is done via a message that pop up at the bottom of the web page before the hashing starts which can be liken a cookie declaration in Europe.

It is also important to note that the JSECOIN code that is running in the user’s browser is not resource intensive which is different from traditional crypto mining programs. According to their developers it only consumes excess CPU power available to the browser. I have tested Coinhive enabled sites versus JSECOIN site, I can attest that indeed JSECOIN enabled sites took up less resources when checking the CPU load and the overall heat generated by my laptop. This is very important as crypto mining could damage devices due to excessive use. It was indicated in the site of JSECOIN that they only take up to 10% of resources while Coinhive can take up to 80%-90% of CPU resource. In fact Coinhive took up so much resources that a fellow steemian who used Coinhive in a popular Bitcoin Faucet fried his 5th generation CPU intel i7 processor.

Is it worth to invest on JSECOIN or use as a main monetizing mechanism on sites?

Disclaimer: First of all I would like to remind you that I am not an expert and any advice that I will tell you in the next paragraph should be taken as financial opinion only. It is important that you do your own research on JSECOIN to determine for yourself if indeed it is a worth investment. Like in any other investment there are associated risks that may cost you to lose your investment. Only invest money that you are willing to risk losing.

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Personally, investment in JSECOIN is a definite YES! It must be noted that prior to the fame of Coinhive, JSECOIN team was already positioning their project for web browser mining and did not rushed in to market their coin. This enabled Monero/Coinhive to move first in the market and test if this new monetizing mechanism is profitable. Based on the number of webmasters using Coinhive to monetize their site, legitimate or not, only means that it is. However due to the intrinsic characteristic of Monero it has limited itself to some prime markets that deemed them illegal to use e.g. Japan. Moreover its privacy centric cryptocurrency has also attracted bad actors to use Coinhive and spoil its reputation due to crypto jacking incidents.

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This is where JSECOIN comes in. JSECOIN can enter markets freely where Monero is being restricted as it is not a privacy coin. Webmaster who wants to test or use this new monetizing mechanism will not be at risk inadvertently breaking local laws. JSECOIN has not been involve with any secret mining that compromises the trust on its cryptocurrency as well as participation on any illicit mining activities which might besmirch the reputation of their project.

Aside from the web browser mining code of JSECOIN it has developed an easy to use platform for webmasters that will enable them to earn additional revenues through the affiliate program and other merchant tools that give them the ability to accept cryptocurrency payments for whatever purpose they want; like say subscriptions. For those who are not yet sold on the notion of investing in this project you can easily register in their platform for free and try out their well polished platform and take a sneakpeek of what they have to offer.

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Just in case you suddenly decide to purchase some JSECOIN there is a section where you can make a purchase and make the necessary processes needed to consummate the transaction. For those who want to get some JSECOIN without really making any monetary investment you can participate in there bounty program and get rewarded for spreading the word about this awesome project. Developers can also participate and earn some JSECOIN by reporting bugs or vulnerabilities that they might encounter in the platform or when reveiweing their code.

Final thoughts

According to the JSECOIN it was built as a consumer platform that supposed to be an intuitive, simple and user friendly system for transferring and storing digital funds. Based on what I have seen so far in their platform they have truly done so. I have been using their self-miner a couple of days now and I must say I have not encountered any problem with the self-miner nor experience excessive usage on my computer’s resources.

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With management and development teams that are experts from different fields such as ad-tech, data management and financial services gives this project a great mix of expertise that I think can lead and develop it to become one of the top cryptocurrency that has real world use case. It might have taken awhile before the team decided to launched their ICO but I think it is worth the wait as they have patiently polished their platform and blockchain to what it is today. Go ahead and test it I am sure you will be pleasantly surprised and when you are at it you might want to purchase some JSECOIN that might be worth a whole lot in the near future, you never known this might be your key to be a crypto-millionaire.

ADDENDUM:

I just realized that JSECOIN might provide the solution to a major rewards weakness in the STEEMIT platform the 7-days rewards window for Steemit which I will discuss in detail on my next article.