Unicoin: the eco crypto that's piqued Steve Wozniak's interest, but is it unique?

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The co-founder of technology giant Apple, Steve Wozniak speaks during the second day of the World of Business Ideas (WOBI) forum, in Bogota, Colombia, 06 June 2018. (Photo by Daniel Garzon Herazo/NurPhoto via Getty Images)
The co-founder of technology giant Apple, Steve Wozniak. Photo by Daniel Garzon Herazo/NurPhoto via Getty Images

Unicoin is unique amongst cryptocurrencies as it is the first equity-backed digital coin and one that has piqued the interest of Steve Wosniak and other business experts.

According to the founder of Unicoin, the cryptocurrency has been promoted as offering investors real insulation from the volatility of the crypto-sector, "because it has been backed by real assets".

Speaking to Yahoo Finance CEO and founder of Unicoin, Alex Konanykhin, described how this new cryptocurrency was unique as "it is the first equity-backed, dividend-paying cryptocurrency".

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Unicoin goes by the UNIC ticker and has piqued the interest of Apple Inc co-founder Steve Wozniak.

Wozniak described Unicoin as “really opening up the world of startup investment to the masses," and he’s hoping that it becomes “very successful.”

He contrasted Unicoin to other cryptocurrencies, by saying that "it isn’t just based on words and talks, but is instead really based on the outcome of investments".

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The fact that Unicoin has been backed by equity stakes in "emerging growth companies".

The CEO of the company states that the cryptocurrency is not backed by investment in early startups, but "instead, we select companies with impressive third-party endorsements".

Konanykhin states that the main criteria for selecting companies to back the Unicoin cryptocurrency "are that the company shall be nearing an IPO and likely to deliver high returns to its investors".

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With an eye on the energy consumption needed to power the validation process of 'proof of work' cryptocurrencies, such as bitcoin, Unicoin is focused on blockchains that are committed to using significantly less energy.

The coin was launched by TransparentBusiness as is mindful of the growing concern within environmental groups and sceptics who warn of the negative impact on the climate from the large amounts of computing power needed to run the 'proof of work' consensus mechanism.

Bitcoin (BTC-USD), the most dominant digital currency, is facing scrutiny over its massive electricity consumption, which is required for blockchain mining.

Unicoin describes itself as "part of the solution" to make the cryptocurrency sector less energy-intensive.

The CEO of Unicoin referred directly to the world's preeminent cryptocurrency and said: "Bitcoin is already consuming more electricity than Finland, so further growth of its volume of operations would be causing irreparable ecological damage.

"New blockchains, such as Fantom, consume millions of times less electricity, and Unicoin will be based on such an ecologically-friendly blockchain.

"We expect that the combination of ecological and business advantages of Unicoin would compel many bitcoin holders to switch to Unicoin in the near future."

Watch: Steve Hanke: 'Cryptocurrencies are fiat money on steroids'

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