Ukrainian cryptocurrency: which coins have Ukrainian roots
By Hennadii Cholovenko 2808 16 Nov 2022
Ukrainian programmers and experts in blockchain technologies participated in dozens of crypto startups geographically scattered around the world. But there are cryptocurrencies created specifically in Ukraine, and even their names indicate this.
Karbovanets is a Ukrainian anonymous cryptocurrency that appeared back in 2016. The coin was created focusing on transfers’ privacy and confidentiality using the same technology as Monero – Cryptonote. The cryptocurrency has no pre-mine and its emission is limited to 9,548,495 KRB. Additional deflationary emission is approximately 2% of the initial volume per annum. Karbovanets can be mined on GPU/CPU using the CryptoNight algorithm both solo and in pools (similar to Monero). It is traded on eight CEX exchanges, which are also mostly of Ukrainian origin. The official webpage, in addition to Ukrainian, has been translated into seven other languages, which indicates a certain interest in the coin from abroad.
Transactions in KRB cannot be traced, nor can the sender and receiver of the transfer be identified. Such anonymity is ensured thanks to ring signature technology. Each transaction is signed by a group of random signatures, which makes it impossible to determine which of them belongs to the owner and which are added by the algorithm. Accordingly, it is not possible to find out the public key addresses of the recipient and the sender, as well as to track the balances of their wallets or transactions.
Algorithms and the network are not the only things that the developers worked hard for. Users can choose from a large number of different wallets - from desktop, browser and lightweight (without the need to keep an entire blockchain up-to-date copy) to mobile. All wallets are, of course, non-custodial. Meaning that the owner himself is responsible for saving the private key and the SEED phrase.
Karbovanets' own PoW blockchain ensures high transaction speed due to low load (unlike Bitcoin or Ethereum blockchains).
Fees for transactions in the Karbovanets network are so low that they can be called conditional - they are a tenth of one cent.
Ukrainian cryptocurrency has a developed ecosystem consisting of many services. Online stores accept Karbovanets as payment. Various bots have been created in addition to the blockchain browser (for monitoring the best course, the most active users’ donations in the TG group, and airdrop). There is a marketplace with the possibility to buy goods/services for KRB. There is also a mobile phone balance top-up service with automatic conversion of KRB into UAH (works only with Ukrainian operators).
Karbovanets is present on Coinmarketcap, Coingecko, Coinpaprika and Coincheckup.
Recently, there has been a significant decrease in trading volume with KRB and a drop of interest in the coin. This is partly due to the fact that the project does not have external investors or a separate budget for promotion and marketing, as in other pre-owned projects. Also, according to insider information, there are disagreements among developers and "whales", as well as different visions of strategic plans for the project’s further development. Therefore, many proactive participants and "whales" left the core team, who pushed Karbovanets to the masses. Despite all of this, this is an outstanding project from the technological point of view, which sadly lacks investment, promotion and influx of "fresh blood" to become one of the leaders.
We confirm that Karbovanets has a developed infrastructure, a wide selection of wallets, and is ideal for private transfers, as well as eCommerce (if a mobile wallet is available). Profits can still be made from mining or validating transactions by deploying a public node or supernode.
«Aeneas was an agile fellow and a capable cossack».
These words are known to everyone who at least once in their life has read the epic and unique, humorous poem "Aeneid" by Ivan Kotlyarevsky, published back in 1798. It seems that the creators of the Aeneas cryptocurrency were inspired by his work, and decided to name this asset in honor of the poem’s main character - Aeneas, the founder of Troy.
The idea of creating the Aeneas cryptocurrency appeared at the end of 2017. Initially, it was decided that the coin would function on the basis of its own PoW blockchain. In February 2018, WP was published. Later on, the team decided to change the algorithm, so the coin migrated from Proof-of-Work to Leased Proof-of-Stake (used by Waves, for example). Users can earn from validating transactions by deploying a node or supernode. The platform allows you to create smart contracts and tokenize assets.
A desktop native Aeneas Sanctum wallet is offered for storing coins and making transfers. Users can also make a choice in favor of third-party non-custodial mobile applications: Trustee Wallet or Sapien Wallet.
The ASH cryptocurrency is traded on several CEX platforms: WhiteBIT, the largest exchange in Eastern Europe with Ukrainian roots, Cryptex24, Xeggex and BTC-Alpha, which are more modest in terms of trading volumes, as well as the Turkish Alp-Turk.
The Aeneas ecosystem includes an NFT marketplace and even several game projects, one of which is called Aeneas Koinon Legends.
Aeneas is present on Coinpaprika and Coincheckup.
The cryptocurrency has the support of the parliamentary corps - individual parliamentarians from the VRU and the parliamentary inter-factional association Blockchain4Ukraine, which consists of crypto and blockchain lobbyists.
We confirm that Aeneas is a live project with an original name that is gradually developing and has a certain political background. Unfortunately, the low volume of trading does not allow the coin to leave the low-liquid assets camp, and the non-publicity strategy to become a well-known and massive project. Although, perhaps, this was the strategic plan of the founders and the goal of the coin - to remain a kind of "quiet haven" for a limited audience.
UAX Token (UAX)
Price: 1:1 UAH
Cryptohryvnia is a project of the Ukrainian exchange Kuna. Having learned about the plans of the National Bank of Ukraine to launch a CBDC (digital UAH), the owner of the exchange decided to be ahead of the curve and created a stablecoin rate of which is tied to UAH. This is an ERC-20 standard token.
The coin's webpage states that the token is "integrated on the Kuna platform", but there are no currency pairs with UAX on the exchange. As there are none on any other trading platforms. It is declared that UAX can also be stored on Paytomat and Trustee Wallet mobile wallets. It really was on the last wallet of its time and was distributed as part of a promotion, as a bounty in the amount of 1 UAX.
UAX Token is present on Coinmarketcap. Although there is little information there - one paragraph, to be exact. And there is no data on trading volumes.
Stablecoins are typically issued against the collateral of fiat money, liquid securities, or other assets that have a defined price on the open market. Collateral assets are usually held by reputable financial institutions. Issuing companies are audited once a quarter (or mid-year/annual) by well-known and public auditing companies with an impeccable reputation. Unfortunately, it was not possible to find similar information on the Cryptohryvnia website. An audit does not seem to have been a part of the founder's plans, nor was he keeping collateral assets off-exchange.
We confirm that there is a UAX Token - Crypto UAH. It is difficult to determine its purpose and what mission the Kuna team envisioned for it. But now, it seems that this project has been put "on hold" and is waiting for better times, as well as the digital UAH launch by the NBU.