The developers of cryptocurrency YoCoin have announced that its conversion from the Scrypt mining algorithm to the Ethereum blockchain. By now being an Ethereum based asset, YoCoin will gain access to smart contract applications.
YoCoin has made move in its bid to expand its target audience from the younger generation. Providing smart contract options will allow users to employ YoCoin for benefits such as contracts and bonds execution without the involvement of lawyers; stock exchange operation without central clearing houses; financial record verification without auditors and tamper-proof voting system automation. It supports and encourages the development and integration of Distributed Autonomous Applications that are capable of running without any human intervention.
Dave Wilson, Chief Operating Officer of YoCoin, explained: “Our initial implementation of YoCoin was great, but we wanted to take it much further. The new version of YoCoin provides a backbone for smart contracts, asset trading, real estate transactions, escrow services, income distribution systems, and an unlimited number of other uses that can all run as programmed without any downtime, censorship, fraud, or third party interference.”
YoCoin uses the Ethereum network for transactions and storage purposes. Owners of the original YoCoin are able to swap their coins for new ones at a 1:1 ratio, and the new cryptocurrency is also available to buy normally.