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Thank you to everyone who has submitted a question. Keep them coming! We will do our best to reply to each one.

 

 

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Frequently Asked Questions

 

Who can mine Shakti Coin?

Mining is open to everyone. There are two types of licenses. 

Basic Mining License 
This is for anyone who would like to participate in mining Shakti Coin with a computer (PC or Mac) that can access the Shakti Coin website via the internet. (See Shakti Coin mining terms and conditions for exact system requirements) 

Power Mining Licenses 
For more technically advanced miners, we have four different options for Tier 1, 2, 3, and 4 Data Centers.

Although mining is open to everyone in the network, the number of slots will be limited by region. Pre-Registering as a Shakti Coin Miner now will ensure your mining rights once Shakti Coin launches. 

Why do you ask miners to confirm their location?

A limited number of mining slots have been allocated per region globally.  This is to ensure that global mining of Shakti Coin is not monopolized by any one region, organization, or individual. Each miner's location is protected (please read our privacy policy).  If your region is not currently offering mining slots at your level, then we encourage you to check back regularly. Regional mining quotas are frequently being updated as the network expands. Don’t worry, there will be enough to go around.

Why are there a limited number of mining slots per region?

We want to avoid the situation where one organization, government, or region is able to dominate the mining of Shakti Coin globally. We are focused on working with local miners to build a broad global-mining community while ensuring that there is enough volume to keep each miner financially motivated. Given this, we have placed quotas on the number of miners allowed per region. These limits will be carefully monitored and expanded as the network grows.

Why is the referral program so important to Shakti Coin?

The biggest factor in determining the success of this project is awareness. As a grassroots organization with a limited media budget for advertising, we rely on word of mouth. That leaves you. We rely on word of mouth. We need your help to get the word out. Invite friends to join and start earning Shakti Coin bounties right now. Make sure they use your personal invitation link and/or your personal referral code. Please invite responsibly (i.e., do not spam people with invites). 

Why do I have to pay a licensing fee to mine?

We would like the Shakti Coin network to be built by active participants, not passive investors. Our goal is to organically grow the Shakti Coin Network within our own community of miners. The fee required to register as a miner will offset administrative and recruitment costs required to grow the network in a manner that is compliant with existing national regulations as well as KYC, AML and CTF best practices.

What is a genesis bounty?

During the pre-launch phase, we are offering rewards to early adopters who help us get the project moving. The Genesis Bounty is a sum of Shakti Coins that are pre-loaded into each wallet the moment it is created. For a basic wallet registered today, the sum is SXE 1,000 (equivalent of USD $5,000). Miners and Merchants receive larger Genesis Bounties. The coins are included in the wallet holders account but cannot be used until one of two conditions are met. 

Maturity
After 84 months (seven years) the Genesis Bounty will automatically be unlocked and available for the wallet holder to use as they wish, provided that they are still actively participating in the network. 
Referrals
The wallet holder can unlock their Genesis Bounty sooner by successfully referring other people into the network.  Each person the wallet holder successfully refers will reduce the waiting period by one month (see referral terms and conditions). 

What kind of transaction volume can the network handle?

Today, the Shakti Coin network software is capable of processing 10,000 transactions per second and we expect to grow that by a factor of ten as the network expands. Each of these transactions will need to be verified by a Shakti Coin Miner who will receive a payment for the verification. Only registered Shakti Coin Miners will be able to validate Shakti transactions and collect mining fees.

Why does Shakti Coin seek global compliance?

Blockchain-based, digital currencies have the potential to do great good for society. But to do that, we feel they must first work in compliance with the laws that govern society. Other digital currencies have sought to circumvent local regulations or just ignore them altogether. We take a different route. While we many not agree with each country’s regulations regarding digital currency, we feel nonetheless obligated to comply with them. Particularly laws designed to protect society from organized crime, terrorism, and fraud. That is why we support anti-money laundering (AML), counter-terrorism funding (CTF), and know your customer (KYC) best practices.  We hope you do too. Achieving compliance on a global scale  is an enormous undertaking, but one that we feel we must embrace.  With our success, blockchain-based, digital currencies like Shakti Coin will have earned the right to exist and flourish as a mainstream means of exchange. 

How will the money raised by licensing fees be used?

All mining fees collected will be used to launch Shakti Coin with full compliance to each nation’s regulations. The more miners that join the Shakti Coin ecosystem the faster that will happen. Five main areas of focus will be: (1) regulatory compliance on a nation-by-nation basis, (2) ongoing technical development of the platform, (3) recruitment of participants, (4) outreach to partners, and (5) increased global awareness for the project. 

Is Shakti SEC Compliant?

Yes, we have specifically designed Shakti Coin as a non-security to comply with SEC regulations. And then we took it one step further. August 30, 2018 we filed a no-action letter with the U.S. Securities and Exchange Commission (SEC). By doing so we are requesting that the SEC review Shakti Coin and confirm its compliance with Federal Law. Although not required, we see this voluntary submission as a symbol of our desire for transparency and legal compliance in every market Shakti serves. You can view the letter here.

Who are the founders?

The Shakti Coin project is the result of a global grassroots movement. There was no one person who invented the concept. The idea for Shakti evolved over a few years and many discussions. No one individual can lay claim to the idea. The first members of the group referred to themselves as “Two Guys from the Milky Way”. They framed the problem and attracted more and more people who contributed to the solution with ideas and finances. It’s worth noting that none of these people were professional investors. They represent a cross section of individuals from all walks of life who were mostly drawn to the project for ideological reasons. 

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