OHM Wallet FAQ
What is OHM?
OHM is an altcoin, a proof-of-stake (POS) cryptocurrency currently under development by the folks here at OHM Wallet. We have partnered with the good people at SVV, an alternate reality game, to provide the coin as a reward for positive action and random acts of kindness. To that end, approximately 6% of the total coinage was pre-mined for distribution through in-game achievements, good deeds and giveaways. The rest remains to be minted through a POS mechanic that solves the energy/distribution problem inherent to early proof-of-work (POW) coins.
How do I receive OHM?
There are several ways to earn OHM. Some take a little time and effort, but will hopefully be enjoyed along the way. Others take virtually no time at all! Don’t forget to download your preferred platform’s OHM wallet app first, so that you can receive your well-earned rewards. ?
- Buy OHM directly through one of the crypto exchanges which has accepted OHM for exchange. This list of partners is expanding regularly, so check back soon!
How do I know how much OHM is worth?
How do I get a wallet?
Just head over to the downloads page.
How do I trade/sell/buy OHM?
How do I mint/mine?
OHM uses a system called ‘minting’, there is no traditional mining. The more coins that you have in your wallet, the more and faster you will ‘mint’. Minting will generate more coins.
1) Set a password that you will remember. (You will lose your coins if you forget this password)
2) Restart the wallet.
3) Now hit “Unlock Wallet”. Check “For Minting Only.”
That’s it. You are now “minting,” OHM. *Keep in mind that you must have OHM in your balance, and the OHM needs to mature for eight hours before minting will begin.*
You can check your “Network Weight” in the lower right hand corner. When it is green you are minting. So the “mining” process there is just about holding coins and leaving your computer on, it is called “staking” or “minting”. It doesn’t involve powerful CPUs. If a node with the selected wallet is running, it will collect the transactions, make a block, and send it to the rest of the network, then collect the fees. If the computer is turned off, however, then the entire network will have to select a different node to make the transaction. This time, the unresponsive wallet will be ignored. The network would suffer in that the time to make a block is decreased, but the thought is that people wouldn’t leave their computers off if they have a lot of OHM, because they’re missing out on all the fees that they could have collected. If you only have a few OHM, you can leave your computer off: You probably wouldn’t have collected much fees anyway. Your odds of being selected were low so it probably wouldn’t decrease transaction times that much.
Where is my OHM kept? How is it stored?
What makes OHM different from Bitcoin?
Bitcoin is an incredible piece of software that has changed the world as we know it. However, bitcoin uses a tremendous amounts of energy to mine. We saw a problem with this and improved upon it using “Proof of Stake,” solving the energy problem associated with mining. We use next to nothing compared to bitcoin, making this a green currency.
What is the relationship between OHM Wallet and SVV?
SVV and OHM share common interests and goals for the future of currency, as well humanity as a whole. SVV is an organization dedicated to rewarding kindness, and shaping a better tomorrow. OHM is a manifestation of that in the form of currency.
Why use OHM over other altcoins?
All altcoins have their own agenda and mission statement, as well as a plan for the future. Why should you invest in us? Well, if you believe in a brighter future, and want to try for a better world, our coin represents that.
We do realize that this is a massive undertaking, and possibly a crazy idea. Putting our faith into human kindness may seem downright insane, but most revolutionary ideas are, until enough people are backing them. Then, those dreams becomes the everyday norm.
How do I know that OHM isn't a scam like many other altcoins?
We have been very transparent in not only our goals, but with our development as well. Our team is always on call to answer questions in our Discord server.
The devs are investors just like everyone else, and we want this coin to succeed, and will do everything in our power to make it so. This is not a “get rich quick,” scheme. We want to bring real, positive change to the world, and we’re very aware that change doesn’t happen overnight. We’re in this for the long haul, and have big plans for the future. The more people that join in our vision, the stronger the message becomes, and the closer we come to making that dream a reality.
Are you going to add atomic swaps?
Are you going to add atomic swaps?
After our update we will begin testing atomic swaps, but as anything goes with new technologies this may take some time. note: If anyone has any questions please don’t hesitate to ask. Your questions are important to us and we will answer them as promptly as possible.
When will Master Nodes be released?
When will master nodes be released?
We have already started the genesis block and we are waiting for our devs to give us the go a head after heavy testing. Hopefully this may happen in 1 to 2 months, as we are in the early stages this goal may change. This also depends on when nova exchange will be ready for the coin swap. As we get closer to a final product we will be able release a hard date which will be the Official Announcement.
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Do you have a white paper?
Yes, our revised white paper will be published once we officially release our new block chain.
How many developers do you have?
Do you plan to add more exchanges?
Absolutely, we are in the process of speaking to other exchanges. As our market cap and 24 hour volume goes up this process will become easier.
I heard that you plan to add master nodes in this next update, is this true? Yes, but we will have an official announcement with more details on a later date.
Where will the coin swap happen?
We are are currently in talks with nova exchange and they will be doing the coin swap.
What will the ratio be for the swap?