Vulcano (Ticker: VULC) is a community-oriented coin originally created at the end of 2017 by a now completely absent development team. Initially, it was conceived as only a “high staking coin” with an annual return of 950%. However, due to several errors on the part of the initial development team, the actual rate was closer to 320,000%. This passed unnoticed until a member of the community calculated this effective rate by examining the blockchain from the Genesis Block. Once this fundamental weakness was exposed, the new Vulcano team, comprised of members of the community, came together to both salvage the Vulcano project on both a technical and philosophical level through a complete rebuild and the development of a real use case. This whitepaper lays out a strategy for a total upgrade of Vulcano and a relaunch of the newly upgraded coin as a means to fund geothermal exploration and research.
Rather than simply fixing the percentage rate problem with Vulcano, we have elected to completely upgrade the coin to a new code base. In order to best modernize the Vulcano Core, the Vulcano team has decided upon Bulwark as a code base. Bulwark is built upon PIVX, which itself is built upon the popular DASH cryptocurrency. This critical decision will give us the ability to implement masternode functionality, governance, and eventually allow the integration of hardware nodes to support the Vulcano ecosystem. In doing so, we will create a more truly decentralized system of governance and coin staking and network security.
The whitepaper will also lay out the future plans for the legitimization of Vulcano through the creation of the Vulcano Foundation, a planned 501(c)3 Nonprofit entity based in the United States which will allow Vulcano to grow into its own in a mature fashion and to begin to connect and enter into negotiations with the rest of the business world. This is especially important as the long-term use case of Vulcano calls for the acquisition of a portfolio of intellectual property through the research mechanism explained below. Through the creation of a portfolio of intellectual property through the funding of research at universities and research institutions around the globe. The Vulcano Foundation would enable us to best leverage this intellectual property. This is an absolutely critical step which will allow the decentralized Vulcano project to interact and connect with the centralized worlds of business and academia.
The whitepaper will also lay out the planned percentages of governance fees which will go directly to funding geothermal research in order to both advance the science and gain intellectual property to bring more funding to the Vulcano Foundation for future developments and to provide funding for additional grants.
What you will not find in this paper is wild and unsubstantiated promises about the future of the Vulcano blockchain. Vulcano strives for innovation and growth without making promises that cannot be delivered upon – instead we will dedicate our efforts to research and advancing technological development. All blockchain technology mentioned in this paper has already been demonstrated and will be activated in due course. We believe that it is time for the cryptocurrency communities to begin acting in a way that is consistent with the business potential they bring to the table, and that wild claims about blockchain technology are not needed to build a business case for the use of existing technology. Developers, team leads, and the communities themselves must understand that in order to be accepted by the broader business and academic communities, we must be willing to play by their rules to a certain degree and make effective use of what we have before advancing ideas about unproven blockchain technology before it has been developed, tested, or planned out. While there may be advances in blockchain technology itself for Vulcano in the future, its release will not come with months of fanfare and marketing, but will only be spoken about once it has already been developed. We believe that this method of “submarine” development is best for the currency because it limits speculative investing and allows for the building of a stable foundation for the platform in the future.
It is our goal to turn Vulcano into one of the premier sources of funds for sustainability research in the future and to eventually build a business ecosystem around this technology.