Meet Youssof Altoukhi, a very young entrepreneur who has launched his own coin ‘Y Coin,’ intending to set a template on how to democratize decision-making when launching a project or token.
Grew up in London, Youssof, in his 16, has had a surprising various entrepreneur practice. His first move into business involved selling products to his school friends. In primary school, he received a 3-D printer as a gift and had learned how to create custom products.
Youssof decided to create custom phone cases for friends, and despite some errors, he eventually created a case that people would buy. Then he set up a basic website that people could order through. There were not many orders, but it had to be a valuable experience of online business.
Youssof’s next business idea was reselling sneakers and limited edition clothing, so he has to set up an Instagram and a website. Despite limited demand and numerous frauds in the sector, Youssof learned by tying up money on inventory and risks associated.
He opted to push marketing by working with influencers. However, a turning point came for the business when he advertised the business on Google Maps, which was an unusual way for his competitors at the time.
Due to the proper business naming ‘Little Kicks’ when people typed in ‘kicks’ or ‘where to buy kicks,’ the brand would pop up in search results, raising sales. Youssof ran this business for about a year, and then he realized that the logistics, warehousing, and physical side of the business alongside school was too hard.
Then, Youssof started looking deeper into investing in the stock market and set up a practice trading account to gain some experience. He was 10 years old when he started investing some money in the stock market.
In 2016 he met the cryptocurrency market. He studied the fundamentals of Bitcoin, and in 2017 came across ‘altcoins’ and how each of them solves a unique problem. He invested in some of these coins in 2017 and then, in 2018, bought multiple ASIC rigs to mine Bitcoin and various cryptocurrencies.
All of this paid off in late 2020 and 2021 when the cryptocurrency market surged again. Youssof made a significant return, investing in different coins. But there was a problem that kept emerging in coin launches, so he decided to look into launching his own coin.
Launching Y Coin
The founded problem with many new coins was that the governance model was not democratic. If you had 1 person with 1 million tokens votes contra and 100 people with 1000 tokens vote pro, then you could have the asset you had invested in changed significantly, and you have very little influence over the decision-making process.
Youssof believed a better structure would attact more newcomers to the network as they would feel that they have some vote in what the evolution of the project’s money is raised for rather than seeing it as just a risky investment.
So he recruited a team and developed Y Coin ($YCO), which is a transfer and payment coin using a democratic governance model. It will be a community coin where everyone has an equal vote regardless of how much they own.
This model will not favor the rich and will make it less likely for ‘whale’ behavior to occur. The application ‘Y Hub’ will be launched on iOS, Android, and Desktop at the end of September 2021.
In addition, there will be free transfers with no fees to users who send transactions via the application. Utilizing simpler wallet addresses with people’s usernames, they intend to remove the clumsiness associated with many crypto apps, while the community will also be able to earn extra Y Coin watching advertisements on the app.
Although Y Coin is a very ambitious project for someone so young, Youssof is passionate not only to create another coin but a friendly community easy interacting on the platform. He believes in entrepreneurship and the ability of crypto to change the world for the better.