Aug 20, 2020

Why need to Update your phone number and transfer data

Previously, when joining Onecoin, each time you buy a Education package, you will open an account with your account name (User's name or also called Account ID) set by you.

Each account in addition to the account name also has information (data) about the account holder such as real name, email, phone number, address, bank account, date of birth, place of birth, passport number or ID card etc. and each data can have many details, for example the address must contain house number, street name, ward, county, city and country name and the bank account must have real name, account number, bank name, the international code (swift code) etc. To prove such data (KYC approval), the account holder must submit documents such as passport or ID card, bank confirmation or driver's license etc. In addition, of course, each account will have two passwords, password 1 (log-in password) to log into the account, password 2 for transactions (transaction password) for such as buying and selling, transferring money, transferring coin etc. or to change the account holder's data.

Usually Onelife members buy education packages many times, for example, every time they have some more money, they buy a new education package or after a period of research that Onecoin has a future, they buy more and each time like that they will have a new Onecoin account, the vast majority of members have multiple accounts. Especially, members participating in network development sometimes have to divide money to buy many education packages (set up multiple accounts system) to create own system or "to balance the scheme" so that to gain highest commission (bonus). Some people has several dozen accounts and each account has all the data as above.

In the current blockchain Onelife Group manages membership according to their accounts. When reviewing a certain account, you must first log in under the account name then see account owner, what is the real name, where í he/she living and other data, etc. Thus, blockchain must store a huge amount of data of some millions of accounts, while it is difficult to determine the actual number of members (account holders).

For members, once there have many accounts, the management is not easy. If a member declares the same KYC (same name, same phone number, same email, same address, etc.), it is easy to manage, but many people also set up multiple accounts with different data, thinking that if one account is hacked, the others are safe or they set up separate accounts for wife, children, parents etc. It will be complicated to track, approve KYC, update data or use it to buy and sell, etc.

Onelife Group's current blockchain has been used for nearly 4 years (launched from October 2016). Although at its inception, it was the strongest, fastest and largest blockchain in the world (up to 12 billion coins), but after 4 years of operating in a rapidly developing information technology environment it has been considered starting out backward. In response to the continued development in the new phase, the Onelife Group decided to implement the new generation blockchain that is better, faster, more powerful, with larger capacity, and integrating new features and utilities. The group also changed the way of membership management and Onecoin management in a new direction. Instead of managing by accounts as before, the Onelife Group will manage by members or in other words manage members with NEW ACCOUNT associated with their phone number and instead of use of account management to manage coin volume, the Group will create an e-wallet for members to be more proactive in managing and using their assets (coins and fiat money). The Group still can make statistics and manages the coin volume through management of member's e-wallets. Since the majority of members have one phone number (some have a second number but are often used for 3G or public service), the number of phone numbers roughly reflects the member number.

Another reason is that from now on when we will log into our account associated with the phone number, the security will be much better. Previously, when managing an account with a password, if we were hacked, we lost our password because hackers could change another password and email at any time and we will loss coin account. If managed by phone number, hacking our account will be much more difficult because each time we access our account, we will have to fill in an OTP code sent to the phone according to the registered number while hacking into the public phone company at the right time to get the OTP is beyond imagination. This is how Google uses this method to secure our gmail when we install 2-layer security or how most banks in the world use the same method to secure customers' accounts and transactions and many other applications do same way when they want to improve security.

Under the management of the new blockchain, we will first access each person's MAIN ACCOUNT attached to the phone number we updated. In this MAIN ACCOUNT there will be all child accounts, which are our previous Onecoin accounts registered with this same phone number. Then on the MAIN ACCOUNT we can choose to open and use whichever sub-account we want. I think in the future we will just need to approve KYC for the main account instead of making approval for all the child accounts as before. Thus, for both the Onelife Group and its members, the management will be simpler, more convenient and safer. There maybe are also other benefits or reasons of switching from account management to phone number management that I don't understand.

For that reason, the Onelife Group requires us to update the phone number (at the same time, it’s also request to transfer data) to make real list of active members being the account holders (and also keeping these phone numbers). Next step, the data in the current blockchain will filter out all the (old) Onecoin accounts that have registered with this phone number and aggregate them into the same NEW ACCOUNT where the account holder is also the registered phone number holder. In the future, the Onelife Group will only manage under the NEW ACCOUNT connected with updated phone number. Since each phone number will be an Onecoin account in the future, if we have many old Onecoin accounts and instead of updating 1 time and 1 account as instructed that we (were too careful) update for all those accounts, when combined, are still just 1 phone number, which means a new account. Because someone registers many phone numbers for different accounts, after switching to the new blockchain, this Member will be the owner of more than 1 new account.

Filling out the phone number update form and requesting to transfer data to the new blockchain is very simple and there are many easy-to-understand instructions I do not repeat again. But we can see the upcoming data transfer and the upcoming creation of an electronic wallet for members proves that the Onelife Group is improving management, improving the quality of operations, developing and vigorously move towards its goal.

There are some members who are having financial difficulties, misunderstanding Onecoin or being impatient often ask questions like when Onecoin is on the floor, when is the exchange open, when Onecoin has liquidity? Honestly, not a high leader, not even Dr. Ruja sitting in a safe place directing Onelife could answer. The reason is because as we know, the Onelife Group has made a decision to change the way of development and the way to bring Onecoin to the public, instead of putting Onecoin on existing floating exchanges, Onelife will launch its own Onecoin Exchange, which is legal, licensed by governments, in cooperation with the central banks of countries. Thus, the opening of the Onecoin exchange (including fiat currencies and other coins) depends on the licensing of the governments, but to license Onelife to open the exchange, the governments must rely on location laws on money and crypto assets, meanwhile we know that recemtly only a few countries around the world (such as Japan, Germany, Malaysia, Singapore etc.) have enacted this law.

In January 2020 when the German parliament passed the Crypto Money and Assets Act, I was delighted and predicted a roadmap to open an Onecoin Exchange that in the first and second quarters of 2020, following Germany as the financial leader of Europe, other EU countries will in turn pass their laws on cryptocurrencies. On that basis, the considering the Onelife's licensing application (submitted since early 2019) in a number of European countries (and elsewhere) will take one to two quarters, so it is likely that by the end of 2020 the Onecoin exchange can be opened. But then the Covid-19 pandemic came to freeze everything and of course it slow down Onecoin's listing. We have to wait some time more, so why in the meantime we do not actively participate in Dealshaker to pre-liquidate a portion of Onecoin and at the same time contribute to increasing the value of Onecoin when it will be listed on the exchange. We need to understand that it is the policy of the Onelife Group and also the rights and obligations of the Onelife members.

HCM City, August 18, 2020
Nguyen Tien Dung MSc.

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