Meet Youssof Aloukhi, a 16-year-old entrepreneur who aims to increase equality in decision making among cryptocurrency projects

We have witnessed a marked increase in interest in cryptocurrency over the past 12 months. Many people are now experts in the field and have learned a lot quickly. Many of the most innovative industries, which carry some risk, have historically attracted a younger audience. This is no exception. Many of the new entrants to the market for this technology are in their late teens and early 20s. Youssof Altoukhi, a young entrepreneur, has created his own coin, ‘Y Coin’. He hopes to create a model for how to democratize the decision-making process when launching a project or coin.

Early Beginnings

Youssof was born in London, U.K. and has had many encounters with entrepreneurship since his youth. His first venture into business was selling products to friends at school. When he was in primary school, he received a 3-D printer and learned how to make custom products. He decided to make phone cases for his friends. Although there were some mistakes, he was able to create a case that people would actually buy. Then he set up a website where people could place orders. Although there were few orders, it was a valuable learning experience in the online world of business.

His next business idea was to resell sneakers and limited-edition clothing. He also set up an Instagram and a website, and purchased some sneakers. There was also a lot of fraud in this space and demand was low. Youssof also learned about the risks and how to tie up inventory. He decided to work with influencers in order to push his marketing efforts. He was able to advertise the business on Google Maps, which was something that none of his competitors did at the time. They were too focused on other social media platforms. “Little Kicks” was the name of the company so that when someone searched for “kicks” or “where to buy kicks”, the brand would appear at the top of search results. The store was instantly added to the search results, which led to increased traffic and sales. After running the business for just over one year, he realized that logistics, warehousing and the physical aspects of the business, along with school and other commitments, were too much.

Getting Into Investing

Youssof began to look into investing in stocks as a passive option that did not involve selling products. To gain some experience, he set up a practice trading accounts. He tried it out and he began investing in the stock market at age 10. He discovered the cryptocurrency market in 2016. He conducted some research to learn the basics of Bitcoin. He discovered ‘alt’ currencies and how each one solves a specific problem at the 2017 cryptocurrency high. In 2017, he invested in some of these coins and, in 2018, he purchased multiple ASIC miners to mine Bitcoins and other cryptocurrencies. All of this paid off in the late 2020s and early 2021s when the cryptocurrency market exploded. He made significant returns by building a solid base and investing in profitable coins. He was not comfortable with the idea of launching his own coin, but there was a problem that kept popping up in coin launches.

Launching Y Coin

Youssof discovered that many of the new coins were not democratic. If you had a scenario in which 1 person has 1 million tokens votes yes and 100 people have 1000 tokens vote no, then the outcome of the asset you invested in could be very different. You would not have any influence over the decision-making process. A better structure would encourage newcomers to the space, as they would feel they can have a say in how the money is used.

Youssof gathered a team to develop Y Coin ($YCO), a payment and transfer coin that uses a democratic governance model. It will be a coin that everyone can use, regardless of their wealth. This model won’t favor the wealthy and will make it less likely that ‘whale behavior’ will occur. At the end of September 2021, the application ‘Y Hub” will be available on iOS, Android, as well as Desktop. Users who use the app to send transactions will receive free transfers and no fees. The wallet addresses will be simpler and you can refer to people’s usernames. This will eliminate the clunkiness that is associated with many apps. Additionally, the community will be able earn additional Y Coin by viewing advertisements on the app. The ultimate goal is to create a new coin, but also a community that allows people to have seamless experiences and is incentivized for engaging with the platform.

Although it’s an ambitious project for someone so young, Youssof is passionately involved in entrepreneurship and making changes. Crypto can also change the world, but if done right, it will be a great idea.

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