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A Brief Introduction to the OneLife Network and The OneLife Mission
In short, the mission of the OneLife Network is to enable a global community of internet users to take an active part in using and improving new cutting edge digital products and services. In so doing, our stated aim is to increase the quality of life of the OneLife members and their communities around the world.
Few of us can say that we received a good level of financial education at school. An important part of the OneLife mission is to provide an alternative and equal access to practical and relevant financial education to people around the world. In so doing our challenge is to ignite and fuel the growth of a natural evolution in financial education. This effort provides an invitation, which is open to all, that is designed to allow anyone to participate in new emerging opportunities for Economic Growth through the increased financial knowledge which can be gained in part from the OneAcademy Educational Programs.
What Is OneAcademy?
OneAcademy is the educational arm of an entire 'Eco-System' devised and brought to life by the project founder and visionary Dr Ruja Ignatova. The OneAcademy educational programs are delivered online via an e-learning platform. The programs have been developed by International Finance Experts and Academics covering a broad range of financial and legal topics including:
An Introduction to Finance, Risk and Stock Market, Forex and Technical Analysis of Financial Markets, Risk Management and Economic Analysis, Behavioural Economics, IPO Process and Valuations, Trading, The Stock Exchange, Cryptocurrency, Financial Analysis, Asset Management.
The 80/20 Rule for Trading the Financial Markets, Trading Techniques and Ideas, Advanced Trading Techniques and Trade Ideas, Trading Psychology and Risk Management, Trading Strategies.
The Legal Definition of Cryptocurrency, Economic Evaluation - Is it an asset, commodity or something else? Cryptocurrency Impact on the Traditional Market, Types of Crypto-Systems, Legal Implications for The Regulators, ICO Regulations, Integration of Cryptocurrency, Enabling Co-Operation with Banks and Institutions, Compliance Systems and Tax Regime.
Each of the OneAcademy programs provides the opportunity to earn various levels of certification.
What is OneCoin?
OneCoin is the first transparent cryptocurrency designed to be a global payment system for everyone. OneCoin has a vision of providing a secure and reliable payment system to facilitate financial transactions everywhere for everyone (including the unbanked population of which there is approximately 2 billion). The OneCoin cryptocurrency (ONE) uses a centralized blockchain which is designed to protect its members' safety and ensure compliance on AML (Anti Money Laundering) / CFT (Countering The Financing Of Terrorism) rules and regulations.
The company has a strong emphasis on compliance and has implemented strict compliance policies designed to meet and in some cases exceed the expectation of monitory authorities around the world. KYC (Know Your Customer) and KYCC (Know Your Customer’s Customers) procedures are in place along with onboarding and monitoring policies.
The ONE cryptocurrency has been designed for usability. Although the ONE cryptocurrency is not yet on a public exchange, since early 2017 the coin has been traded for goods and services on the DealShaker e-commerce platform. DealShaker is a crucial and integral part of the ONE Eco-System.
How Is the ONE Cryptocurrency Acquired?
There are currently three ways to acquire ONE’s.
1. The first is by mining the free 'optional promotional tokens' which are available with the purchase of a One Academy educational program.
2. The second way ONE can be obtained is by earning promotional tokens (which are subsequently mined for ONEs) through the enrolment of OneAcademy educational courses by a OneLife IMA. (Note that no purchase is required in order to enrol OneAcademy programs and earn the promotional tokens).
3. The third way to acquire ONE is by becoming a merchant on the DealShaker platform and accepting ONE in exchange for your goods or services (the true definition of money).
It is important to understand that currently there is no way of purchasing the ONE cryptocurrency and therefore there is no way of investing in the ONE cryptocurrency.
Charges Laid Against Konstantin
We will now take a look at a couple of the key charges against Konstantin Ignatov.
Among the charges against Konstantin Ignatov is conspiracy to defraud by means of false and fraudulent pretences, representations and promises. These supposedly include a claim that the ONE is not a cryptocurrency as the claim is that ONE has no Blockchain.
In order to just touch on addressing this charge, in the next section, let us first take a look at what a blockchain is.
What Is A Blockchain?
A blockchain is at the heart of a cryptocurrency. Essentially a blockchain is a hardened electronic ledger that records every transaction which takes place with the cryptocurrency. The design of the blockchain is such that the electronic ledger cannot be tampered with so that once an entry has been made it serves as a permanent record as the entry cannot be altered.
Charge: OneCoin has no blockchain
Interested parties, competitors, bloggers unconscionably and illicitly profiting from the global popularity of the One cryptocurrency, organised efforts against OneCoin and even criminal prosecution authorities have repeatedly made empty accusations and speculations with regards to the legality of the ONE cryptocurrency. This in part has resulted in OneCoin being investigated in some 30 countries.
Perhaps chief of these investigations was that involving several countries which started with a raid by the authorities on the company’s head office in Sofia, Bulgaria in January 2018 in which all office computer and server equipment was seized. This well-planned raid culminated in the company being under investigation by Nürnberg-Fürth for more than two years.
Importantly, as part of this investigation, a complex IT opinion was commissioned by the public prosecutor’s office which resulted in the doubts about the existence of a blockchain being fully refuted!
Charge: The ONE cryptocurrency has no usability.
Actually since early 2017, OneLife members have been able to use their ONE cryptocurrency to purchase goods and services on the DealShaker e-Commerce platform. Currently there are more than 112,000 merchants on the DealShaker platform and millions of ONE has already been traded in exchange for goods and services. This fact alone completely dispels the claim that ONE has no usability!
For the avoidance of doubt, the price of the ONE cryptocurrency will only be determined by supply and demand when the coin is being freely traded on a public exchange.
The price of ONE is currently set internally by the company using a number of factors. And in fact, the value of any asset is what the parties involved agree the value to be!
Today there are more than 112,000 merchants onboard the DealShaker e-commerce platform that are accepting ONE against their goods and services at the internally set price. Currently, merchants have a choice of either accepting 100% ONE or they can accept a combination of ONEs and Euros.
Why have the above example charges been highlighted?
They have been highlighted to illustrate the unjust and unfounded claims being brought by the US authorities against Konstantin Ignatov.
Why all the negativity?
Having provided a brief overview of the mission of the OneLife network and the objectives of the ONE cryptocurrency, let us now take a look at a few of the main misconceptions that have been sensationalised by bloggers and the media.
It’s a Ponzi / Pyramid Scheme / Scam?
In order to address these claims, it is necessary to provide a brief outline of how the OneLife Network operates.
When a member joins the OneLife network, they have a clear choice as to whether they wish to optionally become a OneLife IMA (Independent Marketing Associate) or simply benefit from the purchase of a OneAcademy educational program. Furthermore, they are under no obligation to introduce others into the OneLife network. It is important to note this point!
It is also important to understand that unlike a ponzi scheme, no purchase is required in order to get started in becoming a OneLife IMA. Anyone is able to get started by opening a free OneLife Rookie account (and start benefiting from free information and education provided in their OneLife back office).
Similar to affiliate programs that are widely used in a broad range of industries, if one chooses to become a OneLife IMA, they are then able to earn bonuses (like most affiliate programs) from the OneAcademy educational programs purchased by new members.
In no way can the activities of OneLife be legitimately described as fitting the definition of a ponzi or a pyramid scheme. The company has even obtained legal opinions from solicitors in multiple countries/jurisdictions in a bid to displace these allegations.
People Have Lost Money / The Coin Has No Value
The company does not offer any kind of financial investments or coin for purchase. The company offers an increasing number of OneAcademy educational programs (with the recently introduced legal programs for example). Once a OneAcademy educational program has been purchased, it can immediately be accessed via the e-learning platform. From this point the company actually has no further obligations to the purchaser.
Some users may optionally choose to accept a number of promotional tokens with their purchase. If accepted, these tokens can be used to join the mining pool operated by the company for which ONE coins may be obtained (subject to the OneCoin and OneLife T&Cs and the IMA Agreement).
The ONE cryptocurrency currently has an internally set value of €29.95. This is backed by the ability to trade the coin on the DealShaker platform in exchange for a wide range of goods and services offered by more than 112,000 merchants. Among the items which can be purchased are; restaurant meals, clothing and footwear, hotel accommodations, holiday lets, general household goods etc. Payments are generally made either via 100% ONE, or a combination of ONE and fiat currency.
These factors alone completely dispel the claim that ONE is a scam, has no value or that the purchaser has lost their money!
Negative News Gets Attention!
It is a fact of life that unethical, negative and fake news journalism is taking place every day and the attacks on OneCoin from the likes of bloggers and other online entities is no different. Sensationalism and negativity sells. It is no secret that people are drawn-in by sensationalism and hence more attention is gained with negative news headlines.
There are no special requirements to put up a website and become a blogger, yet people read these articles and assume it is from a reliable and trusted source. Many bloggers in fact use a pseudo name to hide their true identity whilst continuing to make money off the backs of the negative news they are generating!
These bloggers generally make money from their websites with the use of ‘pay-per-click’ advertising. (These are generally banners advertisements placed on their websites which when clicked by a visitor, generates advertising income for the blogger). It can therefore be very profitable for unethical bloggers to target and attack organisations with a large following, since the more visitors they can attract, the more money they can make! Their deliberate negative headlines appear in search engine results allowing them to gain the attention of those seeking more information on a particular company or topic.
Some cryptocurrency enthusiasts are of the opinion that only decentralised cryptocurrencies like Bitcoin can be classified as cryptocurrency. They appear to thrive on the idea that open decentralised cryptocurrencies are the only cryptocurrency which can provide them with true anonymity and hence true freedom from the authorities as they do not depend on third parties to act as custodians of the service. However, decentralised cryptocurrencies are unlikely to meet the requirements of government authorities around the globe.
OneCoin is a centralised cryptocurrency which allows a central authority (the company) to ensure that all elements of the business and the cryptocurrency meet the requirements of governments and legislators with regards to KYC (Know Your Customers), AML (Anti Money Laundering) / CFT (Countering The Financing Of Terrorism) rules and regulations as well as being able to address any issues that might arise with the use of the cryptocurrency. However, the fact that Onecoin is centralised appears to be enough of a reason for some enthusiasts to become haters and to attack the ONE cryptocurrency.
The media when doing their research are often sourcing their information from these haters, paid bloggers and expelled OneLifers with ulterior motives to damage the company's reputation. Even respected news outlets such as the BBC have shown willingness to jump on board, often collating their information from these unethical sources.
In the interest of transparency, it would perhaps be amiss not to mention that with 3.5 million OneLife members, there has been a small number of incidents of mis-selling from a small minority of bad actors. The company has gone to great lengths to address this challenge and has strict sanctions in place to address these issues.
With all the noise generated by the media, this has attracted the attention of authorities which has resulted in investigations in around 30 countries around the world. These investigations generally end with no action being taken since the company’s operations are open, transparent and ethical.