What is Networkcoin?
NetworkCoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. NetworkCoin provides faster transaction confirmations (1 minutes on average) and uses a memory-hard, according to the calculation of force to adjust the size of each monthly decline scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The NetworkCoin network is scheduled to produce 30 million currency units. One of the aims of NetworkCoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, NetworkCoin continues to satisfy these goals. It is unlikely for ASIC mining to be developed for NetworkCoin until the currency is widely used.Release date: December 21st, 2013
- Scrypt Algo
- 30 million total coins
- 1 minute transaction confirmations
- 60 second block times