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ONC

Onecoin

Algorithm:

What is Onecoin?

Onecoin is cryptocurrency drastically different to any of existing ones. While some altcoins aim for the title of the most expensive coin and a base for long-time investments, their value is still comparable to that of Bitcoin. I decided to go further and bring this idea to its logical conclusion. With Onecoin, there will never ever be more than a single coin mined. Apart from exceptional value of the coin, there is one more advantage – the number you see in your wallet means the share of total wealth you own.

 

Release date: May 9th, 2013

Specifications

  • Maximal money amount is one coin (actually 0.999999999987 because of rounding).
  • Scrypt-jane implementation from Yacoin. Currently only CPU mining is possible.
  • 2 minutes block target.
  • Difficulty retargets each block (PPCoin's implementation).
  • Maximal block reward: 500 nano-OTC.
  • The first 1000 blocks will have no reward, then the reward will gradually grow up every 500 blocks to 500 nano-OTC during first 25500 blocks, and after that default rules will apply. This will ensure that the launch is fair. No premine!
  • TX fee: 10 pico-OTC.
  • Subsidy is cut in half every 1000000 blocks, which will occur approximately every 3.8 years.
  • Decimal precision is changed from 8 digits to 18.
  • Additional display units added to the QT client to make amounts more readable: nOTC, pOTC, fOTC, aOTC.
  • Default port: 8555 (18555 for testnet).
  • Default RPC port: 8554 (18554 for testnet).
  • Onecoin is based on the latest Bitcoin sources and will follow Bitcoin updates closely.
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