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Redcoin

RED

Redcoin

Algorithm:

What is Redcoin?

Redcoin is a type of crypto currency, which can be spent and traded just like any other currency. However the main difference is unlike bank issued currencies, redcoin has no central  authority or anyone controling redcoin. Redcoin is controled only by its users.

All transactions are stored in whats called a blockchain. Redcoin miners are people who are giving their computer power  to support the redcoin network, compute the mathmatical equations and store the blockchain. They are paid whats called  “mined coins”. Depending how  much computer power they give to the network, determans how many coins they will receive. Mined coins are generated  50-150 every 1 minute. Also, everytime you send coins, you pay a small transaction fee (0.001%) this is also paid to the miners. If you want to mine Redcoins, you need a computer with at least 1 good Graphics card. Although its possible to mine Redcoins without a graphic card, just with CPU power, its about 20x less speed of using a GPU card, so this is why most people would use GPU.

Release date: June 30th, 2013

Specifications

  •  1 minute block time
  •  Difficulty retargets every 20 blocks (or 20 mins)
  •  Total coins will be around 329 millions, Every 3 years, the prize halves
  •  6 confirmations for transaction
  •  50 confirmations for minted blocks
  •  Normal blocks are 50-150 coins per block, randomly.
  •  Every 500 blocks there is a bonus block with 500-1000 coins.
  •  super blocks of 5000-10000 coins on average every 20,000 blocks.
  •  The default ports are 11361(Connect) and 11362 (RPC).
  •  Transaction Messaging

CoinChoose info

Current Blocks406707
Difficulty6.10664617
Reward50 RED
Network hashrate36373256 H/s
Adjusted ratio85.2395054638 % BTC
Avgerage Profit942.5892176647912 % BTC
Avgerage Hash163532084.0000 H/s
ExchangePrice
BTER no API
Cryptsy 0.00037013 BTC

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