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Zenithcoin

ZTC

Zenithcoin

Algorithm:

What is Zenithcoin?

ZenithCoin uses Scrypt as its proof of work. This will be initially be derived directly from Litecoin’s proof of work to provide compatibility to allow the thousands of miners to painlessly migrate to the new coin. The advantage of using Scrypt as opposed to the Proof of Work algorithm employed by BitCoin is that it allows a much wider and fairer participation on the mining of coins. GPU hardware is widely available of the shelf and there is no exclusive pricing to acquire them.
Premines and Genesis Block

A new genesis block will be created that is unique for this coin. This is essential to ensure the security of this coin’s block chain. There will be no-premining performed on release of the coin. Furthermore, the difficulty will be set appropriately so that early adopters are unable to mine coins with next to zero difficulty.

Release date: June 1st, 2013

Specifications

  • A new genesis block will be created that is unique for this coin. This is essential to ensure the security of this coin’s block chain. There will be no-premining performed on release of the coin. Furthermore, the difficulty will be set appropriately so that early adopters are unable to mine coins with next to zero difficulty.
  • A new ZenithCoin block is created every 2.5 minutes. That is the same as Litecoin and 4 times more frequent than Bitcoin. This is to be interpreted that there is 1 confirmation every 2.5 minutes. The standard today for confirmation prior to transfer is 6 confirmation, so on average it will take 15 minutes to completely transfer coins.
  • The difficulty retarget block is every 9 blocks using a Finite Impulse Response (FIR) filter.
  • With ZenithCoin 24 coins are created per block. Due to the faster block rate, 96 coins are created every 10 minutes. The total number of coins is targeted to be 42 million coins. This is twice that of Bitcoin. The coin subsidy rate will be halved every 420,000 blocks.
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