What is MemoryCoin?
MemoryCoin is a new cryptocurrency that aims to empower the economically and financially marginalized. It allows individuals to participate in the internet economy even when they live in countries where credit card companies and PayPal refuse to operate. Individuals can store and transfer wealth with just a memorized pass phrase.
It is based on the Bitcoin code, but with some key differences.
Release date: December 15th, 2013
- POW Hash: Momentum (64K XOR AES-CBC x 50) with SHA512 Generation
- Block target: 6 minutes
- Port: 1968
- Codebase: ProtoShares 0.8.6 (Bitcoin 0.8.5)
- Block reward: 280 MMC, 5% reduction every 1680 blocks
- Total Coins: 10 Million coins in the first 2 years, 2% inflation thereafter
- Difficulty Retargeting: Every block with the Kimoto ‘Gravity Well’