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Novacoin

What is Novacoin?

Novacoin is a decentralized cryptocurrency and an open-source platform designed to provide multiple investment opportunities for users on a secure platform. The platform was launched by a developer called Balthazar in February 2013.

It also has a native token abbreviated as NVC is based on the Ethereum platform.

Unlike other cryptocurrencies that use either proof of work (PoW) or proof of stake (PoS) consensus algorithms, Novacoin is a hybrid of both consensus models. It was created as an improvement of another coin referred as Peercoin started earlier in August 2012.

Peercoin was among the early cryptocurrencies to use the hybrid model of proof of stake (PoS) and proof of work (PoW) consensus models.

The history of Novacoin price history demonstrates it has suffered extreme swings because of shifting forces of the market.  In April 30th, 2013, a short period after release, Novacoin was trading at $4.2 before growing steadily by more than 400% to reach $23.68 in early December of the same year.

Then, the growth took a sharp decline to less than $1 by August 2014 and remained within that range until early 2017.

In the third quarter of 2018, the coin was trading at a range of $2.5 and $5. Its market capitalization had also shrunk from $19.5 million in June 2018 to about $7.7 million within the same period.

What is the problem that Novacoin Solves?

  • Limitations and centralization of traditional financial services

Over the years, many people have suffered from the centralized bureaucratic design of the traditional financial services that has threatened to chock the financial industry.

When sending value using a banking platform, your details and those of the recipient have to be verified before the transaction can commence. The process results to serious delays that can at times extend to several days before the transaction is completed.

Other traditional financial services such as credit cards have proven to be highly risky as criminals adopt advanced technologies to steal user information and siphon funds away.

hese problems are making people lose trust in the banking system. Novacoin seeks to change this design by eliminating all the centralized parties and putting users in full control over their accounts and funds.

  • Centralized mining

When the blockchain technology was unveiled in 2009, Satoshi Nakamoto demonstrated that it was possible to run decentralized transactions without involving centralized third parties.

However, tech companies started developing Application-specific integrated circuit (ASIC) miners that generate very high mining power to optimize rewards. However, the high cost of ASIC miners implies that only the wealthy can afford to buy, mine and own Novacoins.

  • Lack of privacy in the financial sector

One of the main reasons why people are seeking alternatives to conventional financial services is the lack of privacy.

When you save funds in a bank account, send money, or run a transaction via traditional financial services, the details can easily be pulled out by many entities such as the banking administration and courts of law. The Novacoin network is targeting to help users operate in total privacy.

How does Novacoin Solve the problem?

To address the outlined problems, Novacoin was designed to provide users with a seamless investment and trading experience in a completely decentralized manner. The focus is on employing the blockchain technology to transform the financial industry to make blockchain and its resources more affordable. Here are the main features and strategies used at Novacoin platform.

  • A hybrid consensus-based algorithm

When Bitcoin was unveiled in 2009, the most notable thing was its proof of stake consensus model. Its design has helped Bitcoin to become one of the most secure platforms for sending value.

However, another consensus model referred as proof of stake was introduced a few years later to ensure that people who confirm transactions own commit to protecting it because their funds are also locked there.

To make Novacoin better, it employed a hybrid model that combines proof of stake consensus with proof of stake. This implies that you can enjoy the benefits of both sides. This application model has made the network more secure and reliable.

  • Use of ASIC resistant scrypt hash function

When Bitcoin was launched, blockchain experts concur that Satoshi did not anticipate the sudden explosion of interest in the coin especially by the tech industry that started creating Application-Specific Integrated Circuits (ASIC).

To address the danger of centralized mining, Novacoin opted for the scrypt hash function that is ASIC resistant. This implies that users do not need the expensive ASIC mining equipment to mine Novacoin.

Scrypt is a HashCash proof of work that uses a memory-intensive hash function to lower the effectiveness of logic circuits used in ASICs. This implies that Novacoin users with GPUs and CPUs can participate in the mining the coins and building consensus.

  • Advanced encryption of the network

Novacoin founder was concerned that though the blockchain had started to expand, people transactions and personal details were still getting exposed.

Therefore, the development team adopted advanced encryption to guarantee users of greater privacy when sending and staking value on the network.

To operate in the network, you are required to have a supported wallet that generates a private key and public address. When running transactions, miners on the network can only follow the public address to check the balance but cannot get the details of the user. You can also enhance the privacy and security of your transactions and coins by using advanced wallets such as Ledger Nano S and Trezor.

What makes Novacoin better than it’s competitors?

When Novacoin was founded in 2013, the development team wanted to create a network that provided workable solutions to financial issues that faced people by then.

Even as more cryptocurrency networks join the market, Novacoin has demonstrated to be one of the reliable networks. Except for its downward trending coin value, here are key things that make Novacoin better than its competitor.

  • Novacoin employs a hybrid of proof of work and proof of stake models

Unlike Bitcoin or Ethereum among other networks that employ either PoS or PoW consensus models, Novacoin combines them so that users can enjoy more benefits.

The hybrid model provides users with a robust, dynamic, secure platform to send value of run other transactions.

  • It is ASICs resistant

This is perhaps the most crucial component of Novacoin because it targets to advance the primary goal of decentralization by Satoshi Nakamoto. As a scrypt based platform, it implies that more people even those with standard CPUs and GPUs can mine and own Novacoin. This will be very crucial in keeping the network fully decentralized and more secure.

  • The Novacoin community has been growing steadily

Though the value of the Novacoin was not doing very well especially in the first six months of 2018, the community continued to grow. Many Novacoin holders posit that the downward shift was not unique to Novacoin, but it affected almost all the coins. Therefore, they are optimistic that the price will take an upward trend and deliver high ROI.  

  • Users can operate in a fully decentralized and anonymous manner

As a fully decentralized network, Novacoin platform allows users to operate on a peer2peer basis. Whether you are running a transaction such as sending value or trading the coins, the details are completely decentralized.  As long as the sender and recipient are on the Novacoin network, the transactions are private and do not require profit-seeking third parties such as banks.

  • It allows users to join, use and own the network

If you save funds in a bank, the attachment is mainly felt when running transactions. People feel passive because of the centralized management that makes decisions in the organization. However, Novacoin network belongs to the people who use and own some stake in its system. You can participate in confirming transactions through mining and voting on major decisions affecting the network.

  • Sending value on the network is cheap and easy

The Novacoin network was created to operate as a decentralized network and not as a profit making organization. Unlike banks that adjust the fees for running transactions to meet associated costs and optimize profits, Novacoin platform is cheap and secure. The small fee charged on the network is used to motivate the staff on the network.

  • You can mine the network by simply holding Novacoins

While mining is central to the operation of any blockchain network, the process is technical and can often be elusive especially when you are required to generate optimal hashing power. However, use of CoinDayWeight to drive PoS system implies that you can now get rewarded by simply holding the native Novacoins.

  • The network is considered more stable after for having been in the market for longer

One of the methods used to gauge the stability of a cryptocurrency network is the length of time taken in the market. Many new networks cannot be considered stable because their features are still under test. However, Novacoin is considered stable because it has been in the market for more than five years.

How can Novacoin be categorized?

Novacoin is a truly decentralized and open source platform aimed at helping to advance the blockchain network. The platform is helping to take the blockchain technology and application to more people by simplifying the acquisition, trading, and use of the native coins in the market. More people are now associating with Novacoin because it is allowing them to mine with standard CPU and GPUs. Indeed, you can earn some rewards by simply holding Novacoins under the proof of stake system.

What’s Novacoin’s vision on Security?

The Novacoin’s vision on security is providing a secure platform where users’ assets, transaction details, and personal information are fully protected from nefarious attackers.  The network was created at a time when attacks on the blockchain networks and related establishments such as Mt. Gox had become very common. To keep the network safe, here are some of the main methods used at Novacoin network.

  • Use of scrypt hashcash system and hybrid consensus algorithm help to promote even distribution of tokens to avoid 51% attack.
  • The network utilizes advanced encryption that makes it extra difficult for attackers to break and steal user information. Indeed, even miners can only follow the public address to confirm if a user has enough funds to send.
  • The network has a very aggressive team that evaluates vulnerabilities and closes the gaps promptly to lower the risk of attacks.

Examples of Novacoin’s use cases / applications.

When Novacoin blockchain was created, the founder and the development team wanted to make it one of the most popular networks in the market. Here are the main Nova applications.

  • Paying transaction fee on the Novacoin platform. To send funds or run transactions in the Novacoin platform, you will be required to pay a transaction fee using Novacoin. This fee is used to motivate the miners who confirm transactions on the network.
  • Pay the transaction fee when trading Novacoin in the markets. If you target trading Novacoin in the exchanges, a transaction fee will be levied based on the traded volume. This fee can be paid in Novacoin.
  • Use Novacoin to pay for goods and services from the stores such as Virgin Galactic and Overstock.com that accept the coin. As more traders come to accept and adopt blockchain networks, they are allowing users to pay for goods and service using crypto coins. Note that even when a store only accepts another coin, it is still possible to use Novacoin by first converting to the supported coin.
  • Pay taxes with Novacoin. As more countries come to appreciate the special role of cryptocurrencies, some have started opening doors for direct use. In Arizona USA, Bill 1094 passed in April 2018 allows residents to pay transaction fee with cryptocurrencies such as Novacoin.
  • Use Novacoin to buy new tokens in the market. Most cryptocurrency enthusiasts are always on the lookout for new investment opportunities such as ICOs (initial coin offering) that promise good returns on investment. The ICOs allow investors to buy tokens on offer before getting released into the market. You can use Novacoin to buy such tokens and wait for them to gain value before selling.

http://novacoin.org/

https://github.com/novacoin-project/novacoin

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Mooncoin

What is Mooncoin?

Mooncoin is a proof of work (PoW) based cryptocurrency and platform designed to help advance the blockchain technology.

The name Mooncoin was derived from the large number of coins in the network, 384,400,000,000 coins, which is equivalent to the distance from the earth to the moon.

Since 2009 when Satoshi Nakamoto started Bitcoin, the adoption of the blockchain technology has been very slow.

The design of Mooncoin as an ecosystem seeks to create space for more people to join and become part of the blockchain technology as it moves to the next level.

Is it possible to make blockchain technology applicable even at the local level? The answer is “yes” according to the Moonlight development team.

Mooncoin is a cryptocurrency with no pre-mined coins or ICOs. The target was to facilitate equitable distribution of the coins to keep the network more secure.

The platform was created by a person known as Deaconboogie who remains a mystery just like Satoshi Nakamoto.

However, he is reported to have fallen ill and left from the project. Despite this, the decentralized nature of Mooncoin has made it remain strong and even grow to newer levels.

A closer look at the Mooncoin value reveals it has grown significantly since inception. In early January 2014, the price was $0.000005 and a market capitalization of $66,157. By the close of January 2014, the price shot up with more than 2500% to reach a price of $0.000136 and a market capitalization of $794,248.

The price gain achieved by the close of January did not last long. By early April 2014, the price sank to $0.000001 and remained within that range for the subsequent three years until April 2017. By December 2017 and January 2018, the price grew to $0.000775 and a market capitalization of $173,040,426. This was the highest mark in the coin’s history. By the third quarter of 2018, the price of Mooncoin was $0.000032.

What is the problem that Mooncoin Solves?

When Mooncoin was created, the blockchain network had already started spreading, and weaknesses of the early platforms such as Bitcoin were evident. Here are some of these shortcomings and others that Mooncoin seeks to address.

  • Poor adoption of blockchain technology in the community

In the early years of the blockchain technology, many people were unclear about the applications. Besides, the language of blockchain based developments was still very complex even to standard developers. Mooncoin wanted to simplify this so that both developers and general users could join and enjoy the blockchain niche.

  • Centralized mining

The main consensus algorithm used in the early years of blockchain technology was proof of work (PoW). As the technology grew, companies specializing in cryptocurrency mining started generating specialized equipment referred to as Application-specific integrated circuit (ASIC) miners to optimize returns. But ASICs brought about a serious problem of centralization of mining. Because they are very expensive and generate a lot of hashing power, it implies that mining was becoming a rich man’s operation only. This problem could negate the entire goal of decentralization espoused by Satoshi Nakamoto.

  • High cost and extended time of sending value across the globe

Sending funds across the globe especially through banks’ wire transfers was very expensive when Mooncoin was launched. Both the sender and receiver’s details had to be verified by centralized entities before the funds could be moved. The complex process takes long, it is expensive and can be very inconveniencing especially if the funds are required urgently on the other side of the globe.

  • Lack of privacy in financial transactions

If you save funds in a bank account, the details are known by a lot of people. The bank management, cashiers and political administration can easily access personal details. These details can also be obtained and account frozen through a court order. However, many people want to make their financial information as private as possible and free from third-party seizures.

How does Mooncoin Solve the problem?

The approach used to address the above issues is improving on the already available blockchain technology to help take the niche to the next level. Here are some of these solutions.

  • Simplified Mooncoin programming language

To make blockchain technology easily available and applicable, Mooncoin developers insisted that people needed to have more decentralized applications at the local level.

Therefore, they simplified the programming system with a language referred to as MoonWord.

The language ensures that more programmers can participate in the open-source development for coding and record keeping.

This simplification is what made Mooncoin remain strong and even continue growing after the departure of the founder. New developments have made the platform a better option with low transaction fee and faster block time. Now, people can easily join and build their projects.

  • Decentralization of the network

The Mooncoin system uses proof of work (PoW) consensus algorithm that comprises of nodes spread across the globe. When a user initiates a transaction such as sending value on the platform, the nodes take it up and follow back the public address to confirm whether there are enough coins. When the nodes verify transactions and add new blocks to the Mooncoin blockchain, they are rewarded with Mooncoin.

  • Scrypt proof of work algorithm

To address the problem of centralized mining, Mooncoin development team had to get a reliable method of blocking ASIC mining equipment. They opted for the Scrypt mining algorithm that had been tested and proven to work in Litecoin cryptocurrency network to address ASIC mining.

Unlike the SHA-256 function used in many proof of work networks such as Bitcoin, Scrypt is memory intensive and have a lower hash rate compared to SHA-256. Use of Scrypt mining algorithm ensures that even people with standard CPUs and GPUs can mine and own the MOON.

  • Advanced encryption to enhance personal privacy

To make transactions on the Mooncoin private, the platform uses decentralization and advanced encryption.

When you join the Mooncoin network, the details are encrypted to make it difficult for third parties to access your details.

Indeed, even the miners who confirm the details can only follow to check the balance on the public address. The miner cannot know the personal details of the user account.

What makes Mooncoin better than it’s competitors?

The rising number of cryptocurrencies in the market implies that they are in direct competition against each other.

However, they also compete against other conventional service providers in the field of interest. Here is a demonstration of why Mooncoin is better than its competitors.

  • The cryptocurrency market is considered stable because it has been in the market for longer

One of the growing concerns about blockchain networks is the danger of pump-and-dump schemes.

This is a method where a blockchain project is created and coins released with the sole purpose of defrauding clients. The only way to know this is checking for a project that has been in the market for longer and proven to be highly reliable.

Mooncoin is considered a highly stable network because it has been in the market for more than four years. Indeed, it is a demonstration of the strength of decentralization because the network has continued doing well even the founder left the network.

  • The network has simplified the blockchain development language to make it easy for more users

Even as new blockchain networks join the blockchain niche, many people only use the network either through purchasing the native coins or sending value.

However, Mooncoin simplified the process so that users could join the platform and plug their projects. Using MoonWord language, you can now extend your business operations as a layer on the Mooncoin blockchain.

  • Unlike the Mooncoin price, the community has continued to grow steadily

One way of assessing the strength of a blockchain platform is its community. Since inception, the Mooncoin community has been growing steadily. Even though the price of the native token is not as high as that of Bitcoin or other coins such as Bitcoin Cash, the community is optimistic that it will ultimately grow and even surpass the competitors.

  • Mooncoin is a completely private network

Unlike banks and other financial services that easily make your details accessible to a wide array of parties, Mooncoin is completely private. Indeed, even some blockchain networks such as Bitcoin are no longer considered private. The enhanced privacy of Mooncoin implies that you can now buy its coins and send value without worrying about third-party seizures.

  • Sending value on the Mooncoin network is cheaper and more reliable

As a completely decentralized blockchain network, Mooncoin platform allows users to send value on a peer2peer basis. This implies that the network bypasses profit-seeking organizations to make the transactions cheaper, faster and more convenient.

How can Mooncoin be categorized?

Mooncoin is a truly decentralized cryptocurrency and blockchain that are designed to help take the industry to the next level. The focus of the founder, Deaconboogie, was to help fix issues that were noted in other blockchains of the time especially Bitcoin. The approach has been very useful in attracting more developers and community to the blockchain sector.

What’s Mooncoin’s vision on Security?

The Mooncoin vision on security is to become the most secure network that everyone can join and enjoy decentralized services without worrying of attacks.

Deaconboogie was concerned that blockchain networks and related projects were increasingly becoming a target for hackers. For example, Mt. Gox was hacked in 2011, and more than 600,000 Bitcoins lost. To keep the Mooncoin network secure, Mooncoin development team adopted the following strategies.

  • The development team works on progressive updates that help to seal gaps and address vulnerabilities.
  • By adopting Scrypt mining algorithm, Mooncoin has managed to achieve even distribution of native coins. This is very important in preventing 51% attack.
  • The Mooncoin system is open-source. This coupled with an easy to use MoonWord language has helped to strengthen the Mooncoin system and make it extra secure.
  • The platform uses Digishield that adjusts the coin difficulty in protecting the network against multi-pools and over-inflation. The technology helps to prevent very many coins getting mined when mining pools target minting at a very low difficulty.

Examples of Mooncoin’s use cases/ applications.

Since inception, Mooncoin platform has grown to become a major blockchain ecosystem for all people interested in the industry. Its many use cases have helped to grow the community could help it outdo other top networks in the future. Here are some of the main Mooncoin use cases.

  • Paying transaction fee on the Mooncoin network. When you send funds on the Mooncoin platform, a transaction fee is levied to help motivate miners. This fee is paid using MOON.
  • Paying transaction fee when trading Moon in the markets. If you decide to trade MOON in the markets, a transaction fee can be paid using Mooncoin. Note that trading in these exchanges might include additional charges for making deposits and withdrawals from their accounts.
  • Paying taxes in jurisdictions that accept cryptocurrencies. Unlike in the past when many countries cautioned their clients against cryptocurrencies, things are changing. Some countries are now allowing their citizens to pay taxes using cryptocurrencies. In the USA state of Arizona, citizens are allowed to pay taxes using cryptocurrencies such as Mooncoin coins. Other countries where Mooncoin can be used to pay taxes include Singapore and Switzerland.
  • Paying for goods and services in online and conventional stores. As a cryptocurrency, Mooncoin can be used to pay for goods and services in the stores that accept them. Note that even when only a different coin is involved, it is still possible to pay with Mooncoin by converting using the exchanges.
  • Use Mooncoin as an investment platform. Many people coming to the blockchain network are interested in making investments and expecting huge ROI (return on investment). Even though the price of the MOON has not performed very well, the community is optimistic it will ultimately become one of the best in the market. Therefore, you can buy, hold or even trade in the markets.
  • Use Mooncoin to participate in the blockchain development. Using the simplified MoonWord language, you can opt to become one of the developers in the Mooncoin ecosystem. You could also create projects and plug them on the blockchain and become part of its ecosystem.

https://cryptomining-blog.com/tag/mooncoin-crypto/

http://mooncoin.com/

https://www.krypto-magazin.de/was-ist-mooncoin-coin/