Like Bitcoin and Litecoin, Mincoin is a peer-to-peer electronic cash system released into the public domain as free and open source software.
Mincoin’s comparative advantage is its short distribution cycle of 10 years and leveraging the power of modern computing to propagate and verify transactions within the window of the 1 minute target.
Mincoin was publicly released on April 3rd, 2013 on the popular cryptocurrency forum BitcoinTalk.org with a link to the repository, a coin specification and our vision. The source code was published under the MIT/X11 license and is truly “Free Software”.
The vision to improve upon the model established by Bitcoin and Litecoin was to do a few things the same while additionally making minor adjustments to the consensus protocol. First, the emission curve to be flat and so there are no “halvenings” in Mincoin. Every block reward in regular mining is 2 MNC. Second, the full distribution of mincoins to complete in a comparatively shorter period of time and therefore all 10 million Mincoins will be distributed by August of 2023. Finally, to further test the limits of the peer-to-peer system by reducing the block time to just 60 seconds. The scrypt was selected as the proof-of-work algorithm in 2013 to follow Litecoin since there had been favorable sentiment at the time supporting scrypt as being closer to Satoshi‘s true vision of “one-CPU-one-vote”. As time progressed, the scrypt arm’s race inevitably resulted in and ASIC miners just like there were the same in Bitcoin for sha256d.
Mincoin took the Bitcoin and Litecoin source code as a basis and created a cryptocurrency that needs 60 seconds to generate a Block – this is 2.5 times faster than Litecoin and 10 times faster than Bitcoin.
The full supply emission of Mincoin makes out to 10 million coins, which is less than Ѕ the supply of Bitcoin and significantly less than Litecoin’s 84 million emission. Mincoin’s daily supply rate is 2880 coins comprised of 1440 blocks and this emission cycle is set at this constant rate until the last Mincoin is generated which is expected to be in August of 2023.
Mincoin uses the scrypt hashing proof-of-work algorithm, the same as Litecoin. Modern day cryptocurrency mining equipment used is usually ASIC hardware but high-end gpu’s can still be used albeit at a less productive rate.
The Mincoin cryptocurrency was initially created as a more optimized and efficient version of Bitcoin. Having only a 10 million coin total emission and 60 second target block spacing not only makes Mincoin more rare than either Bitcoin or Litecoin but also makes transaction times and confirmation times much faster. This may be an advantage when taking into account the need for vendors and merchants to be able to process transactions quickly. The lower total supply may also help with price stability and help to facilitate the store of value function. More importantly, since the full emission will complete in a little over 10 years; this experiment will be closer to full realization in our lifetime than both Bitcoin and Litecoin.
Mincoin being heavily based on Litecoin and almost identical to it, there are however some key differences.
- Faster target block spacing: a single block is mined approximately every 60 seconds being 2.5 times faster than Litecoin. This also leads to transaction confirmation times being 2.5 times faster than Litecoin.
- Difficulty changes every block with Mincoin while Litecoin’s difficulty takes 3.5 days to adjust.
- The total coin supply with Mincoin is only 10 million where as with Litecoin the total coin supply is significantly higher at 84 million.
MinCoin Block Explorers:
Mincoin (MNC) Price
Mincoin (MNC) price is available online on COIN360.