New York Coin – is a decentralised digital currency created by an unknown person or group of people and released as open-source software in 2014. It does not rely on a central server to process transactions or store funds.
New York Coin (NYC) is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. New York Coin was an early Litecoin spin-off or altcoin. In technical details, New York Coin is nearly identical to Litecoin with 5 times faster confirmations, no fees to send or receive and low difficulty, energy-efficient mining built into the code.
New York Coin was released via open-source code published on GitHub on March 6th, 2014 by an unknown developer(s). New York Coin is the only other cryptocurrency in existence, besides Bitcoin, with an unknown anonymous developer still to date. It was a fork of the Litecoin Core client, differing primarily by having a decreased block generation time (30 seconds), eliminating fees to send or receive on the network, and more sustainable, energy-efficient mining.
Due to the original developer disappearing at launch in March 2014, early cryptocurrency miners and enthusiasts kept the network alive and healthy during New York Coin’s infancy. Charlie Kartchner, an early scrypt miner, created the website newyorkco.in in March 2014 to ensure coin data, block explorers, wallets and mining pools were all easily accessible. And also got New York Coin (NYC) added to Coinmarketcap in early 2014.
New York Coin was launched shortly after New York regulators announced they were prosecuting BitInstant founder, Charlie Shrem in early 2014. It was launched 6 months before the death of Hal Finney, recipient of the first Bitcoin and member of the legendary Cypherpunks.
During the month of January 2018, the aggregate value of New York Coin experienced massive growth which included a 1,000% leap within days and reached a capitalization of US$120 million ($0.0012/NYC). An active development team joined New York Coin in early 2018 and have since updated the source code, core wallets and security of the network.
New York Coin is an extremely fast cryptocurrency with transfer speeds for unconfirmed transactions occurring in under one second. It enables a lightning-fast, free worldwide money transfer system. As well as a no cost merchant services platform for retailers worldwide. The currency is gaining traction as a retail-level cryptocurrency worldwide.
The New York Coin Center
In 2018, supporters of New York Coin raised funds for a 6-month storefront lease in the SoHo district of Manhattan for The New York Coin Center which was located at 167 Mott Street, NY, NY 10013. The hip vibe of New York City including Keith Haring motif was incorporated to help raise general awareness for New York Coin and highlight the numerous benefits of its code over other cryptocurrencies.
New York Coin has sponsored a professional snowboarder, Jeff Sponzo, that also runs the decentralized cryptocurrency’s official Instagram channel. As well as the Citi Bike race (an unsanctioned event using Citi Bike’s) across Manhattan from 100th Street in the North down to Houston Street in the South. The winner of the event won 100,000 New York Coins. [reference: https://www.amny.com/opinion/citi-bike-race-unoffical-1-18552285/]
Differences from Litecoin and Bitcoin
New York Coin is different in some ways from both Litecoin and Bitcoin.
The New York Coin network aims to process blocks every 30 seconds, rather than Litecoin’s 2.5 minutes and Bitcoin’s 10 minutes. This allows New York Coin to confirm transactions much faster than both Litecoin and Bitcoin. New York Coin uses scrypt in its proof-of-work algorithm, just like Litecoin, which is a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard. Due to New York Coin’s use of the scrypt algorithm, ASIC and FPGA devices made for mining New York Coin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256 hashing algorithm.
Creation of coins
New coins are slowly mined into existence by following a mutually agreed-upon set of rules. A user mining New York Coin is running a software program that searches tirelessly for a solution to a very difficult math problem whose difficulty is precisely known. The difficulty is automatically adjusted regularly so that the number of solutions found globally, by everyone, for a given unit of time is constant: an average of 2 per minute. When a solution is found, the user may tell everyone of the existence of this newly found solution, along with other information, packaged together in what is called a “block“.
Blocks create 625 new New York Coins at present. This amount, known as the block reward, is an incentive for people to perform the computation work required for generating blocks. NewYorkCoin block reward reduction is scheduled every 500,000 blocks until block #7,000,000 (roughly end of 2020), at which time the number of New York Coins that can be “mined” in a block reduces to 50 NYC. Any block that is created by a malicious user that does not follow this rule (or any other rules) will be rejected by everyone else.
New York Coin Mining
NewYorkCoin Mining is the process of adding transaction records to NYC’s public ledger of past transactions (and a mining rig is a colloquial metaphor for a single computer system that performs the necessary computations for mining). This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. New York Coin nodes use the blockchain to distinguish legitimate New York Coin transactions from attempts to re-spend coins that have already been spent elsewhere.
To guarantee that a third-party, let’s call her Sarah, cannot spend other people’s New York Coins by creating transactions in their names, New York Coin uses public key cryptography to make and verify digital signatures. In this system, each person, such as Jane or John, has one or more addresses each with an associated pair of public and private keys that they may hold in a wallet. Only the user with the private key can sign a transaction to give some of their New York Coins to somebody else, but anyone can validate the signature using that user’s public key.