Novacoin

Novacoin – NVC – mining, coin, pool

Novacoin (NVC) is a decentralized digital network that is based on an open-source peer-to-peer Internet protocol. Novacoin is based on hybrid Proof-of-work (PoW) / Proof-of-stake (PoS) block generation methods with separated target limits. Novacoin was introduced in early 2013 by development team leaded by developer named Balthazar.

Contents

Novacoin Review

For the first time the Novacoin cryptocurrency has appeared on the market digital assets at the beginning of 2012. Its Creator is a quite popular programmer under the nickname Balthazar.

Novacoin guarantees the anonymity of the possession of funds and the confidentiality of any transactions with them. How was this effect achieved? NVC cryptocurrency is a peer-to-peer network, that is, all users in it are absolutely equal to each other. The system does not have any single administrative centers, which makes all attempts to manipulate and control useless. In addition, thanks to decentralization, everyone can take part in it.

Mining

Novacoin mining shows a great potential for all miners, who are either mining solo or in a Novacoin Mining pool. After all, this cryptocoin uses scrypt algorithm for mining and features a combination of the proof-of-work and proof-of-stake systems.

With the addition of the proof-of-stake system, the inevitable threats from a monopoly on mining share evident in pure proof-of-work systems can be prevented. Likewise, there will be a dynamic inflation in the part of Novacoin (NVC) and transaction fees are removed, which is another factor to limit the inflation.

What’s interesting about Novacoin (NVC) is that it has no limit to the number of coins produced over time, although it has set a cap of two billion coins. Reaching this number in the future is highly unlikely, which only goes to show that there will be millions of Novacoins in the long run.

The key features of the Novacoin mining are as follows: 10-minute stake spacing, 30-minute proof-of-work spacing, and a balanced proof-of-work blocks and stakes weighting. Moreover, miners should be aware of the fact that it shares the same block time with Bitcoin but rewards much lower with only 9.38 coins per block.

Additionally, the Novacoin Difficulty adjusts every block while its difficulty is set at 357.8398 as of now. But regardless of the high difficulty rate and low block reward, miners will be treated to a more regular and steady collection of coin rewards.

If you find yourself collecting more coins from mining, then it’s best that you use a Novacoin Calculator to see your estimated expected earnings in a day, a week, a month, and a year. In this way, you can monitor if you’re reaching the targets you have set for a specific time frame.

  • Scrypt Algorithm
  • Initial reward of 100
  • Slower reward drop
  • NovaCoin cuts a half from reward for every 64x diff adjustment.
  • POW difficulty adjusted for scrypt
  • POS difficulty adjusted for 100 times less coins.
  • ROI for POS changed to 0.05 coin per 1 coinyear [dynamic from 4.1]

Exchanges

Novacoin (NVC) is traded in a variety of exchanges like Cryptsy, BTER, BTC-E, Vircurex, and CoinEX. What’s interesting to note, though, is that it doesn’t only trade with Bitcoin but also with USD. This means that you can buy and sell NVC using fiat currencies like USD. Although the Novacoin Price/Value seems to be heading south as reflected in the exchange rate chart, it’s seen to have a stable performance in the market.

Novacoin Wallet

The way to store this currency is a wallet. Storage, transfers, purchases and receipt of funds is carried out through your own e-wallet presented on the official website of Novacoin in the column “Downloads”. Once the user is registered, he will be given 2 unique addresses, combined in the case of any transfers. This makes it possible to link the wallet to the BTC-E exchange and mining. The wallet is optimized to work with the online service BTC-E, while allowing the owner to make payments using the exchange platform. Any manipulation of novacoin is carried out only through the BTC-E exchange.

Available for Windows, Linux, and Mac, the Novacoin Wallet provides services to a variety of platforms, which makes trading and mining Novacoins much easier and more convenient to many. Simply download your preferred Novacoin Wallet and you can instantly begin storing coins you acquire from mining or from collecting from a Novacoin Faucet without having to pay[1].

Novacoin Price (NVC)

NVC market cap on 10 July 2018: $5,619,735 USD;

NVC price on 10 July 2018: $2.65 USD;

Advantages

  • The work of the system is based on a peer-to-peer architecture, which gives it the ability to maintain independence from anyone’s influence.
  • Application of hybrid Proof-of-Work/Proof-of-Stake concept, which greatly extends the transaction confirmation mechanism. Thanks to it, the protection of the cryptocurrency is resistant to most attacks. Each block of the network has its own complexity and will change with the advent of a new one. The process of creating almost no load on the computer, which is why, even with a low-power technique, you can start PoS mining.
  • Guarantee of complete anonymity and confidentiality of payments. This allows you not to specify personal data during various operations. However, other network users can always see the direction and size of the translation. The * Commission fee is conditionally free, everyone has the right to appoint the amount of the commission.
  • High security. The user can not worry, because his money is protected in the most reliable way.

Disadvantages

  • One of the main disadvantages lies in the way of earnings, that is, in mining. After all, to complete the work requires a fairly powerful hardware, which can decode 64 digit key. So, there is a need for additional costs not only for a new computer, but also for electricity. However, there is no guarantee that these investments will bring profit in the future or at least pay off.
  • The digital currency, unlike real money, is not provided with GDP growth or gold reserves. It is difficult to predict the future course of Novacoin, because there are no fundamental economic factors that can affect It.
  • Despite the high level of protection there is always a possibility to lose your money as a result of DDoS attacks. In addition, if the account holder forgets the password or the wallet is hacked, access to the digital currency will also be lost forever.
  • There is no possibility to cancel the payment, so in case of incorrect dialing of the account number, the funds can not be returned.
  • There is a risk of not making a profit at all.

See Also on BitcoinWiki

External links

References

  1. ↑ https://www.coinchoose.com/coins/novacoin/ CoinChoose – Novacoin Review