One problem of Bitcoin is that only ASIC mining is really profitable. Since those ASICs are relatively expensive, mining is not really a distribution mechanism anymore. ASICs for Litecoin and all the other scrypt coins is currently rumored about. Now I present you a coin which attacks this problem in a unique way and launched on February 23.
This time we have a coin, which is a look into the future itself. It is a very direct clone of Bitcoin with one change that gave it its name.
|Transaction Speed||30sec/block, 3 confirmations|
|Difficulty retargeting||Every block|
|Block reward||0-200,000 (+ca. 3 superblocks per day)|
Innovative coins are rare, but now I have found an interesting one: HeavyCoin. One very interesting twist is that the miners vote on the block reward. But there is more.
|Hash algo||SHA-256 + Keccak-512 + Grøstel-512 + BLAKE-512|
|Mining||HEFTY1 (novel hash function, claims CPU-only)|
|Difficulty retargeting||Temporal Retargeting (goes beyond Gravity Well)|
|Block reward||0-1024 / 2min (voted upon!)|
I nearly missed the launch of Pandacoin today. It definitely serves as an interesting first coin review in this blog.
Technically, it looks solid. It uses the usual gravity well and adaptive-n scrypt (like Vertcoin), which promises to prohibit ASIC mining. Halvening happens roughly every 4 years, which is a leisurely pace. This puts it well above most other launches.
There is a 3% premine, but premining is not evil or scammy in itself. It gives financial power to the developers. They can use it for good or evil.
The really interesting fact is the person behind Pandacoin: Wolong. An infamous character.
“Wolong” is the handle of someone who claimed to be an experienced hedge-fund manager from Singapore with sizeable Dogecoin holdings, some his own and some belonging to unspecified clients. — Daily Dot
Wolong is someone with a really large bag of money, a “whale”. He claims to be responsible for Dogecoins rise from 26 up to 280 Satoshi. He is very honest in a brutal and amoral way. He obviously driven by greed and seems to have serious skills.
The agenda and innovative spin of Pandacoin is this promise of Wolong:
This is why I am going to premine Pandacoin to gain a certain percentage of the share, enabling me personally to prevent early pumps given my knowledge of the market.
A 3% premine in addition to a big bag of Bitcoins is certainly way to build huge buy and sell walls on exchanges to provide stability. On the other hand, Wolongs ultimate goal is profit for himself and his investors. He is not driven by altruism, but by honest greed. He has no compassion for other traders.
Looks like the devil offers some coin. Do you think you can outsmart him?