It’s safe to say that new algorithms have been hot in 2014. In the last few months we’ve seen old stalwarts like Scrypt and Sha-256 fall off the face of the Earth in favor of X11, X13, and others.
If a new coin uses a new algo it gets attention. This is important in a field that can only be considered vastly over-crowded.
FreshCoin plans on using an algorithm that consists of Shavite, Simd, and Echo.
The FreshCoin Dev has also gone one step further by adding a new difficulty adjustment algorithm called ‘SlingShield.’
The presence of a new hashing algo and a new difficulty adjustment algo is bound to make FreshCoin popular with miners. This early adoption remains an important element for the success of any new cryptocoin. After all, the miners are the first stage in the process of altcoin acceptance. If you’re able to get them on board it makes things a bit easier overall for your currency.
Coin Specs For FreshCoin:
- 7 days POW (Proof of work).
- 10 Million coins total.
- Fast transactions! (60 Sec block time.)
- Digishield Slingshield (thanks to FRACTAL) Advanced 51% protection by increasing hashrate required for attack to 71%.
- Forked from latest bitcoin source: 0.9x
- ~60% of coins mined in the first 7 days of mining to combat inflation and price instability.
- Sustainable difficulty adjustment tailored to the coins timeline.
- 0.5% transaction fees after 7 days, ensuring that mining remains profitable without hyperinflation.
- Fair and stable launch: first 30 blocks contain no coins
- Low / transparant premine
What Else Do I Need To Know About FreshCoin?
After the initial innovation, the rest looks pretty standard. The coin logo and website both look undernourished. The main people posting in the thread are looking for free coin bounties. In other words, FreshCoin will follow the same arc as all altcoins do. It will have some initial interest followed by an exchange listing. Then it will have to fight for its life in a sea of endless altcoins.
The Dev, known as ‘savile‘ is using his main posting nickname and does have a posting history going back to December, which will help cut FreshCoin apart from the crowd.
Apparently ‘savile’ has some connections in the altcoin business. He was able to announce that Poloniex will add FreshCoin upon launch, which is a rare occurrence.
FreshCoin definitely has a bit more on the ball on than many recent altcoin launches. The use of innovative algorithms and the Poloniex Exchange listing make FreshCoin look a bit more interesting than some of the others launched lately. Despite that, the coin still has an 81.1% chance of failing completely in its first 30 days.
If the Dev sticks around, unlike many of his peers, the coin may do well for a few months. Time will tell.
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