NeuCoin, an extensively modified proof-of-stake cryptocurrency based on Peercoin, released its 39-page whitepaper Wednesday, following a year of development.
NeuCoin, its developers say, has the potential to “realize Satoshi’s original vision” by addressing the issues of increasing transaction fees, centralization of mining and divergence of interests between miners and regular coin holders in Bitcoin. Through the utilization of proof-of-stake as opposed to Bitcoin’s proof-of-work, separate parties become united and transaction costs are reduced to a negligible amount.
“We believe Satoshi’s invention was the most important of the 21st century,” said Dan Kaufman, one of NeuCoin’s creators. “But there is no way to deny that Bitcoin mining is becoming more and more centralized. A handful of VC-backed mining companies are creating an oligopoly. And if you’ve ever seen a warehouse full of Bitcoin mining rigs that could heat a football stadium - you just know that proof-of-work is not an efficient way to process transactions.”
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