About Musicoin:Musicoin is a peer-to-peer decentralized digital currency for ordinary people, easy to use and acquire. Musicoin summarizes the best characteristics of digital currencies, which were issued earlier (Bitcoin, Peercoin), such as: increased security, fast consensus mechanism, and increased decentralization achieved by requiring miners to prove the knowledge of the transaction data.
Mining:Musicoin mining involves verifying transactions around the system by encrypting and decrypting transfers, carried out by other users. This process is deliberately made highly complex and time-consuming to reduce Musicoin inflation. The complexity of each transfer's encryption increases proportionately to the number of people working on the transaction. It requires an extremely high-end computing setup, dedicated to the encryption and decryption process. These requirements have so far been sufficient to keep Musicoin inflation in check. To control Musicoin inflation further, the permission of a maximum of 7 Billion Musicoin ’s was implemented into the system. This also steadily reduces Musicoin’s generation as the total number of Musicoin ’s in circulation increases. Based on the current generation rate, it is estimated that the total number of Musicoin’s will be created and mined in 2100.
Obtaining Musicoin’sThere are several ways to acquire Musicoin’s:
1. by purchasing directly from other users at whatever prices they propose
2. by purchasing from Musicoin exchanges and ATMs
3. by earning new Musicoin’s via Musicoin mining - carrying out tasks from the Musicoin network
ATMs and ExchangesMusicoin exchanges and ATMs provide a considerable range of services and serve multiple purposes:
as depositaries to store Musicoin’s as a wallet service to enable users to convert their fiat currency into Musicoin’s
as an advanced trading exchange, in which users can trade between multiple digital currencies and fiat currencies.
Users are required to verify their identity in order to access these exchange services.
Scrypt algorithm
block generation time 90sec
7 Billion total amount of Musicoin’s
6.650 million pre-mined
350 Million PoW/PoS
Almost instant transactions
Fast consensus mechanism
Extreme security
Low future inflation rate 1% (interest value)
Efficient data retention
High transaction confirmation frequency
Energy efficiency
P2P
Hybrid POW/POS simultaneously phases.
Stake’s minimum age is 12 hours.
Maturity of blocks takes 350 blocks
Proof-of-Work & Proof-of-Stake Stages
1st year - 2 coin’s - block
2nd year - 4 coin’s - block
3rd year - 8 coin’s - block
4th year - 10 coin’s - block
Rules:
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