FoxCoin is not just another animal-themed cryptocurrency, mind you. Even though it has several links to foxes , such as “pawrate” instead of “hashrate” , “digging” instead of “mining”, and “mining pools” are “digging ponds”.
Let’s start with some technical terms first. FoxCoin is based on the Scrypt algorithm, with a supply cap of 1 billion FoxCoin. Difficulty retargetting is handled well, because of the Kimoto Gravity Well implementation.
Block rewards are handled a bit differently compared to other cryptocurrencies : the block reward slowly decreases per block. When the block reward reaches 5 FoxCoin, the decrease will stop, and we will have a fixed block reward from then on.
Granted, FoxCoin did have a very, very minor pre-mine (0.000025%), and they do keep an open ledger on how those funds are used and distributed. We are a big fan of open ledgers regarding pre-mines.
As far as services go in regards to FoxCoin, the paws haven’t been idle either : there’s a block explorer, a block crawler (both paid by a bounty from the pre-mine), and a hosting company accepting FoxCoin, A good start, if you ask me.
Exchanges have also picked up on FoxCoin so far, as you can trade FoxCoin on Poloniex, CoinsToTheMoon, Cryptorush, and hopefully other exchanges to be added soon.
Last but not least, there is also the FoxCoin Foundation. The FoxCoin community can add ideas on which the FoxCoin Foundation can spend some of their funds, in order to attract more miners and services. A neat idea, which is definitely worth pursuing!
Don’t forget to check out the official FoxCoin website!