A little birdy told me there will be a very interested announcement today. A new alternative cryptocurrency that actually has some thought behind it. On a Monday!
Even though this coin has been in development for a while now, and even has a pre-announcement thread on BitcoinTalk, I’m pretty sure most of you haven’t heard of H2OCoin yet.
H2OCoin is a Scrypt-N coin. Don’t turn away already, let me finish guys! It will be an adaptive Scrypt-N coin, to be more precise.
Yes, that means you will need special mining software to mine H2OCoin. No, it doesn’t have to be developed from scratch, as you can just use VertMiner.
Either way, we’re getting caught up in too many technicalities already. Maybe I should first tell you what H2OCoin is actually about.
You may have noticed that several altcoins, as well as Bitcoin, have been involved with The Water Project, in order to raise money to build water wells in Africa.
The reasoning behind this, is that a lot of our global populations still doesn’t have access to clean and fresh water. It’s hard to change that, but we can all make an effort, no?
This is why this alternative cryptocurrency is called H2OCoin : it represents people who give a damn about the well-being of less fortunate people. Water is a basic need, and H2OCoin wants to help in providing just that.
Now that we are all filled in on the background story, let’s take a look at some of the numbers, shall we?
There will be 2 Billion (2,000,000,000) coins in total, and 2.5% of those coins will be pre-mined. Now, don’t start calling this a scam yet, there’s more.
This pre-mine is not for monetary gain, but 98% of the pre-mined coins will be used for the H2OCoin IPO. The other 2% is used for bounties, giveaways, and whatnot.
We don’t have too many details on the H2OCoin IPO yet, but you can expect more information being released over the coming days.
Now, in order to combat the “zomg multipool block stealing” phenomenon, H2OCoin will use Kimoto’s Gravity Well to make sure all miners are getting paid for their hard work, and multipools will have to look somewhere else.