The search for new,innovative and awesome coins continues on this Sunny Sunday, as the next coin that somewhat caught my attention is called HonorCoin. They also provide an “anonymity Airdrop”, so I guess we better figure out what that means, right?
The main reason for the creation of HonorCoin is to solve the three big issue nearly every other alt coin has : Transparency , Distribution and , as you might have guessed, Honor. Interesting statement, but how are they planning to achieve all of this?
Because not everyone is capable of (or willing to) mine a new coin when it gets released, the team has set aside 2% of all coins to be used for Free Distribution. In order to qualify, you just have to change your BitcoinTalk signature to support HonorCoin.
All of these coins will be kept in a public address, and are to be distributed 7 days after the launch of HonorCoin, which will be either Wednesday or Thursday. A detailed report will be released to show who received what from this Free Distribution fund.
As far as the technical details of HonorCoin go : this is a X11 Proof-of-Work/Proof-of-Stake hybrid Crypto. Keep in mind the Proof-of-Work phase has ended , so this coin can not be actively mined at this point, unless a Multipool would open up.
During the Proof-of-Work phase, 21,000,000 XHC have been generated. Stake is being generated on coins with a minimum coin age of 6 hours, at a rate of 5% annually. There is no maximum coin age set.
HonorCoin has two short-term projects which are currently in development : an online wallet (for which you can now pre-register by clicking here) and a trusted mixed (for anonymity purposes). We will keep a close eye on the further developments of these projects.
I did mention that there is something called an Anonymity Airdrop. While the official document on Scribd has been deleted, I did manage to find out what this is actually about. Quoting from the CoinJoint article (which you can find here) :
“We have developed a thin wallet that connects to Nodes using a mixing system based in CoinJoin. This system will be entirely open source and we will publish a guide on how to easily set it up for any other altcoin.”
“We have decided to call this event the Anonymity Airdrop since this software release will be a major change for cryptocurrencies in general. From this moment, every altcoin will have an anonymity solution. Close-source solutions like Darksend will no longer have the monopoly in Anonymity, and much likely become obsolete, for innovation is better in open source systems.“
We should see a more detailed whitepaper about this Anonymity Airdrop tomorrow, and the source code, together with a guide, are supposed to be released on June 16th. No word on whether or not these dates have changed, but we will keep you updated.
You can find HonorCoin (XHC) in Bitcoin trading pairs on both BitTrex and Poloniex.
HonorCoin website : http://honorcoin.co/
HonorCoin on BitcoinTalk : https://bitcointalk.org/index.php?topic=639043.0
HonorCoin on Twitter : https://twitter.com/CoinHonor
HonorCoin donations are welcome to : HLTMMxbfKihn3UojaMkSRxGAG1pwQ1PUYL