Someone asked me on Twitter whether or not I wanted to do an article about FreshCoin. Seeing as there still is barely any news worth reporting besides the usual FUD and unverifiable facts, let’s see what FreshCoin has to offer!
FreshCoin was launched only yesterday, despite being pre-announced on June 30th. As summer is getting closer and the temperatures are rising, it’s important to have an energy-efficient mining algorithm.
The FreshCoin developers have taken care of that, by implementing their own unique FRESH mining algorithm. According to the team, this algorithms reduces energy usage by 15-20% compared to X11/13/15, which are in turn far more energy efficient compared to Scrypt mining.
If you are interested in which algorithms are used to make up the FRESH algo , it’s a combination of SHAVITE, SIMD and ECHO. None of these ring a bell for me personally, but I’m still learning every day!
In regards to block difficulty adjustments, the FreshCoin team has implemented an interesting feature called SlingShield. It’s based on Digishield , and increases the hashrate required for an attack to 71%,up from 51%. Interesting to say the least!
During the first 7 days, which is exactly how long the Proof-of-Work stage lasts, 60% of all coins will be distributed. After that, FreshCoin will transition to SlingShield and percentage-based fees will form the backbone of the mintable block rewards.
Let’s take a look at FreshCoin’s technical specifications next :
The greenest hashing algorithm: FRESH!
7 days POW (Proof of work).
~10 Million coins total.
Fast transactions! (60 Sec block time.)
Digishield Slingshield (thanks to FRACTAL) Advanced 51% protection by increasing hashrate required for attack to 71%.
Forked from latest bitcoin source: 0.9x
~60% of coins mined in the first 7 days of mining to combat inflation and price instability.
Sustainable difficulty adjustment tailored to the coins timeline.
0.5% transaction fees after 7 days, ensuring that mining remains profitable without hyperinflation.
Fair and stable launch: first 30 blocks contain no coins
Low / transparent pre-mine (0,5%)
Coin mature: 360 blocks (6 hours)
As far as exchanges go, FreshCoin can currently be traded at AlCurEx.
You can find out more about FreshCoin by using the following sources :
FreshCoin website : http://www.freshcoin.net/
FreshCoin on BitcoinTalk : https://bitcointalk.org/index.php?topic=670939.0
FreshCoin on Twitter : https://twitter.com/FreshCoin1