It is really happening. Max Keiser, Digital Currency King from the Keiser Report, is actually starting an altcoin: Maxcoin. An alternative cryptocurrency disrupting the already rather disrupting crypto market.
Technical Specifications Maxcoin
- Scrypt or SHA-256? Keccak (SHA-3)
- How many coins? 250,000,000 Maxcoin
- Block reward? 96 MaxCoin per block, halving every ~12 months
- Difficulty? Retargeting using Kimoto Gravity Well algorithm.
- Block time? 30 seconds
A Larger Paragraph Or Two Of Information That Takes Longer To Read
One of the most important things for MaxCoin is to achieve a fair launch. In the current world of 100-alts-per day achieving a fair distribution at launch seems like a rare occasion. MaxCoin will have a zero % premine, proven by the timestamps of the first blocks in a block explorer, and we have attempted to combat low-difficulty instamining with a fast retarget rate up until block 200. At block 200 the Kimoto Gravity Well implementation will take over the retargeting. You can read more about KGW and it’s benefits against pool hopping issues (such as coins stuck in high difficulty) here.
After we filmed the show we decided releasing the coin binaries and source at show’s airing in our timezone would be unfairly beneficial to those also in our timezone, and those that live elsewhere or had simply yet not heard about the coin would be disadvantaged. For this reason we want to set a hard deadline for the release of the MaxCoin clients as 7.30PM GMT on Wednesday 5th February 2014 to allow the news of the coin’s launch to spread, and to provide a fair chance for everybody to prepare and mine at official start time. This also afford you enough time to prepare yourself for mining without waiting with idle machines, or if you’re not a miner to learn about it in time to to join in mining MaxCoin.
Keccak is of the SHA-3 family, winning a 5-year long competition to create the successor or an alternative to SHA-2 (Bitcoin uses SHA-256, a member of this SHA-2 family). You can read more about the SHA-3 family in relation to Bitcoin in the Bitcoin Wiki under Future Hash and you can read more about the hashing algorithm Keccak here. You pronounce Keccak like “Ketchup”.
We’re working on having a lot of services ready for launch. Some are ready and some are longer term goals. These include a branded block explorer, mining pools, exchanges, faucets, wallet apps for phone, web wallets, bitcoinwisdom style charting, a fiat/max exchange and a max-payment processing system (which will be added as a payment method for StartJOIN’s crowdfunding as soon as it is functional).
We are also working on some less-basic altcoin things and features we’d love to see implemented in Bitcoin – a testing ground. Information for these will come out as progress occurs as this is very much a research driven aspect of the coin’s implementation. More information about Maxcoin, you find right here.