From the MemoryCoin.org website:
The Proof of Work is a modified Momentum-based algorithm. It has a small SHA512 component, and a large AES component – chips with AES-NI instruction sets will fare *much* better. Each hash requires 1GB of Memory to perform and encrypts 50GB of data. By contrast, the verification only requires 128K and less than one 10th of a second.
MemoryCoin handles their business in a truly democratic way where the people vote through the block chain for whom they wish to fill positions with MemoryCoin. Anyone who wishes to vote sends 1 Satoshi to their candidate’s specially formatted voting address. Voting weight is determined by the size of your wallet because those with more MemoryCoin have more at stake than those with less MemoryCoin. “How to Vote” page.
I did an exclusive interview with MemoryCoin’s currently voted in CEO, “Delinquency,” so you can learn more about the benefits that this coin has to offer.
Market Cap: $58,842
Maximum coins issued: 10 Million
Hash Algorithm: Proof of Work (AES-NI)
Is it able to be mined: Yes, only on ordinary computers and limited GPUs.
Where it’s traded: Mainly BTer, Poloniex, AllCrypt, and C-Cex when the new website is finished.
Block explorer: MMCExplorer.info and Coinplorer
Launch date: December 15, 2013
What is MemoryCoin’s purpose?
Memorycoin is a cryptocurrency that can be mined only with ordinary computers. It’s mined mainly on CPUs and resistant to GPUs and ASICs. GPUs have not been able to achieve more than twice the advantage over CPUs.
Shareholders who own Memorycoins can participate in [elections over the block-chain] to vote for their favorite candidate or charity. These coins are balance-weighed, and allow all voters to pay developers or charities with a small portion of all coins mined during the duration of their term.
What problem does it solve?
Memorycoin solves the issue of slackers on a development team. Memorycoin has a dynamic team, ensuring sustainable development and maintenance. If one or more developers resign from Memorycoin, the position(s) are actively filled by any participant willing to run for candidacy.
Who are the developers?
There are six votable candidates for Memorycoin.
CEO (Chief Executive Officer), CTO (Chief Technical Officer), CNO (Chief Network Officer), CMO (Chief Marketing Officer), CSO (Chief Support Officer), and CHA(Charitable Administrator).
Memorycoin is a DAC (Decentralized Autonomous Corporation) and any individual may announce their candidacy to be hired by the block-chain.
What are the coin’s future endeavors and how do they plan on achieving those goals?
- Improving Memorycoin’s code and survivability for the future
- Introducing PoS along with implementing multi-algorithm
- Introducing Memorycoin to non-tech-savvy individuals by simplifying mining process and providing them step-by-step guides
- Increasing circulation by the number of brick and mortar and/or online stores accepting Memorycoin
Is there anything else you’d like to say about your coin?
Memorycoin logo used with permission of MemoryCoin.org. Featured image by Shutterstock.
Last modified (UTC): July 20, 2014 00:37