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Chainz Blockchain Statistics Adds New York Coin (NYC)

04-16-2020 11:24 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: New York Coin

new york coin, nyc coin, litecoin, bitcoin

new york coin, nyc coin, litecoin, bitcoin

Chainz CryptoID ( https://chainz.cryptoid.info/ ), the premier blockchain statistics website for alternative cryptocurrencies, has recently integrated New York Coin (https://nycoin.net/). Offering in-depth analysis of a blockchain's network and wallets, from distribution of funds and hashrate to geo-location and versions of connected nodes. Standard block explorers offer users basic network information such as total hashrate, coin supply and market capitalization along with search queries based on block or transaction hash (txid) number. Chainz provides users with a much deeper analysis of network health offering a vast array of blockchain data such as current mining connections and distribution, network nodes including version and geo-location, all non-zero balance wallets and wealth distribution. Along with free API's and developer tools enabling a long list of real-time search queries. All services provided by Chainz CryptoID are free of charge to users.

New York Coin (NYC) is a decentralized digital currency created by an unknown developer(s) and released as open-source software in 2014. It does not rely on a central server to process transactions or store funds. New York Coin (NYC) is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. New York Coin was an early Litecoin spin-off or "altcoin". In technical details, New York Coin is nearly identical to Litecoin with 5 times faster confirmations, eliminating fees to send or receive and low difficulty, energy-efficient mining built into the code.

Due to the original developer(s) disappearing at launch in March 2014, early cryptocurrency miners and enthusiasts kept the network alive and healthy during New York Coin's infancy. Charlie Kartchner, an early scrypt miner, created the website newyorkco.in in March 2014 to ensure accurate coin data, block explorers, wallets and mining pools were all easily accessible. And also got New York Coin (NYC) added to Coinmarketcap in early 2014. New York Coin was launched shortly after New York regulators announced they were prosecuting BitInstant founder, Charlie Shrem in early 2014. It was launched 6 months before the death of Hal Finney, recipient of the first Bitcoin and member of the legendary Cypherpunks.

During the month of January 2018, the aggregate value of New York Coin skyrocketed which included a 1,000% increase within days and reached a capitalization exceeding $120 million USD ($0.0012/NYC). An active development team joined New York Coin shortly thereafter and have since updated the source code, core wallets, security and stability of the network. The New York Coin Center was founded by Charlie Kartchner in 2018 in the SoHo district of New York City. New York Coin supporters worldwide raised funds for a 6 month 'pop-up lease' of a retail storefront located at 167 Mott Street, New York, NY 10013. The New York Coin Center was a Cryptocurrency Information Center highlighting the benefits of New York Coin over Bitcoin (https://bitcoin.org/en/) and Litecoin (https://litecoin.org/). Established to further retail-level adoption of New York Coin and to promote education on cryptocurrencies and blockchain technology. It displayed Keith Haring motif and raised awareness about the open-source specs of New York Coin cryptocurrency and its retail-level usability benefits over other major cryptocurrencies.

New York Coin is different in some ways from both Litecoin and Bitcoin. New York Coin is an extremely fast cryptocurrency with transfer speeds for unconfirmed transactions occurring in under one second. It enables a lightning-fast, free worldwide remittance system. As well as a no cost merchant services platform for retailers worldwide. New York Coin is steadily gaining traction as a retail-level cryptocurrency around the globe. The New York Coin network aims to process blocks every 30 seconds, rather than Litecoin's 2.5 minutes and Bitcoin's 10 minutes. This allows New York Coin to confirm transactions much faster than both Litecoin and Bitcoin. New York Coin uses scrypt in its proof-of-work algorithm, just like Litecoin, which is a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.

New York Coin mining is the process of adding transaction records to NYC's public ledger of confirmed transactions. This ledger of past transactions is called the blockchain as it is a permanent record of all confirmed transactions on the network. New York Coin nodes use the blockchain to distinguish legitimate New York Coin transactions from attempts to double-spend coins that have already been spent elsewhere. New coins are mined into existence by following a mutually agreed upon set of rules. A user mining New York Coin is running a software program that searches tirelessly for a solution to a very difficult mathematical problem. The difficulty to solve this math problem is automatically adjusted every block so that the number of solutions found globally, by everyone, for a given unit of time is constant: an average of 2 every minute. When a solution is found, the miner broadcasts to everyone the existence of this newly found solution, along with other technical information, packaged together in what is called a "block".

Charlie Kartchner, Crypto Writer
167 Mott St
New York, NY 10013
718-490-7554
nycoinfoundation@gmail.com
https://newyorkcoin.net

New York Coin blocks create 625 new NYC at present. This amount, known as the block reward, is an incentive for miners to perform the computational work required for confirming transactions. NewYorkCoin block reward reduction is scheduled every 500,000 blocks until block #7,000,000 (roughly end of 2020), at which time the number of new NYC Coins created as a reward for confirming a transaction reduces to 50 NYC.

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