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Ultracoin is a hybrid POS/POW crypto-currency built upon Scrypt-Jane. The code uses a modular (compile, not runtime) layout to allow new mixing & hash functions to be added easily. The base components (HMAC, PBKDF2, and scrypt) are static and will immediately work with any conforming mix or hash function.
Scrypt-Jane uses an N-Factor (which is a number), and that number determines the amount of memory required to solve a share. This N-Factor number will go up at certain intervals, usually when a certain block number has been found in the blockchain. Whenever this N-Factor number increases, the mining efficiency will lower, because more memory is required to complete the same task performed before. Consequently, CPUs will become the go to choice for mining over time.
Proof-of-stake is a method of securing a cryptocurrency network through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run hashing algorithms to validate electronic transactions.
Miners are currently awarded with 50 new Ultracoins per block, an amount which gets halved roughly every 990.000 blocks. The Ultracoin network is therefore scheduled to produce 100 million Ultracoins, which is almost 4.5 times as many currency units as Bitcoin.
Scrypt-Jane uses an N-Factor (which is a number), and that number determines the amount of memory required to solve a share. This N-Factor number will go up at certain intervals, usually when a certain block number has been found in the blockchain. Whenever this N-Factor number increases, the mining efficiency will lower, because more memory is required to complete the same task performed before. Consequently, CPUs will become the go to choice for mining over time.
Proof-of-stake is a method of securing a cryptocurrency network through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run hashing algorithms to validate electronic transactions.
Miners are currently awarded with 50 new Ultracoins per block, an amount which gets halved roughly every 990.000 blocks. The Ultracoin network is therefore scheduled to produce 100 million Ultracoins, which is almost 4.5 times as many currency units as Bitcoin.
Overview
Location
United States, Alabama, Sylacauga