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VeriCoin VeriCoin was launched in May 2014. It uses a Proof-of-Stake consensus algorithm with a variable interest rate that dynamically adjusts based on market forces of supply and demand. It also is the first alt-coin featuring auto-exchange to Bitcoin for payment in Bitcoin from the wallet. • Block generation: 1 minute • Total currency: No limit • Consensus algorithm: Proof-of-Stake • Market capitalization: $1.1 million USD in mid-2014 NXT NXT (pronounced “Next”) is a “pure” Proof-of-Stake alt-coin, in that it does not use Proof-of-Work mining. NXT is a from-scratch implementation of a crypto-currency, not a fork of bitcoin or any other alt-coins. NXT implements many advanced features, such as a name registry (similar to Namecoin), a de-centralized asset exchange (similar to Colored Coins), integrated de-centralized and secure messaging (similar to Bitmes‐ sage) and stake delegation (delegate Proof-of-Stake to others). NXT adherents call it a “next-generation” or 2.0 crypto-currency. • Block generation: 1 minute • Total currency: No limit • Consensus algorithm: Proof-of-Stake • Market capitalization: $30 million USD in mid-2014 Dual-Purpose Mining Innovation: Primecoin, Curecoin, Gridcoin Bitcoin’s Proof-of-Work algorithm has only one purpose: securing the bitcoin network. Compared to traditional payment system security, the cost of mining is not very high. However, it has been criticized by many as being “wasteful”. The next set of alt-coins attempt to address this concern. Dual-purpose Proof-of-Work algorithms solve a spe‐ cific “useful” problem, while producing Proof-of-Work to secure the network. The risk of adding an external use to the currency’s security is that it also adds external influence to the supply/demand curve. Primecoin Primecoin was announced in July 2013. Its Proof-of-Work algorithm searches for prime numbers, computing Cunningham and bi-twin prime chains. Prime numbers are useful in a variety of scientific disciplines. The Primecoin blockchain contains the discovered Alt-coins | 227PDF Image | Mastering Bitcoin
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