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Buy Novacoin (NVC)

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£18.50

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Novacoin (code: NVC) is the second known cryptocurrency based on an implementation of a combined proof-of-stake/proof-of-work system.



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  • Description

    Product Description

    Transactions

    A peer-to-peer network handles Novacoin’s transactions, balances and issuance through scrypt, the proof-of-work scheme (Novacoins are issued when a small enough hash value is found, at which point a block is created, the process of finding these hashes and creating blocks is called mining). The issuing rate forms a geometric series.

    Novacoins are currently traded for fiat currencies, bitcoins, and other cryptocurrencies, mostly on online exchanges. Reversible transactions (such as those with credit cards) are not normally used to buy Novacoins as Novacoin transactions are irreversible, so there is the danger of chargebacks.

    Addresses

    Payments in the Novacoin network are made to addresses, which are based on digital signatures. They are strings of 34 numbers and letters which always begin with the letter 4, for example, 4Q5FciT2gbrpwy1BPZw79YWPaWhyaSNSZ1

    Confirmations

    Transactions are recorded in the Novacoin blockchain (a ledger held by most clients), a new block is added to the blockchain roughly every 10 minutes (whenever a small enough hash value is found for the proof-of-work scheme), a transaction is usually considered complete after 6 blocks, or 60 minutes, though for smaller transactions, less than 6 blocks may be needed for adequate security.

    Distinguishing features

    Proof-of-stake

    Novacoin’s major distinguishing feature is that it uses proof-of-stake /proof-of-work hybrid system. The proof-of-stake system was designed to address vulnerabilities that could occur in a pure proof-of-work system. With Bitcoin, for example, there is a risk of attacks resulting from a monopoly on mining share. This is because rewards from mining are programmed to decline exponentially, which may decrease the incentive to mine. As miners decline, the likelihood of a monopoly increases, which leaves the network vulnerable to a 51% attack (a 51% attack is when a single entity possesses over half the mining share, which would allow this entity to double-spend coins).With a proof-of-stake system, new coins are generated based on the holdings of individuals. In other words, someone holding 1% of the currency will generate 1% of all proof-of-stake coin blocks. This has the effect of making a monopoly more costly, and separates the risk of a monopoly from proof-of-work mining shares.

    The proof-of-stake system also has other effects (listed below).

    Steady inflation

    It is designed so that it will theoretically experience a dynamic inflation,yielding an unlimited number of coins. This is a combined result of the proof-of-stake minting process, and scaling of mining difficulty with popularity. Although Novacoin technically has a cap of 2 billion coins, it is only for consistency checking, and the cap is unlikely to be reached for the foreseeable future. If the cap were to be reached, it could easily be raised, hence for all practical purposes Novacoin can be considered to have a dynamic inflation, with a limitless money supply. The inflation rate depends on popularity just like proof-of-workminting does.

    Transaction fees

    It is designed so that variable transaction fees are removed in favor of one chosen by the network (currently 0.01 NVC). Transaction fees removal is one of the inflation limiting techniques.

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  • Please read
    Important: As we are New to the UK Worldcoin market we are limiting the amount of Novacoin we sell each day, until we gain the trust from you, the Buyer. It's important to us and you, that you leave a review of our services so others can have trust in us and enable them to participate in the Novacoin community.Orders received after 10pm GMT will not be processed until the following day.
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