Coino (CON)

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Description

Coino was taken over as a community effort on the 1st April 2014 after the original developers in Germany abandoned the coin. On the 7th April 2014 new wallets and source code were distributed to fix a problem in the original code base regarding a Day Light Savings bug and a known issue with KGW. Since the new Community Team took over, a new Web Wallet has been released with a unique feature for an alt coin wallet that allows it's owner to play games directly in the wallet. The first of these games is the Coin(O)Slot but more are being worked on for release.

Coino is being dismissed by its detractors as a “Litecoin clone,” in that it uses the Scrypt mining algorithm for transaction validation and new coin creation. The irony here is that what others may see as a point of dismissal is what Coino's creators and supporters are using as its strongest point; the very first page of their website uses words like “instant,” “fastest,” and even “ultrafast,” just in case you don't get the picture. Scrypt mining—as opposed to the slower SHA-256 algorithm—is quicker and easier for miners to use, and it allows for much shorter transaction confirmation times. Compared to Bitcoin—which has a confirmation time of roughly four minutes—Coino claims an initial turnaround of 25 seconds—with full confirmation taking less than one minute. While this is undoubtedly attractive to those who like to use their digital currency in everyday trade, there are also those who make the argument that lightning-fast confirmations tend to be less secure, and that the extra time other currencies take for validation is necessary for higher security. It is also argued that such short mining times could result in the mining cap of the currency being reached too early.
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History

The Coino development team is based in Germany, and their currency was developed and released to the general public on January 18, 2014. As of the 1st April 2014 Coino became a community coin and a new development team was formed from existing community members.