Megacoin (MEC)

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Description

Megacoin, like many other digital currencies, employs the basic Bitcoin core code, but—as its backers are quick to point out—that doesn't make them a “Bitcoin clone.” Among the standout features that make it its own currency is Megacoin's use of the Scrypt mining algorithm. Many of the larger and more-established alternative currencies use the SHA-256 algorithm, which tends to be a little slower and resource-heavy for individual miners to use. Scrypt, in comparison, runs much more quickly in comparison, and doesn't rely quite so heavily in separate machines for mining—nor are mining pools (several miners combining resources to mine blocks of data) necessary. Megacoin also has a comparatively small mining cap of 42 million coins; this is by design, and it's hoped it will ward off both inflation and the wildly fluctuating coin values of other alternative currencies. Megacoin's web page also features software wallets investors can download for account maintenance, for both the Windows and MacOS operating systems.

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History

Megacoin was first released to the public in early June 2013. Like many other cryptocurrencies, its chief developer's identity is unknown; they simply go by the pseudonym “Dr. Kimito Chan.” Their website has translation selections for over a dozen languages, but the main site is generated out of New Zealand.