DescriptionNetCoin is a decentralized, peer-to-peer, or online, digital currency (cryptocurrency). It is what would be considered an “alt-coin,” as it is very similar to other online currencies like Bitcoin and Litecoin (it is a fork of Litecoin, which means the basic code protocol is based on the open-source scrypt algorithms of Litecoin). However, NetCoin has designed its mining process to add an even stronger incentive for miners. In addition to the normal coin reward for a properly-mined block (a standard used by most digital currencies), Netcoin also has random blocks of data that pay out eight times the normal amount of coins to the miners who successfully mine them. These are called “super blocks,” and they occur randomly, on average about every 60 POW blocks.
Not a traditional "miner?" NetCoin is now a POS (it's a hybrid POW/POS) coin. But, unlike traditional POS coins, NetCoin developed an entirely new system called "Personal Interest Rate + Open Wallet Incentive," or PIR + OWI.
Open Wallet Incentive (OWI) Open Wallet Incentive (OWI) is a new algorithm designed by NetCoin core team to provide incentive for NetCoin users to participate in staking more by keeping their wallets open. OWI continues to reward users for their ownership and activity of NetCoin. What sets OWI apart is the ongoing reward (or interest rate) that’s applied. Rather than having a static reward that stops, ours continues to reward (that declines with time).
How it works:- Users should stake once each month to earn highest possible rewards. This incentivises running full nodes to increase POS security. The coin percentage slows after 1 month with an aging half life of 90 days.
Personal Interest Rate (PIR) Personal Interest Rate (PIR) is a new algorithm designed by NetCoin to replace the static Annual Percentage Rates (APR). APR is the 'Annual' or yearly target interest rate. Other coins set a static, fixed APR (much like a savings account). However, a rate that increased for larger holders of the currency would encourage people to be active and invest with NetCoin. How it works:The number of NET you stake (or have in your open wallet) determines the Annual interest rate that is applied to the transaction for that reward. When a Proof of Stake block is awarded, the annual interest rate is converted to a daily rate, and applied based on the age of the staked coins in days. Stake reward increases in line with the amount of the coins staked on a sliding scale using the following threshold:
Netcoin Annual Interest Rates It is a sliding scale between the values displayed below:
Year 1: Started August 2014
Year 2: Will start at approximately August 2015
Year 3: Will Start at approximately August 2016
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HistoryNetCoin was first introduced to the public on September 2, 2013, with zero premine.
Within one month:
- NetCoin was added to Cryptsy
- The Official NetCoin forum was established
- In December 2013, the Official Netcoin Foundation was established with over 10 active members
- The Foundation works collectively to help the community understand, use, and grow with Netcoin. Furthermore, the foundation works to help the development of the coin and it's presence in the world.
- NetCoin added a casino and lottery
- Windows wallet installers were created
- Storefront added with many vendors accepting netcoin
- Site translations were added
- NetCoin went POS with PIR + OWI
- BTER BTC Market picked up Netcoin