All You Have To Know About Novacoin

All You Have To Know About Novacoin

Novacoin`s founders say that it is “the coin of the feature”. Novacoin utilizes both Proof-of-Work and Proof-of-Stake for block generation with separa

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Novacoin`s founders say that it is “the coin of the feature”. Novacoin utilizes both Proof-of-Work and Proof-of-Stake for block generation with separated target limits.

Also, Novacoin`s code is completely open source and available for everyone to take look at, explained novacoin.org. As for installation and building, it can be installed on both Windows and Linux.

As some users have noticed, Novacoin is similar to PPCoin. While the founders admit that it is true, they point out that their project has its own ideology and codebase. For instance, Novacoin uses both proof-of-work and proof-of-stake for chain trust score computation and has a separated target limits for proof-of-work and proof-of-stake.

How it works?

“A transaction is a signed section of data that is broadcast to the network and collected into blocks. It typically references previous transaction(s) and dedicates a certain number of novacoins from it to one or more new public key(s). Currently there are a few transaction types possible.”, reads on github.com.

Users can choose between user operation, coinbase and coinstake transactions. User operations are usually used t redeem novacoins from unspent inputs, explained github.com.  On the other hand, coinbase transactions are used to reward the proof-of-work miners. Finally, coinstake transactions are used to provide a suitable proof for proof-of-stake block header, as github.com reported.

Mining and blockchain

As github.com wrote, all miners have a copy of every unconfirmed valid transaction in own transactions pool. Also, mining process is performed in four stages, as github.com noted:

  1. Get a set of transactions from transactions pool;
  2. Calculate a merkle tree hash for this set of transactions;
  3. Create block header template and link it with this set of transactions using its merkle tree hash;
  4. Try to find suitable proof hash for block header created before.

Market capitalization and supply

As of 21 February 2017, Novacoin has a market cap of $ 921,956, a 24-hour volume of $ 8,171 and available supply of 1,644,928 NVC.

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