EnergyCoin is a cryptocurrency like Bitcoin that is created in 2014. It is a clone of the PeerCoin, the first Proof-of-stake currency. By using blo
EnergyCoin is a cryptocurrency like Bitcoin that is created in 2014. It is a clone of the PeerCoin, the first Proof-of-stake currency.
By using blockchain technology, the cryptocurrency is targeted at communities, companies and individuals who build energy applications. The founders believe that EnergyCoin has many benefits such as being open source, distributed and safe, according to energycoin.eu.
“The purpose of the coin is to facilitate the so-called Energy Transition and the move away from fossil fuels towards local generation and renewables.”, wrote energycoin.eu.
Why use EnergyCoin?
Real world payment systems can be linked to crypto tokens. Energycoin.eu explained that tokens can be introduced as a form of local currency, meaning that a local store of value and the platform acts as a means for value transactions.
“With this platform anyone is able to create an Energy related application in need of a token system, samples will be published in the Blog.”, said the information available at energycoin.eu.
How it works?
EnergyCoin is a pure PoS (proof-of-stake) cryptocurrency supporting energy saving. Users can earn a fixed block reward of 5 ENRG every time when they stake a new block with their wallets, wrote Peter from the EnergyCoin Team on energycoin.eu.
He explained further: “In case if you still have not tried to use EnergyCoin before, please do firstly download the latest EnergyCoin client software from our download page.”
According to the EnergyCoin Team, registration can be completed simply by using an email address or social media account like Facebook, Twitter, LinkedIn, Reddit, Google and others.
Specifications and facts
Bitcointalk.org presents the main specifications and facts related to EnergyCoin:
|Full Name: EnergyCoin
Algorithm: Pure PoS
Fixed PoS Reward: 5 ENRG
Difficulty: target change every block
Target Block Time: 150 seconds
Confirmations: 6 to confirm tx
Min Stake Age: 1 day
Initial Supply: 110 million, fairly distributed. No ICO.