The Rise And Fall Of Neucoin

The Rise And Fall Of Neucoin

Neucoin is a secure and cost-efficient cryptocurrency designed to enable microtransactions. It is a fork from Peercoin and is based on an innovative p

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Neucoin is a secure and cost-efficient cryptocurrency designed to enable microtransactions. It is a fork from Peercoin and is based on an innovative proof-of-stake technology. This means that users do not need to have additional computing power or extra coins to acquire even more coins. As a result, the cryptocurrency will keep being decentralised in the long term and transaction fees will remain low. Neucoin is simple and easy to use for regular customers and it is free to get started. Moreover, every new user that contributes to the expansion of Neucoin receives a certain amount of coins without having to pay for them. Investors and companies that accept this cryptocurrency will also receive free coins.

Neucoin was announced in February 2015 by Daniel Kaufman and was launched on the 23rd of September, 2015, together with the online wallet MyNeuCoin. The currency has millions of dollars in investment and some of the people who provided the funding are already well-known names. Patrik Stymne who is a co-founder of King (Candy Crush Saga), Rob Goldman that is a head of growth at Facebook, Emil Michael, the senior vice president of Uber, Henrik Kjellberg who is the president of Hotwire and many others involved in the tech business contributed to the start-up of Neucoin. Aiming to become the first cryptocurrency for online microtransactions that is widely adopted by the public Neucoin presold 100 million coins to future users in exchange for 4,012 Bitcoins.

As a continuation of that, in December 2015 Neucoin started an artist tipping platform on the Jango Internet Radio as well as two Facebook games. Both Jango and the first Facebook game called Solitaire Racer seemed to have yielded a success since on the 11th of March, 2016, it was announced that they have acquired over 275,000 Neucoin users, growing by 8,000 users a day. The second Facebook game was launched in September 2016 and was denominated SongQuest. User-friendly, secure and cost efficient, Neucoin was expected to become a sizeable network used by ordinary people who need to execute fast and cheap small online payments.

Unfortunately, just recently the team behind Neucoin has decided to cease the project since it did not receive the desired support and resulted in being unfeasible. The founders were not capable of selling enough Neucoins to fund their work and the SongQuest has performed worse than expected. As of 4th of December, 2016 growth accounts on MyNeuCoin are terminated. Furthermore, the website along with the MyNeuCoin online wallet are also planned to be stopped in the near future. Soon, when the foundation dissolves, the only thing left after it will be the Neucoin which will continue to exist as a fully decentralised cryptocurrency but with a much lower coin supply.