Novacoin, also known as NVC, is an alternative cryptocurrency coin that was created by the user Balthazar from Bitcointalk forums in October of 2012. From the start there has been mixed feelings around the Novacoin, some claimed that it was massively pre-mined and that those coins were used to bribe their way into exchange sites, while others claim that this is nothing but pure speculation and nonsense. No matter which side of the story you choose to believe, there is no doubt that the Novacoin has managed to become a popular coin from day one, through good advertising within the community and a solid coin in general. The Novacoin is a so-called fork of the PeerCoin, meaning that the base code of the Novacoin is created from the Peercoin and they simply made different adjustments towards Novacoin to make it different.
Novacoin has no theoretical max coins, but has for now a maximum amount of 2 billion coins that can be mined by the users as it is now. This can however be changed at any time by the creator of Novacoin, should he feel like wanting more coins in circulation and should the market be ready for it as well. 2 Billion coins should be more than enough for the cryptocurrency market if the value of the coin can remain relatively stable, but it is hard to predict if it will do so. Novacoin is mined through a proof-of-work scrypt algorithm system, which makes it easier for CPU and GPU miners to mine and doesn’t benefit ASIC miners in any sort of way. This has been done to make sure that a large mining pool will not be able to take over 51% of the coins as well as to avoid that the casual crypto enthusiast doesn’t get an interest in the coin.
What’s the major differences between NovaCoin and PPCoin?
Though Novacoin is similar to PPCoin in some things but it’s a project with own ideology and independent codebase, that’s why it’s hard to perform such comparison.
We can say definitely, that:
- NVC uses newer version of bitcoin as the base.
- NVC has a different emission model (floating reward per coin-year).
- NVC uses scrypt hashing function for proof-of-work.
- NVC uses the both proof-of-work and proof-of-stake for chain trust score computation.
- NVC has separated target limits for proof-of-work and proof-of-stake.
- NVC has no proof-of-work block signatures.
NovaCoin official development tree
NovaCoin - a hybrid scrypt PoW + PoS based cryptocurrency.
- 10 minutes stake spacing
- 30 minutes PoW spacing
- Balanced PoW blocks and stakes weighting
- The PoW subsidy halves every x64 multiply of PoW difficulty
- The PoS interest halves every x64 multiply of PoS difficulty
- Maximum PoW reward is 100 coins
- Maximum PoS reward is 10 coins
- No deterministic limit of the supply, currently ~ 1411259 coins mined
Developers work in their own trees, then submit pull requests when they think their feature or bug fix is ready.
The patch will be accepted if there is broad consensus that it is a good thing. Developers should expect to rework and resubmit patches if they don't match the project's coding conventions (see coding.txt) or are controversial.
The master branch is regularly built and tested, but is not guaranteed to be completely stable. Tags are regularly created to indicate new official, stable release versions of NovaCoin.
Feature branches are created when there are major new features being worked on by several people.
From time to time a pull request will become outdated. If this occurs, and the pull is no longer automatically mergeable; a comment on the pull will be used to issue a warning of closure. The pull will be closed 15 days after the warning if action is not taken by the author. Pull requests closed in this manner will have their corresponding issue labeled 'stagnant'.
Issues with no commits will be given a similar warning, and closed after 15 days from their last activity. Issues closed in this manner will be labeled 'stale'.