MEGACOIN - pOki88

Proof of Work

Megacoin is a new type of decentralized currency. Not minted or endorsed by any nation, but by users across the globe. Anywhere there is internet, you can send or receive Megacoins. Even in outer space. There are very little rules for Megacoin. To prevent inflation only a limited supply of 42 million Megacoins will ever exist. Megacoins are mined by users at a set rate for decades into the future. You can get Megacoins for free by mining or trading for them on an exchange.
Megacoin has been designed to handle rapid growth and a stable future. Only 42 Million Megacoins will ever exist. During the freely joinable Initial Adoption Phase (IAP) which lasts nearly half a year, 21 Million Megacoins will come into existance. The next 21 million coins are set to be mined in the forthcoming decades, a process that is believed to last until 2079. Every Megacoin block has a reward. Here the block rewards are in groups of 21,000 blocks steping down from 500, 250, 125, 75, 50. Rapid growth during the IAP is fueled by a balanced amount of increased rewards for miners who secure the Megacoin network.
The Megacoin community is extremely active, developing ways to make the coin as accessible as possible. This is achieved mainly through Megacoin’s forums, where the community frequently trades information and ideas on how to improve the coin. One such success is Megacoin’s overt branding, which is ‘something quite a few other digital currencies lack’. Another community sourced innovation was the introduction of the Kimoto Gravity Well, a feature unique to Megacoin, but quickly being adopted now, by as many as 13 alternative currencies the KGW aims to improve the stability of difficulty increases.

Transactions and Spending

Given that a user has set up a suitable wallet, sending and receiving Megacoins is as simple as sharing a public wallet key – with this information, anyone can deposit Megacoins into the wallet linked to that key, provided that they themselves also make use of Megacoin supported wallet.
Megacoin is also being traded on several of the world’s leading digital currency trading sites, such as Cryptsy, CoinEX and CoinMKT. An increasing amount of online stores are accepting payment through Megacoin, and there is also a small gaming and gambling sector dedicated in dealing in Megacoins.

Mining

The difficulty of mining Bitcoin is now at a point where it is unfeasible for people without incredibly powerful purpose built rigs, or ASIC miners, to have any success in the mining of coins. This has lead many critics to label Bitcoin as an ‘arms race’ to see who can utilise the most powerful equipment, in order to maximise profitability. This is an issue as many people decide to combine their resources into a mining pool – a network of miners working together. The issue arises when an influx of high powered machines enter the network, solving equations at a rapid rate, which then consequently causes the mining difficulty to adjust in line with this. High powered mining pools can then abandon the mining of the coin as soon as it no longer becomes profitable, a process known as pump and dump, leaving the original coins with an unrealistically inflated price and difficulty, a process best demonstrated by the issues that Terracoin faced. In theory, this phenomenon should be impossible within Megacoin, due to the implementation of the Kimoto Gravity Well.

Kimoto Gravity Well

Traditionally, in many cryptocurrencies, difficulty readjustment occurs after a set amount of blocks have been completed. Within Bitcoin, this occurs after every 2016 blocks. However, within Megacoin, the difficulty is adjusted after every single block is completed. This is intended to make the mining process fairer, by eliminating any spikes in difficulty caused by malicious mining activity. This also limits how much ASIC miners would be liable for rapid difficulty spikes, should they ever be made compatible with the Scrypt algorithm. Ultimately, the use of Kimoto Gravity Well is intended to prolong the longevity of Megacoin, due the fact it avoids stagnation within the mining process.

Wallets

Megacoins, the same as other cryptocurrencies, need to be stored in a wallet. This is an address in which Megacoins can be stored and payments sent to/from. All wallets utilise the same basic concept of needing a public and private key. The public key code is what allows you to receive payments – it acts as a specific address, much like as an account number would for a traditional bank. The private key serves as a ‘password’ to access any funds that have been sent to a Megacoin wallet via the public key, therefore it is essential to keep it safe.
There are three types of wallets that can be used in conjunction with MEC: online/hosted, offline/paper and desktop.

Megacoin Vaults

Megacoin Vaults are an extension of the idea of a paper wallet. Vaults resemble a debit or credit card and are intended to be physically carried on a person. A user’s public key is printed on the Megacoin Vault, along with a QR code, and functions in the exact same way a paper wallet would, with the added benefits of being durable and waterproof. An additional private Megacoin Vault card is also shipped which contains a user’s private key. The private card is sealed in tamperproof plastic, meaning it cannot be accessed until it has been delivered to the customer and cut open with scissors, which guarantees absolute security. Megacoin Vaults are by far the safest storage solution for Megacoins.