One of the First things to do (besides saying hi to the community) is to obtain your own NET wallet. This fantastic little secure and safe program operates as your own Personal Bank. The wallet is where your NET are securely stored and also where you will Deposit, Withdraw, and Send your NET.
What is Netcoin (NET)?
Netcoin is a global cryptocurrency that was created in September, 2013. Originally based on litecoin’s coin core, it has since been developed and upgraded to include custom coin code making it unique from every other crypto.
What’s its algorithm?
Every coin has an algorithm (or put another way, its base code). Netcoin is a scrypt Proof of Work / Proof of Stake hybrid.
How can I get NET?
The easiest method of obtaining NET at the present time is by asking for some 🙂 We’ll gladly get you set up if you ask (with your own wallet and Netcoins). After that, you can exchange your Fiat currency for satoshi (or bitcoin), and then trade that for NET on several exchanges.
When did Netcoin Start?
Netcoin was officially launched September 8th, 2013.
Did Netcoin have a premine?
- NO! Netcoin was one of the first to not have a premine. What this means is that the developers of the original coin code made announcements of the coin’s release, and did not mine any coins before the official launch. Often, coin creators would premine a number of coins for a myriad of reasons (often, so that they could ensure they would be able to sell those premined coins and make some profits immediately).
- Netcoin was one of the first coins created to not use pre-mine as an Initial Distribution method. In the past, coin creators would pre-mine (pocket for themselves essentially) a number of coins for a wide myriad of reasons with the ultimate goal of trying to make profits immediately. These crypto-currencies we like to call Scam Coins in the biz. With Netcoin, the developers of the original Coin Code made announcements of the coin’s release, and did not mine any coins before the official launch.
What was the coin code originally developed from?
- Netcoin was originally developed from a hybrid of litecoin and peercoin. Since then, it has grown and been developed to meet the demands of the community, including extensive custom coin work.
- Netcoin is a Superior Crypto-currency whose fundamental roots are derived from it’s successful predecessors litecoin and peercoin. Since it’s inception in 2013, it has grown and developed into a vibrant community of merchants, consumers, and supporters from all walks of life pushing forward for its future success. (something like this sounds exciting).
Can I mine Netcoin?
Yes! Netcoin is a hybrid Proof of Work (PoW) and Proof of Stake (PoS) coin. Net has a scrypt algorithm.
What are NET’s PoW technical specs?
Netcoin is a POW/POS Scrypt hybrid:
- 120 second block time
- 15 POW coins/block
- Difficulty re-targets every block
- POW rewards are static @ 15 coins per block
What are NET’s POS Specs?
Netcoin Implemented POS after input from the community.
- 120s block time
- 1 hour minimum age
- 30 day max age
- 6 confirmations for transactions
- 50 confirmations for minted blocks
- 90 day half life for non active staking
What is NET’s Stake Reward / Interest?
|NET Amount||Year 1 (ends Dec 2015) Block # 945,600||Year 2 (ends Dec 2016) Block # 1,471,200||Year 3 (ends Dec 2017) Block #1,996,800|
percents are APR
What is Personal Investment Rate?
Personal Investment Rate is a unique code to NET that helps protect the users, coin, and reward everyone who holds NET and actively participates in securing the Network.
To learn more, please read our whitepaper.
What is Open Wallet Incentive?
Open Wallet Incentive (OWI) is a new algorithm designed by NetCoin core team to provide incentive for NetCoin users to participate in staking more by keeping their wallets open. OWI continues to reward users for their ownership and activity of NetCoin. What sets OWI apart is the ongoing reward (or interest rate) that’s applied. Rather than having a static reward that stops, NETs continues to reward (that declines with time).
How it works:- Users should stake once each month to earn highest possible rewards. This incentivises running full nodes to increase POS security. The coin percentage slows after 1 month with an aging half life of 90 days.
Is there a Snapshot/BootStrap/BlockChain download?
Yes you can find a monthly updated link to it on our github release page.