Maxcoin is alternative cryptographic currency that was announced to the public in the end of January and released on the evening of February the 6th, 2014. It implements the cryptographic hash function keccak for generating the block hashes and was released as a CPU only coin but quickly had a cgminer version released with support for this new hashing function and became a great find for the graphic card miners. Keccak has become the standard for the SHA-3 family of cryptographic hash functions which is an alternative and also a successor to the SHA-2 family which Bitcoin implements.
Maxcoin comes with a 30 second block target which results in fast confirmations for the transactions. Each time a new transaction block is generated, 96 new Maxcoin’s are produced into the block chain and given as a reward to the lucky miner for finding the correct hash. This reward is meant to be halved every 12 months which means that the block reward should end up close to 1 some time around 2020-2021 and a close zero in about 50 years.
When block 200 was generated, an implementation of the Kimoto Gravity Well took over the difficulty retargeting to aggravate for multipool abusement. The last update announced a few days ago takes place on Thursday this week at block 140,000 and results in a halving of the block reward and a deduction of 60% to the total coin supply decreasing it to somewhere around ~100,000,000 coins. This is claimed to be requested by a large part of the users and has brought up a lot of mixed feelings in the community where some see this move as an act of greed by the developers.
Maxcoin was released into the market and quickly gained a stunning market cap close to $ 6,730,000 and a traded at prices as high as $ 25 per Maxcoin.
Another thing that could impact on the interest of Maxcoin is Moolah‘s announcement about added support for Maxcoin in their platform. This means that Maxcoin will be able to be traded for FIAT currency such as USD, and soon as well GPD and EURO. This also includes a a payment solution for shop owners to simply the acceptance for Maxcoin as a mean of payment. This can do great things for Maxcoin and it’s community.
Maxcoin had quite a rough start including some pissed of Windows users having wallet issues but has since managed to recover it self and gain quite a community that seems to be dedicated to the rise of Maxcoin. As long as this new update passes without to many dropping out and loosing interest, then the price might continue in it’s current direction. This coin has managed to deliver with something new to the crypto coin market with it’s implementation of the Keccak hashing function and will surely bring some interesting progress in the up coming weeks.
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this post is so informative ...
thanks for sharing
Hi .. just finished joining steemit ... search maxcoin noticed your article, first one I read here. :-) Anyway, I'm the new admin for Maxcoin Project www.maxcoinproject.org If you want to know what's happening on the project, there's heaps of dev talk on our telegram channel. That way you can see what we are working on if you ask the right people :-)