There are hundreds of different coins on the market today. While the big two – Bitcoin and Litecoin, brought something completely new and innovative to the table, the vast majority of coins available today are simply clones of the big two, with only minor details changed. It’s rare that a coin comes along and really shakes the game up, introducing new features that really help cryptocurrency move forward. Heavycoin has set out to do exactly that.
The amount of new features that Heavycoin introduces is phenomenal. The coin is not yet available to mine yet, but the prelaunch is both new and exciting. The developers are hosting an IPO for the coin, allowing early investors to buy in and become early stakeholders. This money is used to cover development costs, while also setting a base price for the coin.
At the same time, people are allowed to vote for the block reward, determining how often blocks will be found and how many coins will be in each block. Heavycoin is the first coin allowing a democratically decided block reward like this, and is sure to please the community already surrounding the coin.
Now lets focus on the mining of Heavycoin, which starts on March 8th. Unlike other cryptocurrencies, Heavycoin will be mined with the HEFTY1 CPU hashing algorithm, meaning that it can not be mined with both GPUs and ASIC-miners. This allows even more people to mine the coin themselves. This is important because it allows a large amount of people to be able to obtain the coin, leading to more popularity and a higher acceptance rate by vendors.
These end up driving up the price, which is exactly why developers often put faucets online.
Heavycoin is also resistant to the nasty effects of multipools. Multipools have a tendency to cause massive damage to coins when they either begin or stop mining them. When multipools begin mining a specific coin, the difficulty of the coin shoots up drastically. Likewise, when the multipools switch off the coin, the hash rate drops drastically in a very short period of time. This can leave a cryptocurrency paralyzed for weeks at a time, requiring emergency action by developers to fix the issue caused by the multipools. Heavycoin avoids this situation altogether by using a Temporal Retargeting system, guaranteeing the network recovers in about 3 hours and all pending transactions are processed.
Heavycoin also focuses on improving the security of cryptocurrency, by introducing additional hash functions. Currently, cryptocurrencies use only the SHA256 hash function to secure the coin. While this hasn’t been cracked yet (and probably will not be for a long time), HeavyCoin implements Keccak-512, Grøestl-512, BLAKE-512 as well which act as backup hashes in the event that SHA256 is broken. Again, while this isn’t entirely useful now, it could be incredibly important 10 years from now when we have much more powerful computers capable of doing much more damage in the area of cryptography. This ensures that if Heavycoin truly takes off, it will be secure for many years to come.
In conclusion, Heavycoin is truly something worth looking at. With many innovative features, Heavycoin has the potential to set a new standard for cryptocurrency.