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BoxyCoin

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BoxyCoin
Denominations
Subunit
 0.001boxxc
 0.00000001Boxshi
PluralBoxyCoin, BOXXC
SymbolBOXXC
Demographics
Date of introduction15 November 2017; 18 months ago (2017-11-15)
User(s)International
Valuation
InflationLimited release (geometric series, rate halves every 4 years reaching a final total of 100 million BOXXC

BoxyCoin (BOXY[1]) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license.[2] Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.[3] While inspired by, and in most regards technically nearly identical to Litecoin (LTC), BoxyCoin has some technical differences compared to Litecoin, Bitcoin and other major cryptocurrencies. BoxyCoin has implemented an FDC backend, which allows for node scaling over one variable spectrum. The idea is for portable devices to be able to support the network and secure the BOXXC blockchain. Gab by way of FDC is seeking to make this a reality as so upon a network outage, a mobile phone for example could maintain a compressed chain. [4][5]

History[edit]

BoxyCoin was released via an open-source client on GitHub on November 15, 2012 by Waldron55.[6] [7] The BoxyCoin network went live on November 12, 2012 at 10:30PM.[8] It was a fork of the Litecoin Core client, differing primarily by, block rewards, having a decreased block generation time (65 seconds), increased maximum number of coins and a modified GUI.[9]

In accordance with the initial intention; the Official BoxyCoin 0% Fee Mining Pool was launched at block 1000[10]. Following a sprawled Social Media following[11].[12].[13] in December 2012, the value of BoxyCoin experienced massive growth. [14][15][16] BoxyCoin reached a good market capitalization in December 2012.[17][18]

Differences from Litecoin and Bitcoin[edit]

Boxycoin is different in some ways from Litecoin and Bitcoin.

  • All crypto including BTC and LTC to date have scaling issues, issues with blockchain sizes, tx sizes and security. ARTAX looks to take a flamethrower to all of these items by way of encryption cache persistence[19]. BoxyCoin is to be used as the first example of scaling nodes through one variable spectrum and streamlining one decentralised storage interface for the BOXY backend. The intention is to eventually have other currencies forking BoxyCoin and ARTAX into newer, greater things and improvising the new ARTAX storage resolution into the cryptography landscape.[20] [21]
  • The BoxyCoin Network aims to process a block every 65 seconds, rather than Litecoin's 2.5 minutes. The developers claim that this allows BoxyCoin to have faster transaction confirmation.[2][22]
  • BoxyCoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.[23]

Due to BoxyCoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining BoxyCoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.[24]

See also[edit]

References[edit]

  1. "Boxycoin charts". worldcoinindex.com. Retrieved 2017-12-19.
  2. 2.0 2.1 "Boxycoin.org". boxycoin.org. Retrieved 2017-11-19.
  3. Satoshi, Nakamoto. "Bitcoin: A Peer-to-Peer Electronic Cash System" (PDF). Bitcoin.org. Retrieved 24 April 2013.
  4. "Node Persistence Caching". ibm.com. Retrieved 2017-12-19.
  5. "BoxyCoin and ARTAX Encryption Persistence Caching". github.com. Retrieved 2017-12-19.
  6. "ECP Information - BOXXC". github.com. Retrieved 2017-12-19.
  7. "BoxyCoin brings FDC to the table in the land of crypto". Coincodex. Retrieved 2017-11-18.
  8. "BoxyCoin Launch". bitcointalk.org. Missing or empty |url= (help)
  9. "Block hashing algorithm".
  10. "Official 0% Fee BoxyCoin Mining Pool". BoxyCoinMiningPool. 2017-09-11. Retrieved 2017-12-19.
  11. "BoxyCoin Twitter Page". twitter.com. Retrieved 2017-12-19.
  12. "BoxyCoin Facebook Page". facebook.com. Retrieved 2017-12-19.
  13. "Reddit BoxyCoin". reddit.com. Retrieved 2017-12-19.
  14. "BoxyCoin Market Analysis". CryptoCompare. 2017-09-11. Retrieved 2017-12-19.
  15. "Coin Ranking - BoxyCoin". coinranking.com. Retrieved 2017-12-19.
  16. "BoxyCoin Git". github.com. Retrieved 2017-12-19.
  17. "Boxycoin Price Charts". worldcoinindex.com. Retrieved 2017-12-19.
  18. "Coinlib: BoxyCoin". coinlib.io. Retrieved 2017-12-19.
  19. "Encryption Cache Storing Sensitive Data". Ibm-cloud. Retrieved 2013-04-24.
  20. Steadman, Ian (2013-05-11). "Wary of Bitcoin? A guide to some other cryptocurrencies". Ars Technica. Retrieved 2014-01-19.
  21. "Persistence Demystified". Self-published. Retrieved 2017-09-24.
  22. "What is Block Timing? A guide to some other cryptocurrencies". Steemit. 2017-09-11. Retrieved 2017-12-19.
  23. Percival, Colin. "Stronger key derivation via sequential memory-hard functions" (PDF). Self-published. Retrieved 2013-04-24.
  24. Coventry, Alex (2012-04-25). "Nooshare: A decentralized ledger of shared computational resources" (PDF). Self-published. Retrieved 2012-09-21. These hash functions can be tuned to require rapid access a very large memory space, making them particularly hard to optimize to specialized massively parallel hardware.

External links[edit]


Others articles of the Topics Cryptography AND Economics : ZenCash (cryptocurrency), Blockchain, Bitcoin Private, Peercoin, Vertcoin, CoinM, Primecoin

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Others articles of the Topics Cryptography AND Free software : Nxt, Devcoin, ZenCash (cryptocurrency), Zclassic

Others articles of the Topic Cryptography : Zclassic, ZenCash (cryptocurrency), Blockchain, Vertcoin, Public-key cryptography, Bimil, CoinJoin

Others articles of the Topic Economics : Decentralization, NeuCoin, Blockchain, CoinJoin, Digital currency, CryptoNote, Namecoin

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Category:2017 software Category:Alternative currencies Category:Cryptocurrencies Category:Memes


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