Fastcoin
| Fastcoin | |
|---|---|
| Denominations | |
| Subunit | |
| 0.001 | mFST (millicoin) |
| 0.000001 | μFST (microcoin) |
| 0.00000001 | Smallest unit |
| Plural | Fastcoin, Fastcoins |
| Nickname | FST |
| Demographics | |
| Date of introduction | 29 May 2013 |
| User(s) | International |
| Issuance | |
| Central bank | None. The Fastcoin peer-to-peer network regulates and distributes through consensus in protocol. |
| Valuation | |
| Inflation | Limited release (geometric series, rate decreases 50% a year until reward reaches 1 FST per block and continues being created at that rate until a final total of 165 million FST have been minted) |
Fastcoin (code: FST) is a cryptocurrency and open source software[1] Inspired by and technically nearly identical to Litecoin (LTC), [2] Fastcoin is intended by its developers to improve upon Bitcoin and offers several key differences.[3][4]
Each Fastcoin is subdivided into 165,888,000 smaller units, defined by eight decimal places.
Differences from Bitcoin[edit]
Fastcoin offers several key differences from Bitcoin, which its developers hope will make it better than Bitcoin and ideally suited for mobile and micro-payment transactions.
- The network difficulty adjusts according to hashing power available, as the aim is for a block to be mined every 12 seconds.[1][5]
Addresses[edit]
Payments in the Fastcoin network are made to addresses, which are based on digital signatures. They are strings of 33 numbers and letters which always begin with the letter f, for example,
- frJJEkmRS4jtNLqyw6ovxh2STWbW4KE4mJ.[6]
Confirmations[edit]
Transactions are recorded in the Fastcoin blockchain (a ledger held by most clients), a new block is added to the blockchain roughly every 12 seconds (whenever a small enough hash value is found for the proof-of-work scheme), a transaction is usually considered complete after 4 blocks, or 48 seconds.
Because of Fastcoins transaction speeds, it is well suited for mobile and micro-payment transactions.
History[edit]
Introduction[edit]
Fastcoin was released via an open-source client on GitHub on May 29th, 2013. It was not pre-mined and had what is known in the crypto community a "fair release". It was a fork of the Litecoin-Qt client, differing from it only in having a modified block generation time, different hashing algorithm, and slightly modified GUI.[7] The current version of this client (as of 11 October 2013) is v0.6.3.0 [8]
Media mentions[edit]
More recently Fastcoin has been covered in the news as a Bitcoin alternative and currently the fastest complete transacting crypto currency in the world.[9]
Fastcoin Project[edit]
Mission[edit]
The Fastcoin Project was established on Canada Day July 1st, 2013 with the purpose of providing a voice from the community to the developers and stewards of Fastcoin. It was also created to function as a platform to help communicate news and information about the coin.
Software development[edit]
Fastcoin wallets are currently offered on 4 platforms,
- 1.) Windows
- 2.) Macintosh
- 3.) Linux, and
- 4.) Android with a
- 5th) iPhone version in the works.
The Fastcoin Developers have a new release 0.6.3.1 in the works which include graphical updates to the Fastcoin wallet.
References[edit]
- ↑ 1.0 1.1 "Fastcoin.ca". Fastcoin.ca, July 2013. Fastcoin.ca. Retrieved 1 July 2013.
- ↑ (April 13, 2013). Mining digital gold. The Economist. The Economist Newspaper. Retrieved April 27, 2013.
- ↑ Powers, Shawn. "Cryptocurrency: Your Total Cost Is 01001010010" (PDF). Linux Journal, March 2012. Linux Journal. p. 29. Retrieved 21 October 2012.
- ↑ BATR. "Bitcoins Risk Reward". Retrieved 24 April 2013.
- ↑ arstechnica, Wary of Bitcoin? A guide to some other cryptocurrencies, 12-05-2013
- ↑ Users accepting Fastcoin Address, 01-07-2013
- ↑ "Search Results: Fastcoin". Fastcoin. Retrieved 11 October 2013.
- ↑ https://github.com/fastcoinproject/fastcoin
- ↑ (August 30, 2013). [1]. Crypto Coin News.
External links[edit]
This article "Fastcoin" is from Wikipedia. The list of its authors can be seen in its historical. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
