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 Network 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 very similar 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
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
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
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 Fastcoin's transaction speeds, it is well suited for mobile and micro-payment transactions.
History
Introduction
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 as 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
More recently Fastcoin has been covered in the news as a Bitcoin alternative and currently the fastest complete transacting cryptocurrency in the world.[9]
Fastcoin Project
Mission
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
Fastcoin wallets are currently offered on four platforms:
- 1.) Windows
- 2.) Macintosh
- 3.) Linux, and
- 4.) Android with a
- 5th) iPhone version in development.
The Fastcoin Developers have a new release 0.6.3.1 in the works which includes graphical updates to the Fastcoin wallet.
References
- ↑ 1.0 1.1 "Fastcoin.ca". Fastcoin.ca, July 2013. Fastcoin.ca. Retrieved 1 July 2013.
- ↑ (April 13, 2013). http://www.economist.com/news/finance-and-economics/21576149-even-if-it-crashes-bitcoin-may-make-dent-financial-world-mining-digital 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. Archived from the original (PDF) on 29 October 2013. Retrieved 21 October 2012.
- ↑ BATR. "Bitcoins Risk Reward". Retrieved 24 April 2013.
- ↑ http://arstechnica.com/business/2013/05/wary-of-bitcoin-a-guide-to-some-other-cryptocurrencies/ arstechnica, Wary of Bitcoin? A guide to some other cryptocurrencies], 12-05-2013
- ↑ http://www.fastcoin.ca/sites--users-accepting-fastcoin.html Users accepting Fastcoin Address], 01-07-2013
- ↑ "Search Results: Fastcoin". Fastcoin. Retrieved 11 October 2013.
- ↑ https://github.com/fastcoinproject/fastcoin
- ↑ http://www.cryptocoinsnews.com/2013/08/30/introducing-fastcoin-the-worlds-fastest-bitcoin-alternative-gaining-traction-in-the-cryptocurrency-ecosystem/ Crypto Coin News, August 30, 2013.
External links
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.
