-- The best of both worlds, new digital currency CashCoin (CASH) confirms transactions fast and consistently, improves network security and uses less energy by combining proof of work with proof of stake. CASH recently started trading with Bitcoin on Cryptsy, the world’s largest alt coin exchange. Its name “Cash” makes its purpose easy to understand as merchants the world over already know what cash is. This built-in name recognition will help facilitate its adoption.
Proof of work means it takes miners and computer power to mint new coins. CASH will employ this form of minting in the initial stages. Block reward will be small and variable, following Moore’s law which accurately predicts growth of computational power. Mining is incredibly energy intensive—$150,000 is used daily in the generation of Bitcoin—and as such leaves a large carbon footprint. The CASH generation program provides for the gradual phasing out of proof of work in favor of the less energy intensive, greener, proof of stake protocol.
Proof of stake means that wallets open to the network “earn” new coin simply by holding them in the first place. In return, these wallets do their part to strengthen the network and confirm transactions. Since proof of stake does not have the difficulty issues of proof of work mining, this eliminates slow confirm times due to an especially tough block—an issue common to Bitcoin and all proof of work alt coins. Additionally, proof of stake networks can be more secure and less vulnerable to the dreaded 51 percent attack than their proof of work counterparts.
Unlike many other cryptocurrencies, CashCoin does not have a specific market cap. It is designed to be scarce, but also allow for an annual inflation of one to three percent. This most closely mimics gold’s annual increase due to physical mining. CashCoin began trading on Cryptsy, the world’s largest cryptocurrency trading platform, in early February.
With its already recognized name, its presence on Cryptsy, fast and consistent transaction confirmation times, and its ingenious combination of the best of both the proof of work and proof of stake cryptocurrency models, CashCoin is ready made for retail acceptance by merchants all over the world.
To trade BTC for CASH please go to: http://cryptsy.com
CASH thread on bitcointalk: https://bitcointalk.org/index.php?topic=424421.0
This Press Release is for informational purposes only and should not be taken as investment advice. Please consult with the financial advisor before investing in CASH or any other digital currency.
Release ID: 33337
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