Digital currency or crypto currency is fast gaining acceptance around the world. Bitcoin is the most well known form of cryptocurrency, however it is by no means the only one.
Here we have a look at Orbitcoin.
What is Orbitcoin?
Orbitcoin is a form of digital currency that has been designed to make transactions easier, less expensive than they are right now, allow business to transact with customers in remote areas (some of which may not have access to traditional banking services) and eventually provide funding to scientific research.
It is a hybrid between the POW (Proof of Work) and POS (Proof of Stake) systems.
It should be mentioned that there is a risk of a large entity acquiring more than 51% of mining power and thus allow them to double spend coins. In a POS system this risk is minimized by making a 51% attack more expensive as the attacker would need to have 51% of the total coins as well.
Orbitcoin has also implemented the first instance of a 0% POS to increase network stability and security.
How To Mine Orbitcoin?
To begin mining Orbitcoin you will first need to download a compatible Orbitcoin wallet. This is a pretty easy task as free versions for almost all major operating system are available. Mining can be done solo or via joining a mining pool. The payout is .25 coins for every successful mined block.
The system requirements have been kept low to encourage wide adoption and checks have been added into the system to prevent attempts to pre-mine.
How many Orbitcoins are available to be mined?
There are 3.7 million coins that are available to be mined in total and the reward for a successfully mined block will be halved every year until it reaches .00000001 ORB. The number is sufficiently large to avoid dramatic rise and fall of the value of the coin as it will be eventually distributed among a large number of people.
Can Orbitcoin be traded for other alt currencies?
Orbitcoin is traded on a number of exchanges like Cryptsy, Crypto-trade, Allcrypt, Bleutrade, and others as well. Like most other alt currencies it trades weakly against the much sought after Bitcoins and is likely to fluctuate more in the initial stages until the adoption rate rises.
Is Orbitcoin Secure?
Apart from the earlier mentioned safeguards, Orbitcoin also has a mutli level conformation system that confirms regula transactions 6 times and minted coins 200 times. It is also designed to be used over the regular internet as well as the darknet (12P, Tor ready).