Actor Russell Brand, who now spends most of his time as an activist introduced a new cryptocurrency that he and Max Keiser of The Keiser Report have been rallying support for on the internet.
Startcoin (START), as the cryptocurrency is named was unveiled in June 2014.
The open-source cryptocurrency is forked from Litecoin with the latest version being released in mid 2016.
Altcoins have been on the rise and there are plenty of varieties out there now. Many of the coins are tailored for one use, and in this case Startcoin intends to support alternative funding.
Such digital currencies enjoy a lot of popularity now fueled by Bitcoin’s success while using open source technology to power their networks.
The Crowdfunding Movement
Startcoin comes as a boost to the crowdfunding movement which has gained a lot of popularity since the success of Kickstarter.
A lot of brilliant crowdfunding projects have come out of Kickstarter and it was only a matter of time before a new cryptocurrency emerged to offer options.
The cryptocurrency is aimed at helping raise funds for worthy causes by making it easier to access decentralized funds. Startcoin uses its platform StartJoin to get humanitarian projects off the ground.
Designed To Get Back At The System
Russell Brand designed the cryptocurrency to fight back against capitalism and spur change that will bring back social justice.
The digital currency might just achieve this goal since its distribution and value can only be decided by the community of people who use it, (not a first for cryptocurrencies).
This is a bit different from other digital currencies that have miners acquiring more coins since their stocks of coins give them leverage.
Cryptocurrency enthusiasts are a hard bunch to understand and only time can tell if this relatively new digital currency will stay or end up like MegaCoin.
How Startcoin Works
Those interested in the cryptocurrency can buy it from bittylicious.com or convert their other cryptocurrencies to StartCoins.
You can also trade Bitcoin for Startcoins on Justcoin, Yobit, Bleutrade, Bittrex and other exchanges.
Once they buy the coins, users can hold and pledge with them and get rewards on the crowdfunding platform, StartJOIN. There is a free coin each week for users who hold 100 coins. The most generous and most active users also get coin rewards each week.
StartJOIN uses the community to sift through projects and pick one to fund. The platform has a leader board that shows the top project. The various projects on the platform are displayed and the project with the most likes gets a StartCOIN top off.
The digital currency is a proof-of-work cryptocurrency which applies X11 hashing algorithms. As such, it is designed to be resilient to ASIC mining technology, much like Groestlcoin.
It has a transaction confirmation time of 1 minute- owing to its 60 second block time, and uses the DigiShield difficulty retargeting mechanism.
In addition to this, Startcoin also uses checkpointing which bolsters network security. With such technological value, it is no wonder Startcoin is 10 times faster than Bitcoin, the gold standard when it comes to cryptocurrency.
In a bid to curb inflation, the total number of coins available is 84 million with a reward of 40 coins per block that halves every 12 months. Half of this was pre-mined and set aside to be progressively donated to startups and distributed among community members.
The cryptocurrency has had a lukewarm reception after 3 version updates. As at 20 January 2017, the digital currency had a market cap of $370, 967. The available supply of START was 45,079, 785 with the total supply at 70, 782, 220 START.
Startcoin founders may be on to something
Startcoin is a first of its kind in many ways. Some people feel that it could become one of the most prominent altcoins around. To begin with, it is already establishing itself as a stable cryptocurrency and remains the only one designed specifically for crowdfunding projects.
In recent news, Karl Gray- who produced the documentary Life On Bitcoin has plans to start a hedge fund worth $20 million that will be named StartFund.
The initiative is already under implementation and is currently working towards meeting regulatory prerequisites.
Startcoin could see a whole system of work sprout around it when StartFund finally becomes a real thing. It might take a while to get there, but it does look as though the foundation has been firmly laid.
Written by: Merovingian
Cryptolix Trader Notes
Startcoin seems to have bottomed in price during March 2017 much like many other coins.
Most coins made a yearly bottom at the end of 2016 or early in 2017 and then had a reaction low on or around March 1st, but Startcoin seems to have been a little later than most and has likely hit its bottom in price for now.
This could become one of 2017’s best “sleeper” coins later in the year, and we are picking up coins along the uprising trendline.
Staying With The Trade – Update May 8, 2017
A couple of weeks after this article was first published, Startcoin made a big move up.
Take a look at the chart below.