NewYorkCoin price is $0.00065633
As of today, the price of NewYorkCoin (NYC) is $ 0.00065633. This represents a +0.00% change in the last 24 hours.
NewYorkCoin, or NYC, is a cryptocurrency designed for fast, fee-free transactions. It was introduced in 2014 making it one of the earlier cryptocurrencies. In particular, NYC differentiates itself through lightning-fast transaction processing time of just 30 seconds and zero transaction fees. This makes it highly efficient for small and large scale transactions alike. It is also to be noted that NYC coin uses a very energy-efficient process known as 'merge mining' for coin production.
The origins of NewYorkCoin are fairly anonymous with no clear individual or team claiming its creation. This tends to put it in a similar group like Bitcoin. However, the current development and maintenance of NewYorkCoin is conducted by an open-source community of technology enthusiasts and professionals who voluntarily contribute towards the development of the coin.
At its core, NewYorkCoin functions like many other cryptocurrencies. It uses blockchain technology to create a decentralized digital cash system. Transactions are confirmed by a network of nodes (computers) and added to the blockchain. The special feature about NYC is its proof-of-work mechanism that achieves blockchain security, transaction verification, and network consensus using energy-efficient merge mining. This process allows the network to achieve a 30-second block confirmation, making transactions extremely fast.
Fast transactions and no transaction fees are the result of the fundamental technology behind NewYorkCoin. For speeding up transactions, the NYC block confirmation time is maintained at around just 30 seconds. This is a lightning-fast speed when compared to many other cryptocurrencies. For eliminating transaction fees, NYC does not charge users when they process a transaction. This unique approach of offering free transactions has been a key highlight of the currency since its deployment in 2014.
Merge Mining, also known as AuxPoW, is a mining process that allows multiple cryptocurrencies to be mined simultaneously. This not only increases the efficiency of the mining process but also makes it more energy-efficient. With Merge Mining, NewYorkCoin network can be maintained and secured using less computational power. It essentially allows miners to use their computational resources more efficiently, adding another layer of attraction to the NewYorkCoin mining community.
The easiest way to buy NewYorkCoin is through the listed Graviex. Keep in mind to transfer your newly purchased NYC coins to a secure wallet that you control instead of leaving them on the exchange. Always remember, it's your responsibility to keep your digital assets secure.
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