Is Novacoin (NVC) the settlement currency of the future?

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The Novacoin cryptocurrency is a fork (clone) of the Bitcoin system and is based on a hybrid transaction confirmation structure. This significantly increases its resistance to most possible attacks, and also allows you to avoid various power surges or overloads. The principle of operation is the same as that of other digital currencies, that is, the operation of the system rests solely on its users. In total, the network has more than 70 thousand blocks and contains at least 700 thousand coins. The current rate is approximately $5.

History and features of Novacoin

The now widely known Novacoin cryptocurrency first appeared on the digital asset market in early 2012. Its creator is a domestic programmer quite popular in certain circles under the nickname Balthazar.

Novacoin guarantees the anonymity of the possession of financial assets and the confidentiality of any transactions with them. How was this effect achieved? This cryptocurrency represents a peer-to-peer network, that is, all users in it are absolutely equal to each other. The system does not have any single administrative centers, which makes all attempts at manipulation and control useless. In addition, thanks to decentralization, everyone can take part in it.

Note! Network maintenance is not free of charge. This type of activity is called mining, which translated from English means extraction of natural resources. It is encouraged both by the cryptocurrency itself and by commission payments. With Novacoin you can easily pay for some goods.

The coins of the system are intangible in nature and are a number with a certain set of conditions. The price of such an asset does not depend on any other currency. The network allows you to send money to any user located in it. Information about transactions is completely open; only information about the real owner of the digital currency is hidden. In addition, there is no limit on the number of addresses created. The presence of decentralization allows you to avoid private or government intervention in the management of the network, and also makes it impossible to manipulate the final number of Novacoin.

Where to buy and sell NovaCoin

The history of trading involving the NovaCoin cryptocurrency did not start very well. As soon as they first started talking about NovaCoin, but had not yet made an official presentation, the tokens already appeared on one fairly well-known exchange. This platform turned out to be the BTC-e cryptocurrency exchange. 110 thousand coins appeared on her account.

According to some experts, this money was something like a bribe so that the new coin would immediately be included in the list of traded currencies, because initially the price of the coins was not pleasing. But the exchange was caught, and then a DDoS attack was carried out on it. In the end, it all ended when the platform was forced to publicly destroy the reserves of this cryptocurrency.

Now you can also buy or sell coins only on exchanges. Among the exchanges offering NovaCoin exchange and trading with its participation, there are the following sites:

As you can see, the table shows the exchange rate of Novacoin to the ruble. But not all exchanges work with fiat. If you want to buy or sell coins for rubles or dollars,

You will probably have to look for options from private money changers. It is not safe. Although there is an option to first purchase BTC through an available exchange point, and then exchange Bitcoins in any exchanger you like.

In addition, support for this type of cryptocurrency is available on Coinomi wallets. This is convenient for users, so you can safely exchange coins directly in your wallet.

Advantages of the system

Almost immediately after its creation, Novacoin quickly gained considerable popularity due to a number of positive features. These include:

1. The system's operation is based on a peer-to-peer architecture, which allows it to remain independent from anyone's influence.
2. Application of a hybrid Proof-of-Work/Proof-of-Stake concept, which greatly expands the transaction confirmation mechanism. Thanks to it, cryptocurrency protection is resistant to most attacks. Each block of the network has its own complexity and will change with the advent of a new one. The creation process hardly loads the computer, which is why, even with low-power equipment, you can start PoS mining.
3. Guarantee of complete anonymity and confidentiality of payments. This allows you not to provide personal data during various operations. However, other network users can always see the direction and size of the transfer. The commission fee is conditionally free; everyone has the right to set the commission amount themselves.
4. High degree of security. The user does not have to worry, because his funds are protected in the most reliable way.

It is also worth mentioning that Novacoin is not too busy yet, and therefore transfers in it are made somewhat faster compared to other systems.

Features of NovaCoin cryptocurrency

Like any digital coin, the NovaCoin cryptocurrency has a number of certain features. However, do not forget that we are talking about a fork of Bitcoin, so it has many characteristics in common with the world’s first cryptocurrency. But it still has certain features.

Despite the fact that the cryptocurrency has been on the market for more than six years, during this period it could have become a leader many times over. But for some reason this did not happen. Nevertheless, there are still enthusiasts who do not lose hope of seeing these tokens on the financial Olympus. And all thanks to the unique characteristics of this cryptocurrency.

Let's look at what the features of this coin are and what sets it apart from more recent offerings on the cryptocurrency market:

• NovaCoin belongs to decentralized systems. At the same time, the system will always be decentralized. This is especially important given that if Bitcoin increases its block even further, it could lead to relative centralization of the network;
• Confirmation of payments in the cryptocurrency system is carried out using a hybrid system - a combination of proof of action and proof of stake. This allows you to mine NovaCoin in two popular ways: using special equipment or distributing shares between system participants, taking into account the number of crypto coins owned by them. Simply put, users themselves choose which option to use - classic mining or give preference to the cloud type of mining;
• The number of coins in the network is relatively large - two billion NVC. This distinguishes it from Bitcoin, where there are only 21 million coins on the network. Currently, 2,162,988 NVC tokens have been issued;
• Payments in the system are anonymous and do not require the use of any personal data. In this case, the maximum that other network participants can see is the direction of the transferred amount and its size. But essentially, Bitcoin works the same way;
• Commissions on the network are set by the participants in the transactions themselves. They are low or may even be absent. For example, now the average commission is 0.005 USD. At the same time, small commissions, unlike what happens on the Bitcoin network, are a common occurrence. And all because the cryptocurrency does not have such a large number of fans as Bitcoin, and its exchange rate is very modest. Although it provides faster transaction speeds;
• The block reward is 4.28+0.000298 NVC ($18.17 USD). Its size is 408 Bytes, and the current generation time is 6m 17s;
• The system is safe. In this parameter, it is noticeably superior to Bitcoin. And all because mining on a video card and in pools for NovaCoin is absolutely normal. Let us remember that coins are mined in two ways – using POW and POS. Due to its hybrid status, the system is more resistant to most attacks that a PoW system is subject to. This algorithm was copied from Peercoin, but reworked so that it is no longer similar to the original;
• Mining profitability at the moment is 3.0321 USD/Day for 1 GHash/s;
• The Scrypt function is used as a hashing algorithm;
• The market capitalization of the coin is $8,650,596.

But the obvious fact is that the coin acquired most of its positive features only because it is not as popular as Bitcoin. Simply put, the main feature of this network is its non-congestion. Therefore, thanks to it, transfers are much more profitable. And the volatility of Novacoin is much lower than that of its analogues. The rate remains stable or the price changes are not as sharp as with most cryptocurrencies. In general, NovaCoin definitely deserves close attention.

Flaws

Unfortunately, the presented system, like any other creation of human hands, could not avoid certain shortcomings:

1. One of the main disadvantages lies in the very method of earning money, that is, mining. After all, for full-fledged operation, you need quite powerful equipment that can decrypt a 64-digit key. This means that there is a need for additional expenses not only for a new computer, but also for electricity. However, there is no guarantee that these investments will bring profit in the future or even pay off.
2. Digital currency, unlike real money, is not backed by GDP growth rates or gold reserves. It is quite difficult to predict the future price of Novacoin, since there are no fundamental economic factors that can influence it.
3. Despite the high level of protection, there is always the possibility of losing your money as a result of a Ddos attack. In addition, if the account owner forgets the password or the wallet is hacked by hackers, access to the digital currency will also be lost forever.
4. There is no possibility to cancel a payment, so if you dial the wrong account number, the funds cannot be returned.
5. There is a risk of not making a profit at all.

Important! It should be noted that if a transaction is made to a non-existent account, the system will still transfer currency to it (the network will register this wallet, and subsequently any user will be able to make a transfer to it).

Current rate

The price of the Novacoin cryptocurrency is currently approximately $5. You shouldn't expect sharp jumps in its value in the near future. As you know, exchange rate stability is one of the most important signs of the reliability of any monetary unit. Therefore, the absence of price fluctuations can be safely attributed to the advantages of this digital currency. Despite its rather mediocre quotes, it does not suffer from the noticeable volatility that Bitcoin is so famous for.

Wallet registration method

The system used by the presented cryptocurrency does not support traditional virtual wallets, which undoubtedly causes some inconvenience when making payments.

On the official Novacoin website, in the “Downloads” column, you can find the necessary software that will allow you to make a variety of transactions. After the user registers, he will be given 2 unique addresses, which are combined in case of any transfers. This makes it possible to connect the wallet with the BTC-E exchange and mining. The algorithm of this system is very difficult to understand, unlike similar networks. In simple terms, the wallet is optimized to work with the BTC-E online service, while simultaneously allowing the owner to make payments using the exchange platform.

To start working, you should get a couple of moments using a video card or processor. In addition, you can buy this cryptocurrency on the BTC-E online platform. It is specifically designed for mining, connecting the user, wallet and exchange.

What does the company/project do?

Novacoin (NVC) is a decentralized digital network based on an open-source peer-to-peer Internet protocol. Novacoin is based on hybrid Proof-of-work (PoW) / Proof-of-stake (PoS) block generation methods with separated target limits. Novacoin was introduced in early 2013 by a development team led by developer Balthazar.

How to sell, buy or earn Novacoin cryptocurrency

A person who decides to work in this system naturally faces the question of purchasing coins.

Remember! Today, digital currency can only be purchased through the BTS-E online service. However, you will first need to bring it onto the site.

This process may cause certain difficulties for Russians, since the government of our country has introduced measures limiting trade in electronic cash within its borders. Such actions significantly complicated the entire process of buying Novacoin. However, the shifts that have emerged recently can change things for the better.

To purchase cryptocurrency, you must enter the required BTS-E position in ruble or dollar equivalent on the exchange platform. To carry out this manipulation you need to use one of the Western payment systems or an exchange platform. Moreover, do not forget that payments to an electronic wallet in a foreign country are made only through an exchanger.

To get started with Novacoin, you should do some steps:

1. The first step is to go to the exchange resource and select the currency to carry out the exchange operation. Money located on all major payment systems, such as, for example, WebMoney, is quite suitable here. In addition, you can specify the banking organization in which the user stores his financial savings.
2. Then you need to indicate the direction of the exchange.
3. Next, all that remains is to fill out the application, noting the details and transaction amount.
4. Having confirmed the application, the operators will begin processing it. One way or another, you can start mining only after purchasing VTS-E in ruble or dollar terms. Most often, the exchange does not exceed more than a few minutes. Although, of course, sometimes there are delays caused by the specifics of the bank or payment system.
5. After completing the exchange operation, you will need to go to the exchange and use the available checks to purchase the required amount of digital currency. The whole process can take quite a long time, however, after it expires, the user’s wallet will be replenished with virtual money. Withdrawal of coins is carried out in the same way using a verified exchanger.

For mining, a powerful and productive computer is used that is capable of decrypting the key to transactions. Due to the complexity of the code, you need to buy several video cards and processors. However, you can always use a cloud server that will divide the load between several users. An equally interesting way to obtain NovaCoin is mining through a deposit. The concept is to pay interest per annum on the entire investment amount. A relatively stable exchange rate allows you to achieve truly favorable conditions and guaranteed profits.

Pools for joint PoS mining

Users of the poswallet.com faucet service, after registering and depositing an amount in any digital currency operating under the PoS protocol, have the opportunity to take part in cloud mining. In the Faucet section you can get free coins for later investment.

When using a crane, it is necessary to take into account the following features:

• each tap can be used no more than once a day;
• color indication of the current state of the taps: green – you can start working, purple – operational, but not active, red – remote;
• no more than three taps are allowed to be opened every 15 minutes.

Using the Poswallet service, you can mine currency 24 hours a day without consuming electricity, and even without keeping the client online. The pool commission is 1% for automatic withdrawal. The service list contains 56 cryptocurrencies available for mining.

PoS mining involves storing a certain amount, which after some time begins to generate profit

Prospects for further development of NovaCoin

Against the backdrop of the Bitcoin system suffering serious difficulties, the question of the need to change the founder of all digital currencies is increasingly being raised today. And some analysts are confident that NovaCoin is quite capable of taking an empty place on the financial Olympus. The system boasts good stability and shows excellent resistance to various types of surges and overloads. Moreover, the full potential of the network has not yet been fully realized. Such outstanding parameters of the presented cryptocurrency make it possible to clearly demonstrate that digital money will inevitably become the basis of economic and financial relations in the future.

Even if Bitcoin fails, its work will be continued by other cryptocurrencies, the development of which took into account previous mistakes. And NovaCoin now has every chance to become a successor of glorious traditions in the world of virtual money.

User reviews

In general, users respond positively to this system. Among the advantages are good resistance to excessive loads, a high level of protection and overall network stability. The disadvantages include the inability to cancel a payment, the risk of being left without profit, as well as a poorly developed software infrastructure. However, despite this, the Novacoin cryptocurrency definitely deserves the attention of users.