FastCoin – decentralized Digital currency
FastCoin is a digital currency, which is built as a fork of LiteCoin. This decentralized Digital currency was introduced in the month of May 29, 2013 by a developer team called FastCoin. The digital currency runs on POW Scrypt and ultrafast 12-second block-time and four confirmations per transaction for best possible safety. However, this currency is built with a reformed re-targeting algorithm and it has one of the highest payouts in comparison to other cryptocurrencies running in the global market.
Technical specifications of FastCoin
Supply: 165,888,000 Total Coins
Speed: 12 seconds
Retarget: Every hour
Reward: 32 coins per block
Reduction: 50% every 12 months (2,592,000 blocks)
Custom unique difficulty algorithm.
Retargets once every hour or 300 blocks.
Each block contains 32 coins which will be halved every year (or 2,592,000 blocks).
(Currently 16 coins per block.)
4 confirmations per transaction.
Ports: connection 9526, RPC 9527.
Technology and Benefits
It does not have any political agenda or no central issuing authority. It runs on peer-to-peer technology on Bitcoin/Litecoin technology. However, one of the best advantages of using FastCoin is its leverage for solving some practical issues efficiently like speed for retail, speed for convenience, speed for peace of mind and satisfaction.
In order to do a transaction with FastCoin, you have to have wallet installed on your system. These e-wallets are compatible for Windows, Mac, and Linux operating systems, so users can choose according to personal preference.
For mining enthusiasts, FastCoin mining is an interesting activity. It is fastest and it attracts the highest payout in comparison to other digital currencies. As it is Scrypt based, it is not prone to ASIC computing but if users have access to GPU mining becomes easier. Furthermore, Mining of this cryptocurrency is possible with CPU. Although this virtual currency is in its developmental phase. There is an anticipation that in future, FastCoin will perform best for the transaction.
Since its banners are high-difficulty variation, it is best to join a FastCoin mining pool. Mining pools permit users to collaborate with fellow miners and collective computational resources. However, if users are mining coins self-sufficiently, it may take a longer time for users to solve a block. With pooled mining, users get the chance to accrue this currency slowly, but frequently. It’s a flawless alternative particularly if user’s computer and graphics card are not potentially powerful.