It is sometimes extremely difficult to repeat someone elses success, especially when it comes to finance. Even if a behavior algorithm is prescribed, the necessary conditions are met and all the little things are taken into account, still something is wrong. The reason for the failure is quite simple, and it sounds like a saying from the people: "At the wrong time, in the wrong place." These words fit the current situation with cryptocurrencies. It seems that there are many of them, and they are all based on the same blockchain platform, or its copies, but still, not a single bit of Bitcoin has managed to come even one iota closer to the stunning success of the main digital currency.
But this does not mean that other forks are useless, no, each of them is unique, and has every chance of becoming more significant over time, taking a place on the financial Olympus. One of them, the Nvc cryptocurrency (full name NovaCoin), was created in 2012 by a certain Russian programmer Balthazar, and, like others, hopes to repeat the thorny path of Bitcoin, but in vain, today its popularity is not too high, and one of the reasons is not enough developed software infrastructure.
Maybe its not in vain that some users still cherish hope for the popularization of Nvc, because it is quite interesting in terms of the uniqueness of the proposals. Indeed, there is always some possibility that this is a tipping point, and tomorrow the Nvc cryptocurrency will start to rise in value, attracting the attention of investors? Lets just say anything can happen in this world.
And while the NovaCoin cryptocurrency exists and is being mined, we will take a closer look at it, outlining the features of the system:
The digital currency Nvc is decentralized, like most other cryptocurrencies, the only difference is that this function has a chance to remain so in the future. It is known that Bitcoin is going through hard times today, although it is difficult to say this, taking into account its rate (about $ 600 per 1 virtual coin). But the problem is different, the main developer, Bitcoin Core, proposes to increase the block size in the blockchain system, which can lead to the centralization of the system. But the Nvc cryptocurrency does not have such problems, therefore, everything is in order with decentralization.
Hybrid structure of transaction confirmation in blocks. The system is built on two fundamental functions: Proof-of-Work (proof of action) and Proof-of-Stake (proof of stake). How it works? In simple words, the system is mined in two ways: during the use of specialized equipment, including conventional video cards, and through a system for distributing shares between all holders of virtual coins (deposit). It turns out that users can use both physical NovaCoin mining and cloud mining, but within the same system.
Confidentiality. Despite the statements of leading programmers working with cryptocurrencies, about the complete openness of Bitcoin systems and its forks, and Nvc is also a member of this group, users can conduct transactions without specifying additional information about themselves, which in fact turns into the confidentiality of financial transfers. It seems like you can view the direction and volume of the transaction, but it is almost impossible to establish who did it. Using NovaCoin Wallet (system wallet), a network participant can count on complete confidentiality, which is highly valued in todays world.
Conditional free commission. In the Nvc system, a transfer fee is assumed, but each wallet owner sets the amount himself. For example, there are no free transfers in the Bitcoin system for a long time, although the function is available, and the user can put conditional 7 satoshi as a reward for the transaction. But due to the overload of the system, when there are many requests for transfers, the system offers an increased commission for the transaction to be confirmed by the miners. It is clear that these are not very favorable conditions for cooperation, because the Nvc cryptocurrency in this case is more effective, since it offers a conditional (minimum) transfer fee.
Increased level of system security. The protection level of NovaCoin is at a sufficient level to be sure about your money. By the way, this is facilitated by the hybrid structure of the system.
As you can see, the NovaCoin cryptocurrency has clear advantages, largely due to its low popularity. The system is not loaded, therefore it works stably, offering customers favorable conditions for cooperation. At the moment, 1 Nvc costs a little over half a dollar, and, apparently, no sharp leaps are expected. Any exchange that supports the NovaCoin cryptocurrency shows a stable rate throughout the year.
Unfortunately, the NovaCoin system does not provide for a normal, from our point of view, cryptocurrency wallet. On the official website of Nvc, you can find the "downloads" section, where versions of the cryptocurrency client for different operating systems are available.
The client is a platform for PoS and PoW mining, connecting the Nvc website with the BTC-E cryptocurrency exchange, the official representative of this currency, and a cryptocurrency wallet. To work with Nvc cryptocurrency, the user must either buy a certain number of digital coins using the BTC-E exchange, or start mining using a video card or processor.
Obviously, NovaCoin Wallet is not like blockchain.info, for example, the wallet is associated with cryptocurrency mining or trading on the BTC-E exchange. When registering on the site, the user receives a unique address, another address is generated on BTC-E when buying a cryptocurrency. After downloading and installing the client of the Nvc system, you need to combine these two addresses, creating a sequence of transaction paths.
The problem is that it is difficult for the average user to understand these algorithms, since everyone begins their acquaintance with digital currency from Bitcoin, but here everything is completely different. The NovaCoin Wallet only works to connect the BTC-E cryptocurrency exchange with the Nvc system, this must be clearly understood. Of course, the client can send and receive money, but only through the BTC-E exchange.
Those who decide to start working with Nvc will inevitably have a question, where and how to buy digital coins? The only way to get the cherished Nvc is to buy it on the BTC-E exchange. But first, you need to enter money on the exchange, which is difficult for Russian citizens, since recently the state apparatus has introduced some restrictions on cryptocurrency trading in the country.
Hence the difficulties, since in order to buy Nvc cryptocurrency, you need to enter BTC-e RUR (traded position in ruble equivalent) on the exchange. This can be done in two ways: either through foreign payment systems, or directly through a cryptocurrency exchanger. Although, to transfer money to foreign electronic wallets, you also need to use an exchanger.
One of the most promising and actively developing exchangers today is baksman.org, with the help of which you can buy the required amount of BTC-e RUR or USD (traded position in dollar equivalent). This is a prerequisite to start mining NovaCoin. Algorithm of actions:
We go to the site and select the initial currency for exchange. It can be Qiwi, WebMoney, Yandex.Money or an account in some Russian bank, there are many options.
Then we choose BTC-e RUR or USD, this exchanger supports both traded positions.
We fill out an application for a transfer, indicating the payment details.
We confirm the application and wait. As a rule, the transaction is carried out instantly, but sometimes there may be delays associated with the functional features of payment systems.
When the transfer is successfully completed, go to the exchange website and buy NovaCoin for BTC-e RUR or USD. In a few hours, the amount of purchased Nvc cryptocurrency will be reflected in the system client. The withdrawal of digital coins is carried out according to the same algorithm, there are no other ways yet.
At the expense of mining. We will not touch on the topic of PoW mining, that is, mining using computers, we will consider the option of PoS mining, making a profit through a deposit. At the moment, the system provides for 23% of the annual income from the volume of the share (deposit), no bank provides such conditions. Moreover, the volatility of Nvc is quite low, which is a good sign for investors.
Cryptocurrency Nvc proves that digital money is the future, regardless of how the authorities of different States treat it.
Indeed, is there a chance that the Nvc cryptocurrency will take the place of Bitcoin in the event of its fall, if it happens, as the Great Internet skeptics predict? There are programmer researchers who claim that such a scenario is quite possible.
Against the background of problems with Bitcoin, which continue to worsen, there is an increase in interest in other varieties of alternative cryptocurrencies with more stable systems, and NovaCoin is in the forefront, since the potential of this digital currency has not yet been fully revealed. Moreover, NovaCoin mining is fundamentally different from Bitcoin mining. In the case of the main digital currency operating on the SHA256 algorithm, Asic miners (specialized equipment with which Satoshi are mined) are required. This technique is not suitable for obtaining virtual currency Nvc, since it is based on the SCRYPT software algorithm, which makes the NovaCoin system more resistant to power surges, unreasonable production volumes, system overload and large losses on a cryptocurrency exchange that supports NovaCoin trading.
So is it possible that NovaCoin could replace Bitcoin if it drops? Programmers say that in the event of a fall in Bitcoin, a fierce struggle for primacy will begin between different cryptocurrencies, and NovaCoin has the same chances as others.