Litecoin (symbol: LTC) and New York Coin (symbol: NYC) are almost identical in technical terms. Both cryptocurrencies use the same proof-of-work scrypt hashing algorithm to verify transactions on their network. Meaning they are both mined exactly the same way, using the same computer equipment to solve complex mathematical equations in order to verify a new transaction is authentic. Litecoin ( https://litecoin.org ) was launched in 2011 by an ex-Google software engineer, Charlie Lee, as a fork of the Bitcoin ( https://bitcoin.org ) blockchain. Litecoin lowered Bitcoin’s 10 minute block time to 2.5 minutes, making transaction verification faster and reduced fees to send funds. New York Coin ( https://nycoin.net ) launched in 2014 by an anonymous developer(s) as a fork of the Litecoin blockchain. New York Coin lowered Litecoin’s 2.5 minute block time to 30 seconds, making verification of transactions 5 times faster and completely eliminated fees to send funds. Why are these improvements important? Let’s discuss them in further detail.
All cryptocurrencies are limited by their code in the time it takes to verify a transaction is authentic and not being ‘double-spent’. The fastest that Bitcoin can confirm a transaction is 10 minutes due to the block time written into it’s code. Litecoin improved upon Bitcoin’s transaction speed, reducing confirmation time to 2.5 minutes and New York Coin has gone even further; confirming transactions every 30 seconds. Block time is the fastest a cryptocurrency can confirm that a transaction is legitimate. If cryptocurrency is ever to become a replacement for fiat currency and credit cards, it will need to be fast in order to accommodate daily consumer purchases. How many daily consumer purchases can you think of that could reasonably accommodate a minimum of 10 minutes, or even 2.5 minutes in the case of Litecoin, to verify just one transaction on their blockchain? Not many. A faster block time enables acceptance at more daily consumer, retail-level establishments. Whether it be a restaurant or a gas station. Or any other consumer business. Litecoin improved upon the usability of Bitcoin, making transaction time faster and fees cheaper. New York Coin made further improvements to transaction speed and fees, completely eliminating the latter, and opening the door to retail-level consumer transactions.
The benefit of reduced fees is a little more obvious, but some will still argue that Litecoin’s low fees of only a few cents per transaction are not really relevant. If used for all daily consumer purchases, even small fees add up over time. Will consumers want to wait 5 times longer for every transaction they make throughout the day and pay a few cents extra every time for that added delay, simply because they like the name Litecoin? Rather than pay absolutely no fees and cut their wait time significantly by using a cryptocurrency named NYC? I doubt it. And I’ll give the simple analogy of a metered parking space. You park your car, get out and read the parking meter. It has just 2 options, one that reads ‘Pay’ and another that reads ‘Free’. Which one would you choose? Once cryptocurrencies are actually used in daily life, rather than primarily as speculative investment, I think virtually everyone will choose the ‘Free’ option. It’s a no brainer. You get the same exact service of secure, decentralized, digital money transfer. I think many people would actually wait an extra 2 minutes for the free option. In the case of New York Coin (NYC), you actually save time by making the free choice.
Due to recent code upgrades to New York Coin, all Litecoin miners that verify transactions are authentic can now mine both cryptocurrencies at the same time and receive both Litecoin and New York Coin block rewards, for no additional cost. Merge-mining was implemented in late 2018 to New York Coin codebase which allows all scrypt miners (ex. Litecoin and Dogecoin), which use the same hashing algorithm as New York Coin to also mine NYC at the same time. This code improvement has increased the network hashrate for New York Coin significantly, which helps protect against future 51% attacks, and gives Litecoin or Dogecoin miners the added bonus of earning free New York Coin for their existing efforts. A win-win scenario for both scrypt miners and New York Coin.
Charlie Kartchner, Crypto Writer
167 Mott St
New York, NY 10013
This release was published on openPR.