BlueCoin is a currency based on the Proof of Stake Velocity system. The P2P cryptocurrency has an initial mining distribution timeline that can last up to 50,000 blocks. Post the mining; the network will become a Proof of Stake algorithm that will recompense participants on the cryptocurrency network at a fixed annual rate of interest of three percent. BlueCoin is a simple and fast way of making payments anywhere in the world.
BlueCoin stands apart because of the cold-staking algorithm. BLU, the token associated with this platform can earn holders an interest even when the coins are stored offline in a secure place. BlueCoin can be transacted using an encrypted offline Bluetooth network which means that transactions can happen even without an internet connection. BlueCoin can become that much-desired currency which is truly free and without any censorship controls acting on it.
Low inflation is another key feature of BlueCoin. The supply of this currency inflates at just three per cent per annum. It compensates the holders who do verification of the network while energizing the economy simultaneously. BlueCoin is inexpensive and helps in faster and instant transactions. Conformations can happen in 60 seconds or even less. All transactions are protected by the hashing capability of Litecoin. It costs just a fraction of a penny to send payment with BLU currency.
The cold-staking technology that BlueCoin employs ensures that currency holders get interest paid for supporting the BLU network without having to compromise their holdings. It is like having your own bank without the need of any safe or locker.
BlueCoin was also developed and designed as an environment supportive currency. It makes use of X11 for the proof of work(PoW) mining algorithm. This is a desirable situation as the process is known to consume less electricity and energy when compared to other mining algorithms. BlueCoin combines 11 has functions of different types which results in decentralizing the network. These 11 different functions come with varying computational needs and hardware systems which makes mining equipment tough to manage and operate.
BlueCoin is also associated with the Blue Wells Project. It has been conceptualized to build wells in Africa. Water filters with straws will also be distributed under the project. The BlueCoin Community wants to ensure that clean water is accessible to the needy. Many such projects are there on the anvil.
The BLU in circulation at present is 574,683,675 and it has a market cap of $8,659,736. The currency is being traded at $0.015069 and is ranked 414 in the cryptocurrency market.
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