LanaCoin (LANA)

LanaCoin Overview

LanaCoin (LANA) is a hybrid cryptocurrency using both Proof of Work (PoW) and Proof of Stake (PoS) systems. LanaCoin (LANA) is on SHA-256 algorithm. LanaCoin is a personalized digital coin. This idea of creating a personalized crypto coin is not new. It has been done before the creation of LanaCoin. The LanaCoin network is gradually becoming a global network.

System of LanaCoin

LanaCoin is a Proof of Stake (PoS) and Proof of Work (PoW) based digital currency. The ticker of LanaCoin is LANA. It is a hybrid of PoW, PoS type cryptocurrency. The Proof of Work algorithm of LanaCoin is SHA-256D with Proof of Stake block hashing of SHA-256D. The maximum number of coins in LanaCoin is proposed to be released is 7,506,000,000 or 7.5 billion or more. The proposed reward for Proof of Work is 10000 LANA without any halving. The last Proof of work block is 750000 which would take approximately 7 years. The proposed reward for Proof of Stake is 1000 LANA with 7% annual interest. The Proof of Stake rewards will begin halving from 525600, which will take approximately 5 years. This halving will be just for the fixed reward of 1000 LANA. The seven percent interest will remain the same without being subjected to halving.

The minimum age for Proof of Stake is seven hours, whereas the maximum age for Proof of Stake is unlimited. The block time target is 5 minutes. The difficulty retargeting will on every block. The coin base maturity will take place at 100 blocks. The recommended minimum confirmation for a transaction is five.

LanaCoin is a peer to peer port 7506 with Remote Procedure Call (RPC) port 5706. It also has Testnet peer to peer port of 17506 and Testnet Remote Procedural Call (RPC) port of 15706. The estimated number of coins in existence after the end of Proof of Work will be 4,608,900,000, which of course is a very rough estimate, depending on a number of people who would be staking and some more factors.

Process of LanaCoin

LanaCoin (LANA) is a mineable coin. There are dedicated LanaCoin mining pools for the convenience of LANA miners. All the mining pools are user-friendly mining clients with very low fees for mining LANA. Mining LanaCoin is easy on the official mining pool of LanaCoin. This mining pool is powered by Nomp. The miners need not go through any process of registration. The miner needs to install al Lana wallet to obtain a LanaCoin address. Mining can be done with SHA-256 compatible ASIC device. The mining payouts are automatic.

Potential of LanaCoin

LanaCoin is a personalized cryptocurrency and this is a continuation of a new trend. LanaCoin has a good potential because of this new approach.