Phoenixcoin is an open-source, decentralized, peer to peer digital currency released in May 2013. It is primarily designed as an improvement to the Litecoin cryptocurrency. It uses PXC as its trading code and is based on the Scrypt algorithm. It aims to ensure faster, reliable and secure online transactions. The company has been adapting itself to the latest technologies to make sure every individual can benefit and use it as a medium to transfer money to any part of the world.
Phoenixcoin is the first NeoScrypt powered cryptocoin and is based on the Proof of Work (PoW) algorithm. It comes with specifications Neo Scrypt (N = 128, r = 2, p = 1, etc.)- and will produce a maximum of 98 million PXC coins. It has a block target of 1.5 minutes which will help generate blocks in a rapid way. The reward will be halved after every million blocks and the difficulty adjustment will be done after every 20 blocks. Phoenix wallet is available on Windows, Linux, and Mac operating systems.
There is no necessity of investing in expensive hardware for mining. It is a popular and trustable way to send and receive money across any location in the world.
Considering the specifications, PXC can be advantageous even to the solo miners. The difficulty level is about 3.3001 which adjusts every 20 blocks and with some effort, solo miners can be handsomely rewarded. Pool mining does not require much effort although they have a pay a pool transaction fee. Since there could be much fluctuations, users can use the Phoenixcoin calculator, available on the website, to get an approximate figure of their annual earnings.
Phoenixcoin uses PPLNS reward system. PPLNS means Pay Per Last N Shares which is a far improved type over the proportional system currently being used. The present system is beneficial to the pool hoppers who keep shifting from one pool to another and are benefited each time when a block is rewarded. This gave them more profits over the loyal members. PPLNS does not consider pool hoppers while rewards are calculated.
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