What is 42-Coin (42)? Crypto Beginner’s Guide
42-Coin is a cryptocurrency with a unique deflationary emission model. Its blockchain-based platform values fair distribution and transparency and has measures in place to ensure that the 42-Coin is extremely rare and has real deflation. 42 is the first coin with deflation that works on a protocol-level.
42 also values decentralization, and it is important to the platform not to be controlled by any central figure or authority. With both private and public transaction support, it is based on an open-source peer-to-peer internet system. It also employs a hybrid system of Proof of Work (PoW) and Proof of Stake (PoS) generation methods.
Given the number that names the cryptocurrency and its supporting platform, 42 upholds the belief that the number 42 is the answer to everything. Therefore, everything associated with the coin involves the number 42: number of transactions to block confirmation is 7/42, its minimum stake age is 42, and the maximum amount of coins that can be brought into existence is 42; hence why the coin is extremely rare, which increases its value.
Ultimately, 42 aims to go into history as the cryptocurrency that has the highest face value.
What Makes 42-Coin (42) Different
42 is the first coin with deflation that is employed on a protocol-level. By being deflationary, the 42 network ensures that its coin continues to be rare and that inflation will be nearly impossible, as it is impossible to generate a large number of 42 coins.
42-Coin also has an intense focus on fair distribution. It never had an ICO, an initial coin offering, and all of its coins are mined by its users, making the coin extremely rare. When users enact the initial mining of the cryptocurrency, a hashcash method is used to provide proof of the work, and the difficulty of this work is adjusted so new blocks can be generated.
All transactions utilizing the coins are permanently recorded on the network through items called blocks. 42 also uses Proof of Stake to keep track of the use, or ownership, of the currency itself. A combination of these protocols ensures that 42 keeps track of the creation and development of its coin.
The 42 Coin
While 42 is listed on some cryptocurrency exchanges, the coin is a very rare form of cryptocurrency. The 42 coin price is extremely high; in January 2018, it achieved a price of over 10,000 USD per coin. At its peak value in 2014, 42 was traded at 1,900 BTC for one coin, and at the time, only 0.8 coins were in circulation, making it the first coin to exceed the price of 1 million USD, with less than one whole coin in circulation.
While 42 is extremely expensive, it does offer a unique opportunity for those who are interested in it. 42 showcases the potential of cryptocurrencies; while still valuing security and decentralization, the coin is an example of how valuable and rare these crypto coins can be. By ensuring that 42 is deflationary and by limiting its numbers to exactly 42, the cryptocurrency shows just how far limits can be stretched.