What is Acoin (ACOIN) – Crypto Beginner’s Guide
The cryptocurrency market is full of innovative technology and ever-growing solutions to problems. Many developers in more recent years have taken it upon themselves to create cryptocurrencies that are faster, more secure, and remain decentralized. Acoin is a decentralized, peer-to-peer currency that allows for instant payments between anyone globally.
Released in 2014, Acoin is an open source cryptocurrency that employs peer-to-peer technology so that it can function without any kind of centralization. The key to decentralization is that it allows speedy and private transactions, and it also cuts out the necessities of intermediaries who charge high processing fees. Acoin utilizes this process to facilitate secure transactions between individuals all over the world. Thanks to requiring only 6 confirmations per transaction, transactions speeds are quick. The open source software that enables the use of the currency is Acoin Core.
The development process for this coin is outlined on the GitHub account, which seems to possess the most information regarding the currency. Acoin looks like it will be run with the community in mind, although it does not have 100% community governance, it seems like the community will influence some changes.
Developers can work within their own trees and submit requests to fix bugs or implement a new feature. If the submission is that of a small or non-controversial change, a member of the Acoin development team will approve it. This is a good policy, as it will make sure that small features and important bug fixes are implemented quickly and efficiently without requiring too much time from the community at large.
Bigger changes, however, be they large features or more controversial moves, will be determined by the community. Developers will be asked to start a discussion on the Acoin mailing list, which will involve the community. Once the community finds a consensus on the proposed change, a decision will be made. This will allow the community to remain involved with the future of the currency.
Designed specifically to be a rare currency, only 1,600,000ACOIN will be issued, although the exact amount may be affected by the reward system. Acoin’s reward system is designed to accommodate a Super Rewards system which awards 2x – 10x the normal block reward for every one in ten blocks. Coin rewards will start at one and halve every six months.
Unfortunately, Acoin’s website doesn’t offer a lot of information regarding the specifics of its development, programing, or mining options. It doesn’t have a white paper listed, and there isn’t a lot of specific information available for people who are just trying to survey the coin. It is, however, tradable on bigger exchanges like Cryptopia and the developers are open to discussion via both the official webpage and the Bitcoin Forum. As an alternative to Bitcoin, it probably remains to be seen how successful it will be, but in terms of community development and rarity, it may be worth further investigation by cryptocurrency enthusiasts.