What is HoboNickels (HBN) Crypto Beginner’s Guide
HoboNickels is a decentralized, blockchain-based cryptocurrency that is similar to Bitcoin, and aims to make online transactions easy and more efficient for the average crypto user. It is an extremely fast cryptocurrency with a Proof of Stake (PoS) block time of two minutes, and aims to be one of the fastest coins on the market.
On top of a fast block time, HoboNickel’s Proof of Stake protocol is also one of the most generous staking algorithms that has ever been released, at 100% yearly ROI. The stake was designed by HoboNickel’s developers to keep the inflation rate of HoboNickel coins, HBNs, low, with the % of stake decreasing as more and more people begin to stake the coin.
Proof of Stake also provides added security for the cryptocurrency, with features such as Automated Block Checkpoints. Users can trade for HBN on cryptocurrency exchanges, such as Cryptopia, or they can mine HoboNickels through the platform’s revolutionary Multi-Wallet functionality. Users need only hold at least one HBN in their wallet for one day, to begin mining.
HoboNickels received their name from a historical pastime and hobby that involved carving nickels, and transforming them into works of art that depicted faces, figures, or landscapes. The logo of HBN is a crypto coin designed and carved in this tradition. It aims to take something from the past as it heads into the future of finances.
The Origins of HoboNickel
HoboNickels were developed through a cloned and customized implementation of the NovaCoin blockchain; NovaCoin is a fork of Peercoin. Essentially, if there were a family tree, Peercoin is HBN’s grandfather, NovaCoin is the father, and similar coins, such as BottleCaps and BitGem, are siblings.
HoboNickels first appeared in July 2013 on bitcointalk.org. HBNs were thought up and created by a member of the cryptocurrency community, and then were handed over to a small team of developers as an intended open group project. Since then, HoboNickels has gained popularity and has become a well-established coin.
Hobonickels and Proof of Stake
Hobonickels operates on the Scrypt hash algorithm for its Proof of Stake protocol. PoS is a more energy-efficient method of securing a coin’s blockchain, compared to its alternative, Proof of Work, which requires hardware and a high amount of computing power and energy.
To mine PoS blocks, a user merely has to hold coins in their wallet, which is connected to the coin’s network. For HoboNickel, users only need to have at least one HBN, and their wallets are matured after just ten days. The longer they hold the coins, the higher the PoS and the higher their investment in HoboNickel and its network. Letting coins age leads to successful staking.
HoboNickels joins a whole world of decentralized, PoS-based cryptocurrencies. However, HoboNickels offers a viable alternative for users that are interested in participating in a network that is more energy efficient and has generous staking algorithms that promise high returns. Since 2013, HoboNickels has been a popular coin on the market, and holds its own against other popular crypto coins such as Bitcoin.