Let me introduce myself first. My name is Nawazish. I am a team member of a cryptocurrency called Phoenixcoin (PXC).
Introduction to Phoenixcoin(PXC):
Phoenixcoin is an open source decentralised P2P cryptocurrency. It was released in May of 2013 as a further development of Litecoin, a popular fork of Bitcoin. Phoenixcoin together with Feathercoin and Worldcoin founded the UNOCS (United Open Currency Solutions), an alliance aimed at joint development and promotion of these cryptocurencies. Unfortunately, the alliance fell apart by September of 2013 due to many development and management related mistakes. The lead developer, project supervisor and community manager quit soon after the UNOCS collapse. The new lead developer is John Doering aka Ghostlander who pushes Phoenixcoin forward with a high level of transparency and community involvement.
Phoenixcoin is a digital currency for everyone. No need to buy very expensive hardware to generate (mine) it. Popular computer video cards and even processors do the job just fine. Only 9% of the total coin supply have been produced by this moment. In general, Phoenixcoin is an easy, fast and reliable way to send money worldwide.
Our web site: http://phoenixcoin.org
standard scrypt (N = 1024, r = 1, p = 1, etc.)
~98 million total coins
block target is 1.5 minutes
block reward is 50 coins
block reward halves every 1 million blocks
retargets every 20 blocks (~30 minutes)
2% max. change on every retarget
advanced averaging: 100 + 500 blocks 0.1 damped
advanced checkpointing against 51% attacks
the default P2P port is 9555, RPC port is 9554
Introduction to Cryptocurrencies/Cryptocoins:
Cryptocurrencies use peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of coins is carried out collectively by the network. Almost all of the crypotcurrencies are open-source; Their design is public, nobody owns or controls coins and everyone can take part. Through many of their unique properties, Cryptocoins allow exciting uses that could not be covered by any previous payment systems.
Some of the great features of them are,
1. Instant Peer to Peer Transfer
2. Worldwide transfer with in minutes.
3. Very low transaction fees.
How Phoenixcoin/Cryptocurrencies work?
As a new user, you can get started with Phoenixcoin without understanding the technical details. Once you have installed a phoenixcoin wallet on your computer, it will generate your first Phoenixcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Phoenixcoin addresses should only be used once but it's on the user if he wants to keep using the old address or not.
The block chain is a shared public ledger on which the entire Phoenixcoin network relies. All confirmed transactions are included in the block chain. This way, Phoenixcoin wallets can calculate their spendable balance and new transactions. The integrity and the chronological order of the block chain are enforced with cryptography. http://explorer.phoenixcoin.org/ allows you to navigate the Phoenixcoin's blockchain.
A transaction is a transfer of value between Phoenixcoin wallets that gets included in the block chain. Phoenixcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 2 minutes, through a process called mining. All the transaction are irreversible and can't be undone.
Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It is the process of making computer hardware do mathematical calculations for the Bitcoin network to confirm transactions and increase security. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends. As a reward miners can collect transaction fees for the transactions they confirm, along with newly created Phoenixcoins. Mining is a specialized and competitive market where the rewards are divided up according to how much calculation is done.
Trading is the process of selling and buying your coins. Trading can be done on Cryptocoin Exchanges where people can buy and sell. currently https://www.cryptsy.com/ & https://www.coinex.pw are the two Exchanges that offer variety of Cryptocoins to be Exchanged against Bitcoin(BTC) & Litecoin(LTC). Once you get Bitcoin or Litecoin you can then trade them to USD or EUR using https://btc-e.com/ or https://crypto-trade.com/
In Short Trading is the life of these coins because this is the reason they even exist and have some value.
To see the average trading value of various coins see this site. http://coinmarketcap.com/
6.Pricing and Market Behaviour:
The Market behaviour is directly proportional to the developement of the coin. If the coin developers keep developing new services for it people start investing in the coin thus making the price rise. But when there is no or slow developement with no big goals people start moving away and selling there coins that makes the prices to sink down. In short prices completely depend on the interest of people.
Want to test how this all works?
Just download the wallet and post your PXC wallet address here and you will get 2 PXC to try how this all works. We will help you in learning more.
PXC address looks something like this PiMThaAFshQB6WA3cujWAVVNxCqudU5bPb
Download the appropriate version as per your computer's Architecture.
Download link for Windows x64(64Bit): http://phoenixcoin.org/downloads/phoenixcoin-win64-0.6.5.0.zip
Download link for Windows x86(32Bit): http://phoenixcoin.org/downloads/phoenixcoin-win-0.6.5.0.zip
How to use it?
1.After you have downloaded the wallet's zip file extract it to any where you like.
2.Execute the phoenixcoin-qt.exe and wait for the wallet to sync with the network and download the complete blockchain. it can take upto 30 mins on a 1mbps connection.
3.After the wallet has synced click on the Receive coins tab. Here you will see your wallets address. Copy paste it here and wait for me to send the coins to you.
4.Go to the links I mentioned above and do what ever you want with them. In short Enjoy the 2 free PXCs.
5.Get back to work now.
Questions & Answers:
Have some questions? Just ask them here and they will be answered right away.
I am not a native English speaker.
Edited by nawazish1, 18 January 2014 - 05:01 AM.