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Template:Infobox currency Anoncoin (code: ANC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license.[1] Inspired by and technically nearly identical to Litecoin (LTC), [2] Anoncoin creation and transfer is based on an open source encryption protocol and is not managed by any central authority.[3] Anoncoin is intended by its developers to improve upon Bitcoin[4] and offers three key differences for the moment. Faster transactions, darknet support and coin control. Each Anoncoin is subdivided into 280,000,000 smaller units, defined by eight decimal places.

Besides from other clients, Anoncoin got native I2P support as well as the normal TCP/IP transport layer. As of (not released yet) Anoncoin has implementated coincontrol as well.


[edit] Differences from Bitcoin

Anoncoin offers three key differences from Bitcoin, which its developers hope will make it better than Bitcoin.

  • The Anoncoin network aims to process a block every 3.4 minutes, rather than Bitcoin's 10 minutes, which its developers claim allows for faster transaction confirmation.[1][5] The network difficulty adjusts according to hashing power available, as the aim is for a block to be mined every 30 seconds.
  • Anoncoin uses scrypt in its proof-of-work algorithm: a sequential memory-hard function first conceived by Colin Percival.[6] The original intended benefit of using scrypt was to avoid giving advantage to GPU, FPGA and ASIC miners over CPU miners, which occurs in the Bitcoin protocol. However, this turned out to be an incorrect assumption: GPU mining in Anoncoin's implementation of scrypt is currently ten times more efficient than CPU mining.CPU~60kH/s;GPU~780kH/s. FPGA and ASIC implementations are more expensive to create for scrypt than for SHA-256, which is used in the Bitcoin protocol.[7]
  • The Anoncoin network will produce 4.2 million Anoncoins, which is much less than Bitcoin.

[edit] Transactions

A peer-to-peer network similar to Bitcoin's handles Anoncoin's transactions, balances and issuance through scrypt, the proof-of-work scheme (Anoncoins are issued when a small enough hash value is found, at which point a block is created, the process of finding these hashes and creating blocks is called mining). The issuing rate forms a geometric series, and the rate declines by 1% every week (every 20,160 blocks).

Anoncoins are currently traded primarily for both fiat currencies and Bitcoins, mostly on online exchanges. Reversible transactions (such as those with credit cards) are not normally used to buy Anoncoins as Anoncoin transactions are irreversible, to avoid the danger of chargebacks.[8]

[edit] Addresses

Payments in the Anoncoin network are made to addresses, which are based on digital signatures. They are strings of 33 numbers and letters which always begin with the letter A, for example, ALoveQ9dBZVAbnSHHAooYZum7KZrxzCXkD.[9]

[edit] Confirmations

Transactions are recorded in the Anoncoin blockchain (a ledger held by most clients), a new block is added to the blockchain roughly every 3 minutes (whenever a small enough hash value is found for the proof-of-work scheme), a transaction is usually considered complete after 6 blocks, or 18 minutes.

[edit] History

[edit] Introduction

Anoncoin was released via an open-source client on GitHub on June 6th, 2013. It was a fork of the Litecoin-Qt client, differing from it only in having a modified block generation time, different hashing algorithm, and slightly modified GUI.[10]

The genesis block was made by Meeh on 2 June 2013, with the following content as timestamp: "02/Jun/2013: The Universe, we're all one. But really, f*** the Central banks. - Anonymous 420".

The coin has been in active development, and have had four major upgrades in its short lifetime. The current version of this client (as of 12th Oct 2013) is v0.8.5.5.[11]Template:Update after

[edit] Media Mentions

More recently Anoncoin has been covered in the news as a Bitcoin alternative after the arrest of the Silkroad owner.[12]

[edit] Software Development

The Anoncoin Developers have a new release in the works which include graphical updates to the Anoncoin wallet. The developers and the rest of the team are Meeh, K1773R, Gnosis-, JackOfAll and BroTroxer.

[edit] Anoncoin Communication

Anoncoin has presence in two places on the web for communcation, specifically chat. The first is on IRC at I2P or, channel #anoncoin. The second is the Forum, at the Anoncoin Forum.

[edit] Major markets

Anoncoin can be traded for other currencies through various online exchanges.

[edit] See also

Template:Commons category Template:Portal


[edit] References

  1. 1.0 1.1, June 2013. Retrieved on 6 June 2013.
  2. (April 13, 2013). Mining digital gold. The Economist. The Economist Newspaper. Retrieved April 27, 2013.
  3. Satoshi, Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved on 24 April 2013.
  4. Simonite, Tom. Bitcoin Isn’t the Only Cryptocurrency in Town. Retrieved on 24 April 2013.
  5. arstechnica, Wary of Bitcoin? A guide to some other cryptocurrencies, 12-05-2013
  6. Percival, Colin. Stronger Key Derivation Via Sequential Memory-Hard Functions. Retrieved on 24 April 2013.
  7. Coventry, Alex. Nooshare. MIT. Retrieved on 21 October 2012. “These hash functions can be tuned to require rapid access a very large memory space, making them particularly hard to optimize to specialized massively parallel hardware.”
  8. (21 October 2012). Comparison of online payment methods. Blockchain. Retrieved April 27, 2013.
  9. [ Anoncoin Block Explorer], 30-09-2013
  10. Search Results: Anoncoin. Abe Search. Retrieved on 30 September 2013.
  11. Anoncoin-project: Anoncoin: Download Packages. 3rd October 2013.
  12. (September 30, 2013). [1]. The arrest of the person behind Silkroad

[edit] External links

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