Type: PoW/Pos hybrid
PoW algorithm: Blake2s (read more)
Difficulty retarget: Every block
Block target: 91 seconds
Block reward: 5 NEVA
P2P Prot: 7391
Coinbase maturity: 25 blocks
Block reward halving: every 2628000 blocks (approx 7 years, probably less)
Last PoW block: 5256000 (in approx 14 years)
Max coins: 26 280 000 NEVAs (this amount will be reached at block 131400000, or in roughly 350 years)
What is Nevacoin?
By design it is a borderless, unforgable, fast and secure mechanism of transporting value accross the internet without the need of a third party or a centralized authority
The coin was created as a gift for my girlfriend Neva for her 25th birthday. The genesis block was created on the exact minute of birth, certain network parameters also include the numerology of the date (for example the P2P port number is 7391, which translates to 7.march 91).
Genesis block parameters, excerpt from the source code:
const char* pszTimestamp = "Happy 25th birthday Neva!!!";
genesis.nTime = 1457344680;
genesis.nNonce = 367128;
assert(hashGenesisBlock == uint256("0x0000067865dd821b9f8b2dcdfb367c9d1344d3335fa6fc6d7940b026b88169a6"));
As a huge fan of cryptocurrencies I decided to create this for various reasons:
- It is a cool gift that lasts forever and it keeps on giving :)
- I wanted to alert the world to the existence of these technologies, more people that learn about nevacoin will also learn more about bitcoin and others and the philosophy of decentralized truly free market money for the people. In my opinion a cute heart shaped symbol and the story behind it might catch attention, especially from the female part of the population (that is really missing out in the cryptocurrency sphere at the moment).
- Because I can. Thanks to Satoshi Nakamoto, bitcoin is open source technology, allowing us to make modified clones.
Nevacoin had a FAIR LAUNCH and NO PREMINE. I as the creator did not accumulate any extra amount of coins and had to participate in the mining process as everyone else to aquire coins.
More about Nevacoin
It is actually a fork of the succesfull altcoin called Blackcoin (which was forked from Novacoin wich was forked from Peercoin which was forked from Bitcoin).
Some of the more important changes from Blackcoin:
1. Blake2s hashing algorithm
Nevacoin uses the Blake2s hashing algorithm (Blackcoin uses scrypt). The benefits of this algorithm is that it is new in the cryptocurrency world, there are no ASIC devices available yet for Blake2s meaning that Nevacoin is still minable with a normal computers CPU. Although there are GPU miners already available, CPU mining is still profitable.
Another gain from the blake2s algorithm compared to scrypt is that it is less cpu intensive, ecpecially for low-end devices, for example raspberry-pi devices and simmilar.
2. Different reward mining schedule
Nevacoin is programed to allow Proof Of Work mining (which means mining using CPU/GPU) for a much greater time than Blackcoin and other PoS coins. The protocol will stop accepting PoW blocks at block height 5256000 (which translates approximately in the year 2030). There is a vote open for this on the forum, this feature might be removed compleately allowing "normal" PoW mining forever.
The goal of this is to allow a fair long term distribution of the coin to people that might discover it years in the future. The beauty of PoW mining is, that anyone with a CPU can aquire some coins. You do not need to buy them somewhere first to begin Proof Of Stake Mining.
For those new in the cryptocurrency world, most PoS coins are open for usual PoW mining for a very short time frame (a few weeks, months...). I find this annoying and that is why I changed this part in Nevacoin.
Another argument could be that the coin is more secure if it has two methods of mining behind it.
3. Slower emission and longer block time target
A block in the Nevacoin network is on average supposed to be mined every 91 seconds (blackcoin uses 60s blocktime). The goal was to slow the network down a bit to avoid block propagation time problems in the long run.
The mining reward in Nevacoin is 5 NEVA(coins). The reward will be halved every 7 years (every 2628000 blocks).
Until the first halving in 2025 exactly 13140000 NEVAs will be mined. In the next 7 years 6570000 NEVAs and so on. In 50 halving intervals (approximately 350 years) almost all the coins will be mined.
A suprisingly strong netowk developed
From its creation in March 2016 the node count increased considerably. For some reason users from Brazil and Russia are very active. The node distribution is very healthy and equaly distibuted across the world.
New Exchanges on the horizon
Nevacoin works well but there is always rooms for improvement. There is always a new release in the works to optimize the network further.
I prefer to remain pseudo-anonymous, but I am always available at:
(for secure end-to-end encrypted communication use this email provider: Tutanota)