$ 17,612.1 right now
Trade name: 42
Year of Foundation: 2014
What is 42coin?
This is a new token in the cryptosphere. It a crypto-coin that is scrypt based and which produces blocks every 42 seconds which explains the name 42. It is a very rare cryptocurrency based on a whole new level for crypto ideas. It has a unique deflationary emission model with fair distribution; this means there is no ICO and no premise or instamine and it supports both private and public transactions.
The concept for the coin is based on an open source P2P internet protocol as well as the hybrid blockchain generation method, proof-of-work/proof-of-stake for the extra security feature.
How does it work?
The coin works in a straightforward manner in which, the structure of 6 fields represents each block. These are the versions, hashPrevBlock, hashMerkleRoot, nTime, nBits, and nonce. The first two demand manual is modifying. The third can be adjusted through modification, removal, and addition of transaction. NTime can be updated manually to any value whereas nBits should not be updated. For the last field, you need to update for every new hashing attempt.
To create the coin, you have to scan all available inputs to find a lucky one that satisfies the SHA256 (kernel)<coindayweight.
The miner has to find the SHA256 hash that is hidden under the target value. A valid proof-of-stake will present the hashing result.
The miners are rewarded from transaction costs which they share.
History of 42coin
This is one of the latest technologies in the cryptosphere which was introduced in early 2014 by a developer named hendo420. The idea behind it was to develop a scarce coin that could allow for only 42 coins to be mined. The coin developer, however, gave up in the coin towards the end of May that same year giving his one explanations, though it was apparent that the price drop and the fact that the coin did not circulate well was the main reason.
He handed it to soopy452000, which also surrendered shortly after transferring the responsibility to wood coin in July 2015 which it abandoned again.
In October 2015 hendo420 came back promising to revive it but went silent for over seven months after closing all threads. It was restored in June 2016 by another user Lasergun. This time the community voted to bring the original idea and add P-o-S as a method for confirming transactions.
How to use
The coin can be traded on the specific exchanges. These exchanges include cryptopia, livecoin.net, tradesatoshi.com, coinsmarket.com, and novaexchange.com. It can be traded against other altcoins or any fiat currency.
How much does 42coin cost?
The coin has been on the market since 2014 and traded ever since. There is no ICO, but instead, the developers have preferred fair price formation through supply and demand. At the start, the price was at $1,063M or 1197 bitcoin.
Though the price reduced sharply to $40, it has been rising steadily since 42 tokens were reintroduced and now you can see the current price of 42coin in the graph below.
Market capitalization of 42coin in the beginning of June was 1,012.712 USD.