Review on NewYorkCoin by gregori cordova
a broadly decentralized project ideal for businesses and retailers due to its enormous scalability
In the cryptographic environment, there are certain projects that share similar stories, especially in terms of their foundation and market launch, such as bitcoin and newyorkcoin, since the whereabouts of their creators is unknown until now. This is something very peculiar in the market, and at the same time it represents a project with high levels of decentralization because it is the community itself that is in charge of taking the reins of the entire ecosystem. Newyorkcoin is an open source project with a POW consensus system, with the use of the Scrypt hash algorithm, which means that it can be mined and the requirement to do so does not usually need powerful equipment. Its purpose is mainly focused to serve as a currency for use in businesses and retail stores since it has enormous levels of scalability, being able to carry out transactions in less than 30 seconds and mostly without any type of commissions, which represents for that market a huge advantage. Since it is an open source project, each transaction with Your associated NYC cryptocurrency can be viewed directly in an associated block explorer on the platform. Although they do not have their own wallet, users can store their NYC in multiple wallets such as coinomi and other more popular ones on the market.
Although the project was inactive for a while, it was not until 2017 when a group of enthusiasts began to develop the project and today there is a growing community that is constantly updated and shows the progress they are making. Newyorkcoin today is one of those widely decentralized projects with a focus on P2P transactions due to its advantage of offering ultra-fast transactions.
Pros
- The NYC cryptocurrency can be mined without the need for equipment with too much power and minimizing energy consumption
- The transactions when using NYC are only 30 seconds, which makes it much more scalable than bitcoin or litecoin without the need for many confirmations
- The project has a section where anyone interested can apply to be part of the team of new talents
- The project has its own block explorer integrated into the platform
- Something very valuable about NYC is that there are no costs when making transactions, only in cases where the transaction is very small or very large is some type of commission charged
Cons
- The NYC cryptocurrency is not available on very popular and reputable exchanges.
- The NYC price continues to be extremely low and has not had very positive fluctuations in recent months
