NeuCoin

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NeuCoin logo

NeuCoin was a Paris-based cryptocurrency announced in February 2015 by Daniel Kaufman. It is a fork from Peercoin[1] and is thus a proof-of-stake (POS) coin that pays interest as it is staked.

Main information[edit]

  • Country: France
  • Headquarter: Paris
  • Type: Financial Services
  • Round: Seed
  • Cost: $1.25 million
  • Date: 3-Feb-2015
  • Investors: Patrik Stymne, Emil Michael, Henrik Kjellberg

Description[edit]

NeuCoin NEU ICO

The currency was launched on September 23, 2015. The currency had a team of ten founders of backgrounds in various industries, as well as a million dollars in investment from angel investors. In April 2015, NeuCoin presold 100 million NeuCoins to future users in exchange for 4,012 Bitcoins. In December 2015, NeuCoin launched a tipping platform on the internet radio service Jango and a Facebook game called Solitaire Racer. In September 2016, NeuCoin launched a second Facebook game called SongQuest.[2]

On 25 November 2016, NeuCoin announced that its Foundation would "cease supporting NeuCoin services, destroy its remaining coins and dissolve itself".

What was NeuCoin ?[edit]

A decentralized cryptocurrency designed for online microtransactions

  • easy and useful for regular consumers
  • free to get started with close to zero friction
  • distributed to all who grow its value and utility
  • developing tangible utility over traditional currencies by creating platforms for online microtransactions
  • secure, efficient and decentralized in the long-run based on an innovative proof-of-stake technology
  • supported by a well-funded non-profit foundation dedicated to maximizing its utility
  • founded by a team who have launched multiple consumer services with millions of users
  • backed by highly accomplished strategic angel investors
  • $2.25 million in initial funding
  • 100 million NeuCoin tokens presold to future users for 4,012 Bitcoins
  • launched in September 2015
  • first consumer applications launched in December 2015: the Solitaire Racer game on Facebook and an artist tipping platform on Jango Internet Radio
  • second Facebook game, SongQuest, launched in September 2016[3]

Strategic Plan[edit]

The company described its plan as follows:

Foundation will pay large bounties to integrate with service providers that make it more useful: game publishers and premium digital content providers (#1 priority) exchanges (#2 priority, in all geographic markets), payment processors, cryptocurrency wallets, and international remittance providers. The foundation will also distribute small amounts of NeuCoins for free to large numbers of consumers to try it out "in exchange for consumers engaging with, trying out, and learning about NeuCoin" citing a “freemium,” user acquisition strategy.

In December 2015, NeuCoin launched a tipping platform for emerging artists on the internet radio service Jango and a NeuCoin-integrated Facebook game called Solitaire Racer. On January 18, NeuCoin announced that Solitaire Racer and Jango had acquired over 50,000 NeuCoin users in their first 4 weeks and were growing by more than 1,000 users a day. On March 11, 2016, NeuCoin announced that Solitaire Racer and Jango had acquired over 275,000 NeuCoin users, growing by 8,000 users a day.[4] In September 2016, NeuCoin launched a second NeuCoin-integrated game on Facebook called SongQuest

Proof-of-Work or Proof-of-Stake ?[edit]

The company described its business model as follows: NeuCoin uses an innovative PoS model with high minting awards. Over the first 10 years, the supply of NeuCoin tokens will grow from the 3 billion pre-mine (held by the NeuCoin Foundation) to approximately 100 billion – with the vast majority of the growth coming from PoS awards. PoW is for year one, as 5 millions Neucoin per month. On March 14, 2016, NeuCoin announced that the NeuCoin foundation's holdings would be cut from 3.2 billion coins to 1 billion coins by destroying 2.2 billion coins, and that a revised mining pareticipation forecast put expected total coin supply in 10 years at 10 billion rather than 100 billion as previously projected.

Neucoin PoS rewards over time:

Month Block height Annual rate
1 0 100.00%
2 43836 97.54%
3 87672 95.93%
4 131508 94.35%
5 175344 92.78%
6 219180 91.24%
7 263013 89.72%
8 306852 88.23%
9 350688 86.75%
10 394524 85.30%
11 438360 83.86%
12 482196 82.45%
24 1008228 67.02%
36 1534260 54.06%
48 2060292 43.18%
60 2582324 34.04%
72 3112356 26.36%
84 3638388 19.92%
96 4164420 14.50%
108 4690452 9.96%
120 5216484 6.00%

NeuCoin block time is 1 minute, primarily to benefit users who appreciate one relatively quick (though not very reliable) confirmation for transaction processing. In addition, having a shorter block time does increase security for some types of attacks.[5]

External links[edit]

See Also on BitcoinWiki[edit]

References[edit]

  1. NeuCoin Whitepaper Outlines the Math Needed for Proof-of-Stake to go Mainstream]
  2. NeuCoin Project Update - SongQuest game released; difficult conditions persist
  3. NeuCoin Project Update - SongQuest game released; difficult conditions persist
  4. Over 275,000 users 3 months after launch of consumer apps
  5. NeuCoin - White Paper