Infinitecoin

Infinitecoin (code: IFC) is a peer-to-peer cryptocurrency and open source software project. It is the same as Litecoin (which was in turn inspired by Bitcoin), except that it will have 1142.86 times as many coins, and the difficulty with which coins are produced is adjusted more frequently.
Infinitecoin and Litecoin use scrypt hash function for proof-of-work introduced by Colin Percival. Bitcoin employs a different hash function, SHA-256. Infinitecoin network adjusts hashing difficulty every hour to maintain given block generation speed, and this process is known as retargeting. Litecoin and Bitcoin feature slower 2016 block retarget rate. The difficulty is adjusted according to increase or decrease of total network computational power which is called hash rate.
Transactions
Every block on the Infinitecoin network contains transactions. The process of block generation, known as mining commonly, requires significant computational resources. In order to encourage mining activities, every node which manages to generate a valid block is awarded with generation fee of 524,288 IFC, though this value halves every month. The generating node is also awarded with all transaction fees, i.e. small optional payments issued by senders to get their transactions processed at higher priority. The total supply of Infintecoins is finite and estimated at 96 billion.
Addresses
Payments on the Infinitecoin network are made to unique addresses which are based on digital signatures. They appear as strings of 34 characters which always begin with i. For example, iHpfxH5s4Ek12Cf4t85FR7iJYLG1fUJ3R6. Every address corresponds to a unique private key known by the owner only. It is practically impossible to find out a private key using a brute-force attack.
Confirmations
Transactions are contained in blocks. Every valid block is added to the network block chain. Every next block references one previous block, thus a chain is created. A transaction is considered complete after 3 confirmations usually, i.e. when 3 blocks have been added to the block chain after the block containing this transaction. Although this is not mandatory and confirmation policies may vary among receivers. The block target is 30 seconds, i.e. transfers are significantly faster than those for Bitcoins (approximately 10 minutes.)
History
Infinitecoin was announced on 5 June 2013 on the Bitcointalk.org forum. The first block was released immediately thereafter, i.e. no premium mining existed.
Major markets
* Coins-E cryptocurrency exchange
* Cryptsy cryptocurrency exchange

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See Also

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