Memecoin

Memecoin (sign: Σ; abbrv: MEM) is a peer-to-peer cryptocurrency and open source software variant project released under the MIT/X11 license. Inspired by and technically nearly identical to Bitcoin (BTC), Memecoin creation and transfer is based on an open source encryption protocol and is not managed by any central authority. Memecoin is intended by its developers to improve upon Bitcoin and offers three key differences:
the Memecoin network processes a block every 30 Seconds, rather than Bitcoin's 10 minutes, which its developers claim allows for ultra fast transaction confirmation. The network difficulty adjusts every 600 blocks, with the aim for a block to be mined every 30 seconds.
The Memecoin network will produce 200 million Memecoins, or about 10 times as many currency units as will be issued by the Bitcoin network.
Memecoin is based on the Litecoin source code and is based on scrypt in its proof-of-work algorithm: a sequential memory-hard function first conceived by Colin Percival. Its proponents claim that the memory intensive nature of Scrypt reduces the advantage that GPU, FPGA and ASIC mining have over CPU mining (production of Memecoins) when compared to Bitcoin, although currently GPU mining in Memecoin's implementation of Scrypt is 10 times more efficient than CPU mining. FPGA and ASIC implementations are more expensive to create for Scrypt than for SHA-256 as used by Bitcoin.
Each Memecoin is subdivided into 100,000,000 smaller units, defined by eight decimal places.
Transactions
A peer-to-peer network similar to Bitcoin's handles Memecoin's transactions, balances and issuance through Scrypt, the proof-of-work scheme (Memecoins are issued when a small enough hash value is found, at which point a block is created, the process of finding these hashes and creating blocks is called mining). The issuing rate forms a geometric series, the rate halves itself every few thousand blocks starting at 5000 and then again at 10000.
Memecoins are not currently traded for fiat currencies but may be traded for bitcoins, or other mostly on online exchanges. Reversible transactions (such as those with credit cards) are not normally used to buy memecoins as memecoin transactions are irreversible, so there is the danger of chargebacks. As of 28th April 2013, 1 MEM is worth approximately .11 USD or 0.002 Bitcoins.
Addresses
Payments in the Memecoin network are made to addresses, which are based on digital signatures. They are strings of 33 numbers and letters which always begin with the letter J, for example, J85FnYp6myBgEZeNymX6mFC8ZHF1GSxDFN.
Confirmations
Transactions are recorded in the Memecoin blockchain (a ledger held by most clients), a new block is added to the blockchain roughly every 30 seconds (whenever a small enough hash value is found for the proof-of-work scheme), a transaction is usually considered complete after 6 blocks, or 15 minutes, though for smaller transactions, less than 6 blocks may be needed for adequate security.
History
Memecoin was released via an open-source client on Mediafire on May 27th 2013. It was a fork of the Litecoin-Qt client, differing from it only in having a modified block generation time, and slightly modified GUI. The current version of this client (as of 28th May 2013) is v0.6.3c.
See Also
* Anarcho-capitalism
* Anonymous Internet banking
* Complementary currency
* Crypto-anarchism
* Digital currency exchanger
* PPCoin

Main Menu