What is Novacoin (NVC)?
Future of NVC Cryptocurrency and know how to buy NVC

#1: What is NVC?

NVC: The Basics

While most altcoins, and even major players like BTC and ETH, use either the Proof of Work (PoW) or the Proof of Stake (PoW) as the only consensus mechanism for their blockchain, Novacoin was designed to enhance and improve blockchain technology by using a custom hybrid of both mechanisms, leading to an innovative, decentralised, and technologically advanced cryptocurrency.

NVC Development

  1. Novacoin was launched on 9th February 2014. It was developed as a fork from Peercoin, lead by developer Balthazar on bitcointalk. Similar to Peercoin, it was one of the first altcoins to use a Scrypt-based Proof of Work and Proof of Stake Hybrid mechanism.
  1. The reason for this was the ease PoW provides in the generation of new coins in the network via mining. However, the Novacoin network will still remain functional even without PoW miners.

 

#2: What are the benefits of Novacoin?

NVC Technology

  1. Novacoin is one of the first altcoins to implement a combination of Proof of Work (PoW) and Proof of Stake (PoS) in its blockchain network’s consensus mechanism. This means that the NVC blockchain network is significantly less resource intensive than a purely PoW based system and being a hybrid implementation, is also resistant to most attacks which purely PoW or PoS systems are vulnerable to.
  1. Novacoin uses the BIP34 hashing algorithm and a Scrypt based implementation of PoW for its consensus mechanism. Novacoin uses the hashcash method to facilitate the proof of work system.
  1. Novacoin uses a hybrid of the coin-age concept, and a custom parameter called the CoinDayWeight to facilitate its PoS mechanism. The CoinDayWeight is similar to coin-age, however, the age is calculated using an offset of 30 days, and it has a maximum limit of 90 days.
  1. The reward-per-block is dynamic in nature, with different functions to calculate rewards for the PoW and the PoS implementations (which can be found here). The reward for PoW blocks is cut in half for every 64th multiple of difficulty, while the interest for PoS blocks is cut in half for every 64th multiple of difficulty.
  1. PoS blocks are spaced 10 minutes apart, while the spacing between PoW blocks depends on the generation rate of PoS blocks, and can be from between 10 to 30 minutes. Current block-rewards are around ~9.38 NVC.

Key Features

  1. Hybrid Consensus Mechanism - Due to Novacoin’s hybrid PoW-PoS implementation, the network itself is much more secure than pure PoW or PoS based systems, as it is resistant to most attacks to which PoW or PoS networks are vulnerable. This also makes the system less resource heavy.
  1. No hard cap on the number of coins - Owing to the structure and development of the blockchain, there is no hard limit on the number of NVC coins that can be generated. The 2 billion limit is only for coding purposes, and can be removed in the future if deemed necessary.
  1. Scrypt Based Algorithm - The scrypt based PoW implementation of Novacoin means that it is resistant to being dominated by mining farms which employ vast arrays of machines specifically designed to mine cryptocurrencies with a certain algorithmic structure (called Application Specific Integrated Circuit cards or ASIC cards), and allows solo CPU or GPU miners to take part in the market as well.

 

#3: How to Buy & store Novacoin?

How to buy Novacoin

  1. NVC coins are traded at a variety of exchanges, such as WEX, Livecoin, YoBit, Cryptopia, and CoinEX, with WEX being the largest by volume. Novacoin can also be purchased in exchange for real-world fiat currency.
  1. Being a PoW/PoS hybrid, NVC coins can also be mined, either by solo-miners or by joining an existing mining pool. It can be mined using either CPU or GPU processors.

NVC Wallet

The Novacoin client can be downloaded from the project’s official Github Page.

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the NVC cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for NVC on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate NVC wallet from the exchange to store your NVC cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of Novacoin?

Also Read: Complete Analysis of Novacoin | Live Novacoin (NVC) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

3.43

3.51

3.35

3.36

3861

7159350

Sep 01, 2017

3.93

4.92

3.85

4.22

15476

7171270

Jan 01, 2017

0.496221

0.645085

0.489679

0.615531

34704

791503

Jul 01, 2016

0.740101

0.768493

0.72473

0.752078

120857

1050830

Jan 01, 2016

0.877535

0.918585

0.876824

0.918141

2134

1103270

Jul 01, 2015

1.09

1.14

0.890489

0.95046

43681

1185970

Dec 01, 2014

0.641296

0.650166

0.626459

0.633876

2464

543045

Mar 01, 2014

7.36

7.88

7.23

7.58

29904

5291430

Dec 01, 2013

25.3

25.88

17.32

21.54

-

12724400

May 01, 2013

4.31

4.6

3.4

3.68

-

1183170

Novacoin has enjoyed a relatively stable run, with fluctuations in accordance with larger market trends as a whole. However, the exchange rate with BTCs has remained relatively stable over time.

 

#5: How is Novacoin different from other cryptos?

  1. The major advantage Novacoin has over other coins such as BTC or ETH is its hybrid consensus mechanism that employs the strengths of both PoS and PoW based networks to build a system that is robust, secure, dynamic, and light on resources. This hybrid approach mitigates most risks pure PoS or PoW systems are vulnerable to.
  1. The ASIC resistant scrypt based PoW approach used in NVC is one of its strong points. This means that solo CPU and GPU miners also have a chance at signing a block, something which is now practically impossible in larger pure PoW based networks like Bitcoin.
  1. The active development community and user network of Novacoin ensure constant demand in the market, and encourage more users to take part in NVC trading and mining.

 

#6: Should you invest in Novacoin?

  1. Novacoin certainly has some polarising characteristics - it claims to have a hard cap of 2 million coins but this can be lifted in the future, so is it really a hard cap? And is the value of your holdings safe in that case?
  2. It may have been amongst the earliest to implement a hybrid approach to its blockchain, but it is far from the only. The market is flooded with such coins now.
  3. Having said that, it is ASIC-resistant, which is certainly more democratic and decentralised in nature and could provide some value boost to the average miners’ fortunes.
  4. While investing in any cryptocurrency is subject to their inherent volatile nature, the innovative technology Novacoin is based on, along with the active development taking place behind the scenes, make it worthwhile coin to look into for investing.
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