Whitepaper
Fionn Coin
Preamble
Fionn Coin is the result of our joint efforts to develop a new better coin that can serve as a good alternative to the gold standard Bitcoin. Various alternative currencies have come and gone. Some brought innovation, but they all had problems. Fionn Coin is a peer-to-peer internet currency that allows instant, nearly free payments to anyone in the world. Fionn Coin is a global payment network that is fully decentralized and has no central authorities. No one can counterfeit transactions, initiate chargebacks, or seize funds. Not even a state. While this makes it harder to retrieve lost money, it also makes it harder to lose your money. With enough care, this coin is a far more practical alternative to FIAT money. The math secures the network and empowers individuals to control their own finances. Fionn Coin offers faster transaction confirmation times and better storage efficiency than the leading math-based currency. With significant industry support, trading volume, and liquidity, Fionn Coin is a proven trading medium to complement Bitcoin.
Preamble
Fionn Coin is the result of our joint efforts to develop a new better coin that can serve as a good alternative to the gold standard Bitcoin. Various alternative currencies have come and gone. Some brought innovation, but they all had problems. Fionn Coin is a peer-to-peer internet currency that allows instant, nearly free payments to anyone in the world. Fionn Coin is a global payment network that is fully decentralized and has no central authorities. No one can counterfeit transactions, initiate chargebacks, or seize funds. Not even a state. While this makes it harder to retrieve lost money, it also makes it harder to lose your money. With enough care, this coin is a far more practical alternative to FIAT money. The math secures the network and empowers individuals to control their own finances. Fionn Coin offers faster transaction confirmation times and better storage efficiency than the leading math-based currency. With significant industry support, trading volume, and liquidity, Fionn Coin is a proven trading medium to complement Bitcoin.
Encryption
Wallet encryption allows you to secure your wallet so that you can view transactions and your balance, but you must enter your password before spending Fionn Coins. This provides protection against viruses and Trojans that steal the wallet, as well as a security check before sending payments.
Mining
Miners are currently rewarded with 10 new Fionn Coins per block, an amount that decreases over time. Considering our faster blocks, in order to properly mimic Bitcoin's generation process, we had to change the blocks where coin generation is halved. Bitcoin generation is halved every 210,000 blocks. Fionn Coin generation is halved every 105,1200 blocks. For those of you doing the math, Fionn Coin is scheduled to produce about 25 million Fionn Coin.
PoW
Fionn Coin uses Tenebrix’s Scrypt Proof of Work. With Scrypt, you can mine Fionn Coin and mine Bitcoin at the same time. These and many other technical details are so because this coin is based on Litecoin, which has a similar vision.
Transactions
Although we know that fast confirmations are not necessarily as secure as Bitcoin’s slower confirmations, they are very convenient for small merchants who do not need super secure transactions. The average duration of a Fionn Coin block is much faster than Bitcoin, allowing for better usage in normal daily transactions. So if merchants want to be as secure as Bitcoin, they can simply wait longer for a larger number of Fionn Coin confirmations like they do with Bitcoin. But most merchants can easily accept 1-confirmed transactions for small Fionn Coin amounts.
Difficulty
Fionn Coin uses a much faster retarget time, as the old one was ridiculously slow. The combination of fast retarget times and scrypt proof of work means that we don’t expect to see the kind of problem that Namecoin encountered; hashing power that leaves more suddenly than it arrived, creating a high difficulty slog for anyone who stayed.