KiloCoin is designed with the idea to be a new measurement of value. It is a peer-to-peer, Proof of Work cryptocurrency with a native token KLC. It is an open-source software project developed under the MIT/X11 license, and it is not managed by any central authority. KiloCoin was first launched in 2014, by Kilocoin, Inc (DAC). As a fork of a Litecoin-Qt client, KLC is technically nearly identical to it. KiloCoin differs primarily from LTC by using the scrypt technology in its hashing algorithm (instead of SHA-256), a modified GUI and an increased maximum number of coins. The use of scrypt means that miners are not able to use SHA-265 mining equipment for Bitcoins. And while Bitcoin is considered for the gold standard in the crypto world, and Litecoin the silver, KiloCoin finds its place as the electronic copper. Each coin set is initially traded at .01 per coin because KiloCoin is dedicated to running a stateless and clean currency that is free of crime. The total supply of KLC coins is 10,025,186,872. There is an established limit set of 25 Billion KLC coins to be in circulation for ten years’ time along with an inflationary policy for the same period of maximum 10% for each year. KiloCoin has a fast initial production schedule and similarly to Bitcoin and Litecoin, it functions by using public-key cryptography. That allows users to generate a pair of cryptographic keys: a public and a private one. Only the private key is used for decoding information already encrypted with the public key.
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