Phoenixcoin is an open-source, decentralized peer-to-peer cryptocurrency. It is based on the Proof of work protocol. It generates coins at a decreasing rate and produces 98 million PXC coins in total. It has created 63 million coins until January 2018. Things have not worked well for the digital currency ever since its creation in 2013. The founding company was called Phoenix Crypto Systems Network Inc., run by John Carmichael and Michael Burns. Not long after that Mr. Burns the main developer left due to private circumstances regarding his life. Originally, Phoenixcoin was supposed to be part of an alliance with Feathercoin and Worldcoin, named UNOCS (United Open Currency Solutions). The release date was pushed forward, and at the end, the alliance was dissolved. Phoenixcoin rose from the ashes in October 2013 when John Doering became the new developer. The network switched to NeoScrypt with a block target of 1.5 minutes and a block reward of 25 coins. Transaction fees are minimal, and all the payments happen anonymously using a private key. The NeoScrypt 6 algorithm implements the Salsa 20/20 and ChaCha 20/20 stream ciphers, and BLAKE2s hash function with FastKDF key stretcher and compressor.

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