FedoraCoin is a cryptocurrency, the purpose of which is to create an ecosystem platform for paying for goods and services, as well as for exchanging and attracting investments, using Bitcoin and Litecoin as investments.
If you mined FedoraCoin (TIPS) when it launched about two years ago, and you still have coins in your local wallet, and you completely forgot about them, then now you may be very successful. It seems that after a while the coin is trying to revive, and its price has also increased significantly, although it is currently traded on only one exchange. It was also available on Cryptsy, but since Cryptsy is practically dead and the TIPS wallet is not unlocked for withdrawals, you can only trade on BTER for LTC or CNY (and then, for example, convert them to ETH or BTC). The price of a single TIPS coin is currently around $ 0.000022, but since the block reward started at millions, then increased to hundreds, and now is in the tens of thousands of coins, you can make a decent profit depending on the amount of coin you have. TIPS deposits have been a little slow in recent days on the exchange (should be fixed now). It may take a while to sync and update your wallet, but it’s worth it if you have a couple of million coins left and forgotten there for example. If you manage to own a Scrypt ASIC miner, you can check the profitability of TIPS mining. Also, in the current TIPS mining pool, you can check the Hash-to-Coins multipool.
FedoraСoin Review
The name of the project was given by the famous English meme “tips fedora”, which was popular among the English-speaking audience on the Internet in 2012. For the principle of application and circulation, two popular crypto positions were taken – Bitcoin or Litecoin, which can be used for exchange, various payments, and also for investment. As a working algorithm, the TiPS Mixing Service protocol will be used, which is open source and is designed to prevent data interception and tracking by third parties. At the same time, the presented protocol is used by a limited number of blockchain platforms, so it does not have wide popularity.
How the protocol works
The structural part of the Fedoracoin protocol includes three steps based on which the entire blockchain ecosystem works:
- First step. A conditional user of system A indicates a certain amount in TiPS tokens intended for transfer to the second side B, while the Mixing Service algorithm will be used.
- Second step. The platform independently chooses a FedoraCoin contributor who will act as an official intermediary. He will be provided with information with which the end customer will need to find a connection. During the transfer of data, the main source will not be indicated.
- Step three. Funds are sent to the recipient, after which all information is quickly stopped. The details of the transaction disappear after the final purchaser confirms receipt of the assets.
Wallet
Creating a Fedoracoin wallet is straightforward. The project developers offer different versions of the wallet for Windows, Mac OSX, and Linux.
FedoraCoin mining
According to the project roadmap and White Paper, cryptocurrency can be mined on a regular computer or smartphone without resorting to buying expensive video cards and video processors, as is typical for Bitcoin and other altcoins for mining. At the same time, users note the low rate of generation and extraction of coins, which affects the effective receipt of profit.
For mining, it uses the KGW algorithm, which allows you to adjust the mining complexity of each newly formed block in the network but at the same time, the parameters of the total number of miners who are busy generating tokens are taken into account. This mining algorithm has no problems, so many investors trust those tokens that use the KGW protocol for mining.
FedoraCoin cryptocurrency
- Ticker: TIPS;
- Official ecosystem resource: https://www.tipsco.in;
- Emission: 500 billion TIPS;
- Time for block time: 60 seconds;
- The difficulty for reconfiguring blocks: 10 minutes;
- In premise, as a test: 3 blocks.
How to mine FedoraCoin?
FedoraCoin and other Scrypt coins were usually only profitable with special mining hardware called ASIC, which stands for the application-specific integrated circuit. Major ASIC manufacturers include BitMain (AntMiner), Microbt (Whatsminer), and Canaan (AvalonMiner). ASIC hardware can be purchased directly from the manufacturer or resellers on Amazon and eBay.
What coins does FedoraCoin match?
The following coins use the FedoraCoin Scrypt algorithm and a proof of work (PoW) type: Litecoin, Dogecoin, UNUS SED LEO, Verge, Lotto, Polymath, Bytom, Syscoin, Hellenic Coin, Einsteinium, XeniosCoin, GameCredits, Viacoin, Matrix AI Network, and Advanced Search.
Where can you buy a FedoraCoin wallet?
FedoraCoin makes its wallet software available for download on its website, allowing FedoraCoin to be stored on your computer. For maximum security, you can store your cryptocurrencies in a dedicated hardware wallet like the TREZOR wallet or Ledger Nano X.
