As altcoin exchanges constantly add new currencies, it is important to watch for prominent new coins being developed. The extremely energy intensive mining processes for bitcoin and litecoin are becoming more difficult to sustain and may one day have to be replaced by one of these newer, more environmentally-friendly currencies.
Fibre is a new currency using the NIST5 mining algorithm with a total supply of 624563 coins and a 5% annual proof of stake interest rate. The fibre network is a unique one as it allows anonymous transactions through the tor network if the user chooses a Fibredark wallet, standard Fibre wallets perform normal transactions without the use of tor proxies.
Bitmark is a scrypt algorithm currency with just under 27.58 million total marks, and no proof of stake interest. Bitmarks development team refers to “marking” with the currency and compares it to clicking “like” on Facebook or adding a karma point on Reddit.
Sterlingcoin claims to be the “The Cryptocurrency of the UK & British Isles” using the X13 algorithm for a proof of work period yielding 131,400 blocks, or around 6.5 million coins then offering the rest of the almost 64 million coins with a 5.5% annual interest proof of stake. The British developed coin has a very nice looking website with information about the coin as well as contact information for each member of the development team.
Deepcoin is unique in that is uses a new algorithm which is comprised of Luffa512, CubeHash512, and Echo512 hashing functions. The new algorithm is supposed to yield higher hash rates while remaining resistant to ASIC miner production. This new currency has no proof of stake interest, no premine period, and a generous 99 million coins.
Prime-XI uses the X11 algorithm with no proof of stake interest and a large supply of 100 million coins. The currency’s announcement claims that it was designed to “provide a 100 million dollar marketplace with a safe and faster way of doing business.” Only time will tell which, if any, of these great looking new currencies will hold a place in the constantly evolving world of cryptocurrency. It is, however, always nice to see new coins with new features and support from the community being added to the markets. As always with brand new digital currencies, we will have to give some time for development and support to continue for these new coins to see if any of them will become permanent additions to the exchanges.
By Keith Andre for CEX.IO