42 Coin is an cryptographic currency that was released in the beginning of January, 2014. It uses Scrypt for it’s Proof-of-work algorithm and new coins are added to the block chain when the dedicated graphic cards mining away on the block chain competes for verifying transactions and adding new blocks to the chain. A total of 1% of the coin’s were pre mined prior to launch . This amount is intended to be used for development bounty’s and advertisement, as well as promotional give away through 42′s official faucet currently in development.
Something that makes this coin different from the rest on the market is the extremely low total coin supply set to 42 coins. As of today, 4.709912 42 has been mined and added to the block chain and the total amount is said to be produced in about a year. This limited supply makes 42 Coin extremely rare which reflects on the value that stands as of today around $ 11,383. This makes 42 Coin the highest valued crypto currency on the market to date.
This is also seen on the low block reward of 0.00004200 42 Coin’s that miners receive for verifying the transactions and adding new block’s to the chain, which is done with a block generation target of 42 seconds. Low numbers like this are often associate with a low value, but this isn’t the case with 42 Coin. Some random block also deliver 10 times the reward which makes the block generation process a little more interesting for the miners. Every 7 minutes, the difficulty for finding a block is adjusted to to match the block target. Recently a discussion has been going on about changing the block generation method to Proof-of-stake instead of the current Proof-of-work since this would make the coin more secure and also less vulnerable to multipool abusement as well as 51% attacks.
42 Coin peaked at a market cap close to $ 1,000,000 giving it at that current time a value close to of $ 900,000 per coin. Since the introduction to the market, 42 Coin has slowly decreased in value and hit it’s low last week where it was priced to $ 13,000. As of the most recent days, the coin has managed to return some of it’s value and clime back up the list on CoinMarketcap.com, with a small back drop placing it on the 102 with a cap around $ 53,611.
Although 42 Coin has the will and tools such as CoinPayments.net to be used as a mean of payment, the low availability makes a global adaption of 42 Coin as an every day regular transaction currency quite tricky. I could much more see 42 Coin as rare commodity, traded away on the exchanges much like it is today. What ever it ends up as, it sure displays with an unique concept and it will be interesting to follow it’s progress.
Places where you can exchange for 42: Cryptsy, SwissCEX, NewChg