New York Coin facts for kids
Quick facts for kids New York Coin |
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| User(s) | International | ||
| Nickname | NYC | ||
New York Coin (often called NYC) is a type of digital money called a cryptocurrency. It's like a digital coin you can send to others online. Unlike regular money managed by banks, New York Coin works on a peer-to-peer system. This means people send coins directly to each other without a central bank or government controlling it.
New York Coin is also open-source. This means its computer code is available for anyone to see and use. It was released under the MIT/X11 license, which is a common way to share open-source projects. The way New York Coin is created and moved around uses special computer rules called a cryptographic protocol, making it secure.
History of New York Coin
How NYC Started
New York Coin first appeared on March 6th, 2014. Its computer code was shared on GitHub, a website where developers can store and share their projects. The person or people who created New York Coin chose to remain unknown, just like the creator of Bitcoin.
NYC's Unique Features
New York Coin was created from a copy of another cryptocurrency called Litecoin. It was designed to be faster, with new "blocks" of transactions being added every 30 seconds. This is quicker than many other digital currencies. One great thing about NYC Coin is that it has no fees when you send or receive money on its network.
Keeping NYC Alive
When New York Coin first launched in 2014, its original creator disappeared. But early users, especially those who "mined" (created) cryptocurrencies, worked hard to keep the network running smoothly.
A person named Charlie Kartchner was very important. In March 2014, he created a website called newyorkco.in. This website made it easy for people to find information about the coin, check transactions (using "block explorers"), store their coins (in "wallets"), and join groups to mine coins (called "mining pools"). Charlie also helped New York Coin get listed on Coinmarketcap, a popular website that tracks the prices and information of different cryptocurrencies.
