About Novacoin

Novacoin Review: Mining Guide, Price & amp; Analysis of the Novacoin Cryptocurrency

Novacoin has been gaining traffic over the years. Mining coins is new in the market. Investors are running through with the processes and getting all information regarding mining crypto assets. Many big companies have realized that they can come up with the best strategies to earn from digital coins.

The companies have invested in high return miners that have a very high probability of being rewarded. This is because of their ability to mine at a high speed. Investors, therefore, need to know this to prevent mining using low-speed miners thereby incurring losses.

It has been in operation since the year 2012. The programmer Balthazar came up with it. Novacoin is a secure coin protected through the encryption of data and the transfer of information through a blockchain. The system is highly decentralized thus doesn’t operate like the central banks of states which are centralized.

The decentralization of Novacoin is done through a process that ensures that all transactions made through the coin are recorded permanently in a block. The two parties that initiated the transaction have a copy of the transaction in their nodes.

The information in the nodes is accessible by the parties but cannot be altered thus secure. The fact that data is freely available to the users makes Novacoin a decentralized digital asset. In this review, we will give a detailed report on how Novacoin is performing and how to mine it. We will also provide an analysis of the coin.

Mining Guide

Novacoin is the first of a kind to incorporate both proofs of work and stake algorithms in coming up with blocks and nodes in the chain.  Miners trade novacoin using the scrypt coding language for security purposes. The implementation of a hybrid of the two systems is a great idea. The proof of work algorithm makes sure that all miners are involved in the verification but the one that mines with the highest speed get to create the block first. In return, they are awarded a reward. This reward is what we call profit in mining cryptocurrencies.

The proof of stake ensures that for every transaction to go through there are enough funds to facilitate it. The system is able to detect funds or lack of them thereof in a certain block. This way a transaction cannot be completed if funds are unavailable.

Mining gets harder with the increase in blocks to be traded. This is because the mathematical problems solved to create a block become more complicated as the blocks increase. More stability of the network is therefore depended upon to support the generation of more coins.  

Novacoin complements bitcoin since investors can mine it using paper money. Most coins are mined indirectly through exchanges that allow the trading of paper money for crypto. Trading Novacoin directly is a great achievement since users can easily access it and mine without the trouble of using exchange forums.

The best-known market places to trade Novacoin are BTCe and WEX all of which have been rated at 4/5 by their users. This rating was as of 2020. It is therefore a great opportunity to try trading on these platforms as users are happy about them. Users are also likely to recommend these exchanges to potential clients. In recent years, the price of Novacoin has been declining but we are hoping for an increase in the days to come.

You can also buy and sell NVC using ATM. Some of the exchanges that are offering Novacoin are; Bitfinex, Coinbase, Kucoin, etc. This feature uses cloud mining to help users trade NVC.  In cloud mining there is no need to install the high power hardware since the power needed to mine is stored in the cloud. This is a plus to users who don’t have access to the big miners like ASIC or GPU mining.

There is also a p2p forum where purchasers and sellers conduct transactions directly without the need for middle persons. In this forum, individual persons trade directly with each other the same way we buy and sell items in a mall. Users can therefore trust this program since it is also devolved. It cannot run as a monopoly.

All coins have storage space for each user. They bear the name wallets. A wallet is like one’s account in a bank where all data pertaining to them is stored. A wallet in Novacoin contains two independent addresses to aid in potential transfers by the user.

Wallets are secure and protect users against hacking by malicious people. They also have a proxy that prevents hackers from accessing funds through your computer’s IP address. This way you can browse using any PC in peace since no information can be stolen.

When downloading the Novacoin wallet of your choice, it’s your responsibility to make sure you use the legit site to avoid downloading a virus. Be careful!  

Price and amp

The market stake of Novacoin in the year 2018 was 5,619,735 USD. The true cost was $2.65 USD leading to an aggregate amount of $14,892,297 USD. In 2020, the coin has depreciated in value to a price of $1.27 USD and its stake in the market depreciated to 3,944,833 USD.

Therefore the sum of all Novacoins is 3,097,540 NVC. This trend of reduction in price does not indicate the great performance of the coin. The main issue with the reduction in prices of coins is the slow mining of coins thus a less number of them in the market. It is also affected by the high electricity price and power used while mining. 

In the just-ended 24 hours, 233 blocks have been created after every five minutes, 40,229 NVC traded on the exchange platforms, and $892.3 rewards earned in the last 24 hours. The difficulty level of Novacoin in the last 24 hours is 6.159k with a hash rate of 78.199 GH/S.   

Analysis of Novacoin

The Novacoin support team is reachable through their website novacoin.org, on Twitter @NovacoinProject, on GitHub at https://github.com/novacoin-project/novacoin, and on Reddit at https://www.reddit.com/r/Novacoin/.

Mining Novacoin is not an easy task. Even with the two systems on board, it’s still complicated. It requires a proper mining system and strategy. An effective miner will reduce the energy and costs associated with mining.

Since only one person gets rewarded for mining, it’s prudent to be the highest performer. Hackers are on the look for coins to steal. They are therefore setting up bugs in coin processing systems and also posing DDoS attacks making it hard for users to access their wallets and transact. However more security measures have been put up, digital currency sites are not free from manipulation by hackers.

Our take on Novacoin

Novacoin is the first hybrid coin to exist in complete sync with two consensus algorithms. It’s great how the two systems are able to work together and perform well. This coin might be going slow on price in the last years but we hope for a better future due to the technology put in place to make it work. Transactions carried out are open to all persons thus transparent and free from alterations. Getting access to data within the chain is also hard to do. Creating Novacoin wallets is very easy thus a plus for potential investors.

Verdict

NVC is a great and promising coin in the future though it needs to improve on performance since it has been declining over the years. Make your own decision after doing your own investigations.