Libertycoin (XLB) was launched on May 9th with hopes to “liberate” users by providing some egalitarian offerings and features to sweeten the deal for early adopters.
Libertycoin is based on powerful algorithms from 3 other currencies: Zerocoin, Peercoin and Darkcoin, making it one of the most sophisticated coins to date.
This new altcoin, whose source code is available here, was rolled out with no premine, no instamine, and no IPCO, to ensure that the launch is as fair as it gets. Additionally, the new coin employs an X11 hashing algorithm, which further levels the playing field by making scrypt-ASICs useless for mining XLB, which will be explained further below.
Libertycoin is a Proof-of-Stake (PoS) coin that can be mined for one week only based on the Proof-of-Work (PoW) principle using the X11 hashing algorithm. Offering a short PoW mining time-window has proven in the past to be an effective way of achieving a more uniform distribution.
Technical specifications (XLB)
Algorithm: X11 – 100% proof of stake
Total coins: 16,500,000
Block Times: 1 minute
POS interest: 1% per year
Min stake time: 8 hours