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
The emergence of scrypt-asics has resulted in a trend towards a more unequal distribution as these machines are considerably more robust and provide more computing power than the average person can afford.
Thus, the X11 hashing method along with the short mining distribution period will ensure that ASIC-miners will not leapfrog average users. Furthermore, the number of Libertycoins that will exist is limited to 30 million XLB, which is expected to further boost the prospects of future growth for fledgling altcoin.
The early response from the community has been very positive towards Libertycoin, which has surpassed the 80BTC trading volume mark in its first day on the Bittrex exchange. Libertycoin is also traded on three other exchanges: Sharex, Europex, and Palth. During the PoW mining week, XLB achieved a network hashrate of over 30 Gh/s.
The company has also been making head waves by releasing a Mac wallet which you can download and test here in addition to their windows version. Moreover, it has also issued a bounty set at 2 BTC and 100,000 XLB for developers to implement a Darksend or an Anonymizer similar to the technology used in Darkcoin.
Finally, many people will probably compare XLB to Cinnicoin, which hasn’t been doing very well as of late, since they share a lot of the same graphical designs and features such as no premine, PoS etc. However, when taking into account the capabilities and technology along with the strong initial launch, it seems that Libertycoin’s developers have demonstrated their competency and ability to introduce a new alternative crypto-currency.