What is a Feathercoin?
Feathercoin is an alternative to electronic payment systems. It is still not very popular, though it has been on the market for a long time. What type of cryptocurrency it is, and how it differs from the competition, will be discussed in this article.
General Information About Feathercoin
Feathercoin appeared on the cryptocurrency market in April 2013. The exact author of the system is unknown. During development, the founders were not only focused on Bitcoin but also paid attention to its forecasters, Litecoin.
The crypto-currency Feathercoin (FTC) was released in April 2013 as a fork from Litecoin using the then popular proof-of-work (PoW) Scrypt algorithm. In recent years the situation has changed, many other coins have appeared on new algorithms and the Scrypt ASICs algorithm became available. The popularity of this cryptocurrency dropped sharply.
In order not to lose the position achieved by the early start, the developers carried out a hard fork on the cryptocurrency on October 26, 2014, and announced the transition to a new algorithm, NeoScrypt. When the new NeoScrypt algorithm launched, the then popular resource MiningRigRentals.com made ASIC Rigs available in large quantities for rent and with large megahash rates.
The main task was to modernize the system. The improved product, however, is not much in demand.
The Main Similarities Between Feathercoin and Litecoin
Feathercoin has borrowed many elements of the Lightcoin system, so the two currencies have much in common.
Use of the Algorithm
It is known that Bitcoin works on the basis of SHA-256. The new algorithm complements the functionality that ensures a fast interaction with the memory. Such modernization enables rapid currency issue. The formation of a block takes 2.5 minutes.
As with many other cryptocurrencies, Feathercoin does not have a single centre. The equality between users ensures the independence of the currency, for which price is determined only by supply and demand.
The main goal of the developers was to modernize the system. However, the cryptocurrency has some important differences that make it attractive to investors.
Number of Coins
In the case of Bitcoin, the maximum possible amount of coins in circulation is 21 million, Litecoin has a limit of 84 million, and Feathercoin has 336 million. Only 189 million coins have been issued so far, so the cryptocurrency still has great potential regarding its issue.
Low popularity leads to low difficulty in coin mining, so the complexity of creating a new unit remains insignificant. In other cryptocurrencies, the coin stock has already exceeded two-thirds, while Feathercoin has released less than 60%.
Projection of System Development
Feathercoin appeared on the market on May 3, 2013, with a starting price of $0.499 dollars. After the market entry, the price fell immediately due to low demand. The cost of a coin, for example, averaged 10 cents throughout 2013.
FTC/BTC Price Chart
The only significant jump occurred in early 2014 when nearly one dollar was paid for an FTC. Feathercoin, however, could not hold on to this level and was quickly sold off. The system is mainly used by miners in the hope of reviving the cryptocurrency.
FTC User Feedback
Only those who participated in the currency mining of the cryptocurrency before its listing on the stock market remained satisfied with the system. At that time, investors managed to make a considerable amount of money. However, most of the proceeds from FTC speculation were probably earned by the developers themselves.
The main problem of Feathercoin is the low demand as the market prefers better-known cryptocurrencies. The work of the official Feathercoin website gives hope for the continued existence of the system.
Mining – How to Mine Feathercoin
Feathercoin uses NeoScrypt so it can be mitigated with the processing power of both CPUs and graphics cards (GPUs); the latter being the most efficient. You can mine with your own existing hardware or with a mining rig designed specifically for hashing with NeoScrypt or similar algorithms.
While advanced users choose to mine themselves, most start joining a mining pool that combines their hashing power with others. These blocks are formed faster and the rewards are distributed according to the computing power.
Although the Feathercoin does not even rank among the top 100 altcoins in terms of market share, there are still some fairly active mining pools, including The Blocks Factory, Give Me Coins and the P2Pool.
Profitability of Mining Feathercoin
On the eve of the hard fork, the FTC cryptocurrency experienced a sharp rise in price, with a similar decline in difficulty. Some well-trained miners were able to make a good profit on the first day of the hard fork.
With a 10-megahash scripting algorithm, you could earn FTC in the equivalent of 1 BTC on the 26th of October. As a result of rising prices, the hard fork managed to place FTC 17th in market capitalization, with earnings of $2.3 million.
The hash rates (speed) of popular graphics cards are currently:
- AMD Radeon 270X – 55 kH/s
- AMD Radeon 280X – 88 kH/s
- NVIDIA GTX 750 Ti – 37 kH/s
The wallet can be found on the official Feathercoin.com website, where you can also find further information about this coin.
Coin-Report.net was founded by Thomas Mücke.
With the help of Coin-Report.net magazine, he tries to bring light to the field of crypto-currency.