LimeCoinX

LimeCoinX - LIMX

LIMX is a new type of decentralized currency. Not minted or endorsed by any nation, but by users across the globe. Anywhere there is internet, you can send or receive LIMX. Even in outer space. There are very little rules for LIMX. To prevent inflation only a limited supply of 525 million LIMX will ever exist. LIMX are mined by users at a set rate for decades into the future. You can get LIMX for free by mining or trading for them on an exchange.

LimeCoinX is the Second Generation of LimeCoin a cryptocurrency based in DarkCoin using X11 as a proof-of-work algorithm.
Super secure hashing algorithm: 11 rounds of scientific hashing functions (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo)
X11 – Originally from Darkcoin and created by Evan Duffield. Energy Saving – Since X11 is much less strenuous on graphics cards, it runs a lot cooler and saves a lot on electricity costs. This is an extremely important factor, the X11 algo can run coolly without any added external cooling and hence allowing for more underclocking and undervolting. It is a win-win situation!
With its merchant friendly design, LIMX has a bright future. There is GPU mining software available for X11 which makes it a suitable hashing solution. QR Code – LimeCoinX has built in QR code support so you can generate QR codes from within the software. DNS Seed Node – This is used by nodes to find others on the network meaning that when you turn LimecoinX on it connects to he DNS Seed node to find other Limecoin clients without any manual effort.

Specifications

• GPU/CPU only mining
• 525.000.000 LIMX max. amount in ~ 100 years
• Block generation: 5 minutes
• Difficulty Retargets with DGW & KGW
• Est. ~5.250.000 LIMX p.a.
• InstantX, Darksend, Masternode technology
• Block Reward: 50 Coins
• Masternode: 5000 LIMX – 40/10 solo & pool mining
• Premine: ~0,3% – the old Limecoin currency, which is integrated in the blockchain

Masternodes and the Proof of Service Reward Paradigm

In addition to traditional Proof of Work rewards for mining LimecoinX, users are also rewarded for running and maintaining special servers called “Masternodes”.
Though future plans envision several roles for Masternodes, their primary function is to carry out the anonymization phase of the Darksend protocol.  The service that Masternodes provide to the network is the beating heart of Darksend, which, in turn, is the defining feature of LimecoinX. In return for providing this service, with each block mined, one Masternode is randomly selected by the network to receive 20% of the payout from that particular block.
In order to run a Masternode, users must put up 5000 LIMX as something akin to collateral, though unlike traditional collateral, the LimecoinX never leaves the user’s possession.  It can be moved or spent at any time by the user – doing so simply removes the Masternode from service and makes it ineligible to receive rewards.

Dark Gravity Wave & InstantX

Dark Gravity Wave (DGW) is a widely used mining difficulty adjustment algorithm created by Darkcoin core developer Evan Duffield to address flaws in Kimoto’s Gravity Well.
This paper introduces a new concept called transaction locking and masternode consensus. This technology will allow for crypto-currencies such as LimecoinX to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority. If successful, such an idea could revolutionize cryptocurrency, by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as twenty seconds.