What is it?
Freshcoin is a brand new cryptocurrency which was launched on 7/7/2014 18:00 GMT. It features a brand new algorithm called FRESH, uses on POW to confirm transactions, and a new difficulty adjustment algorithm – Slingshield.
The Algorithm – FRESH
What is FRESH? It is a new algorithm which combines SHAVITE, SIMD & ECHO which are the 3 most energy efficient hashing algorithms. The result is an algorithm which uses 15% – 20% less energy than the X11/X13/X15 family of algorithms. In order to keep ASIC miners away FRESH utilizes 5 rounds of these 3 algorithms. It keeps ASICs away because passing the result of one sub algorithm to another need many logic gates on the circuit, this complicates and raises the price to produce a compatible ASIC. For increased protection, FRESH uses Digishield Slingshield to increase the hashrate required for a 51% attack to 71%. That means that double spend attacks are not as likely to happen and are harder to execute.
In addition to the hashing algorithms, FRESH comes with Slingshield – a difficulty adjustment algorithm. Accoridng to the official bitcointalk thread here is how Slingshield works:
During the first 7 days 60% of all coins will be distributed before the coin then transitions to Slingshield and percentage based fees which will begin to form the backbone of the block rewards for mining FRESH. Eventually the block rewards will be completely provided by percentage based fees beyond the initial distribution period.
So the block reward falls dramatically after the first 7 days when Slingshield kicks in. Here is a look at the block reward system:
- block 0: premine block: 50000 FRSH (0,2% for further development, 0,3% for bounties)
- block 1-30: zero FRSH (to ensure a fair launch and setup time for pools)
- block 31-1440: 1000 FRSH (1 day) (boost the first day of POW)
- block 1441 – 4320: 500 FRSH (2 days)
- block 4321 – 8640: 250 FRSH (3 days)
- block 8641 – 10080: 1000 FRSH + FEES (1 day) (boost day 7 of POW)
- block 10081 – 442080: 10 FRSH + FEES (300 days) > expected total reward 50 to 500 FRSH
- from block 442080: zero FRSH + FEES > expected total reward 50 to 500 FRSH
As you can see the block reward falls from 10000 to 10 which is quite a dramatic fall. Eventually the block reward completely disappears and that is when only transaction fees will feed the miners.
This coin decided to not implement a POS phase. As we have seen recently POS does not seem to be very reliable. Stealthcoin forked multiple times in the POW -> POS transition, Mintpal was hacked and Vericoin ( a POS coin) had to hardfork to revert the damage, and now Navajocoin has been attacked in a double spend attack in its POS phase. So far we can see that POS is unreliable, causes forks, and is vulnerable. Maybe the POS implementation is bad and the altcoins who are cloning other coins for their POS system are only digging themselves into a deeper hole. Either way, the developer of Freshcoin decided that instead of a POS phase, the coin will use the Slingshield algorithm to build the backbone of it’s blockchain.
How to mine FRSH
Freshcoin has it’s own miner which can be downloaded from here:
You have the option of using an AMD GPU, NVIDIA GPU, or a 61 bit CPU. I am using AMD R9 290 Tri-x to mine Freshcoin and with these settings I am able to pull 3.6 Mhs per card.
“intensity” : “18”,
“worksize” : “256”,
“kernel” : “fresh”,
“lookup-gap” : “2”,
“thread-concurrency” : “8192”,
“gpu-threads” : “4”,
“gpu-engine” : “0-0”,
“gpu-fan” : “0-0”,
“gpu-memclock” : “0”,
“gpu-memdiff” : “0”,
“gpu-powertune” : “0”,
“gpu-vddc” : “0.000”,
“temp-cutoff” : “95”,
“temp-overheat” : “85”,
“temp-target” : “75”,
“api-mcast-port” : “4028”,
“api-port” : “4028”,
“expiry” : “28”,
“failover-switch-delay” : “60”,
“gpu-dyninterval” : “7”,
“gpu-platform” : “0”,
“log” : “5”,
“no-pool-disable” : true,
“queue” : “1”,
“scan-time” : “7”,
“tcp-keepalive” : “30”,
“temp-hysteresis” : “3”,
“shares” : “0”,
“kernel-path” : “/usr/local/bin”
You can use any of the mining pools below:
The developer of Freshcoin is working on new features which are described in the following whitepaper. The feature being developed is an app which will enable anybody with a mobile phone and some freshcoins to send another person his coins. He can use facebook messenger, SMS, WhatsApp, or Email. Here is how it works:
1) A new Private Key is generated by the client.
2) The Private Key is sent in a message with a claim link.
3) Upon claiming the private key will be handled by the FRESH
4) A Copy of the private key is kept in the senders wallet so
they can reverse the payment at anytime (until claimed).
FRSH is currently trading on Bittrex, Bter, c-cex, and rapidcx. The volume is currently rising on Bittrex, lets take a look at the current market:
As you can see we have been seeing quite a dump in the last few hours, but why? Since the block reward has just decreased by 100 times all the people who mined Freshcoin will not longer mine it since it is way less profitable. As a result, the miners who mined FRSH are starting to dump the coin to cash out. Since we have never seen such a dramatic decrease in block reward form a coin we have never encountered this scenario. Maybe since the block reward was so high it will create high sell volume and will keep pushing the price down. However, that will last only for a short period of time until all the miners who mined during the first 7 days cash out. Now that the block reward is 10 this is when the price will start to rise and stabilize. It is not safe to buy as of right now but some of you risky investors might have some fun trying to catch the bottom and score some cheap freshcoins.
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