NewYorkCoin
Crypto Overview
Overview
NewYorkCoin (NYC) is a peer-to-peer cryptocurrency launched in 2014 as a fork of Litecoin. The project aims to provide fast and feeless transactions for everyday use, particularly targeting the New York City metropolitan area.
Purpose and Utility
The stated purpose of NYC is to serve as a medium of exchange with zero transaction fees and near-instant confirmations. The coin utilizes a Scrypt mining algorithm and implements AuxPoW (merged mining with other Scrypt coins) for network security.
Current Usage and Adoption
While the project has maintained continuous operation since 2014, actual adoption and usage remain limited. The network continues to process transactions, though primarily among traders and enthusiasts rather than widespread merchant adoption.
Development Activity
Development activity has been minimal in recent years, with occasional updates to maintain network functionality. The project maintains basic infrastructure including block explorers and wallets.
Token Distribution
NewYorkCoin implemented a fair launch with no pre-mine or ICO. Mining rewards are distributed to miners securing the network, following a standard proof-of-work distribution model.
Revenue Model and Operations
The project operates purely as a decentralized payment network without any lending, staking, or interest-bearing components. The business model relies solely on voluntary development and mining activities.
Crypto Impact
To assign a comfort level investing in NewYorkCoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to NewYorkCoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.