MemoryCoin is a new cryptocurrency that aims to empower the economically and financially marginalized. It allows individuals to participate in the internet economy even when they live in countries where credit card companies and PayPal refuse to operate. Individuals can store and transfer wealth with just a memorized pass phrase.
It is based on the Bitcoin code, but with some key differences.
MemoryCoin decentralizes currency mining. While Bitcoin mining requires the use of expensive, specialized hardware, MemoryCoins are efficiently mined on ordinary computer hardware like PCs and laptops. Anyone can download a program and start mining MemoryCoin.
Decentralized mining ensures:
- a wider and fairer distribution of the currency
- easier to obtain – anyone with a computer can do it
- participation for the economically marginalized – individuals don’t require an account with a bank or exchange – anyone can mine new coins with a PC by consuming electricity
To encourage participation, MemoryCoin has a rapid mining schedule. Mining rewards are reduced by 5% each week for the first two years. That means that 90% of all MemoryCoin will be created in the first year. 10% will be created in the second year. Thereafter 2% a year will be created as a steady inflation.
The mining schedule ensures a rapidly increasing price for MemoryCoin and thus encourages participation and adoption. After two years, the price of MemoryCoin is expected to be slightly below the cost of electricity required to mine it.
5% of newly mined MemoryCoins are awarded as grants to finance development, support and marketing. Anyone can apply for a position and the winners are selected by a vote of MemoryCoin holders. This ensures a continual stream of coins are available for projects and efforts that benefit MemoryCoin. 1% of all newly mined coins are earmarked for charity, also voted for by MemoryCoin holders.