Question 1

What is the current price of Megacoin (MEC)?

Accepted Answer

The current price of Megacoin (MEC) is £ 0.00700941. Over the past 24 hours, the price has increased by +0.00%%.

Question 2

What Is Megacoin (MEC)?

Accepted Answer

Megacoin (MEC) is a decentralized cryptocurrency created by an individual known as Kimoto. While it may seem related due to the name similarity, it is important to clarify that Megacoin has no affiliation with Kimdotcom's MegaUpload. Originating from New Zealand, Megacoin has distinguished itself in the crypto sphere through its unique application of a difficulty adjustment formula named the Kimoto Gravity Well.

Question 3

Who created Megacoin?

Accepted Answer

Megacoin was devised by the cryptographer Kimoto. While not much is known about Kimoto, the creator’s masterpiece, Megacoin, makes a significant contribution to the cryptocurrency world by intertwining the Kimoto Gravity Well into its design.

Question 4

How does Megacoin (MEC) work?

Accepted Answer

Megacoin (MEC) works like many other cryptocurrencies; it can be mined and traded in a decentralized manner, thanks to blockchain technology. But the distinguishing feature that sets Megacoin apart is its use of the Kimoto Gravity Well. This algorithm is designed to adjust the coin's mining difficulty in response to fluctuations in mining power. This adaptation is crucial to mitigate the effects of profit-switching mining pools that can cause abrupt changes in hashrate and, consequently, sudden changes in mining difficulty.

Question 5

What is the Kimoto Gravity Well?

Accepted Answer

The Kimoto Gravity Well is a unique difficulty adjustment algorithm that was first introduced with Megacoin. It was specifically designed by Kimoto to adjust the rate of mining difficulty in line with the fluctuations in the mining power. This approach significantly reduces the vulnerability of the Megacoin blockchain to sudden swings in mining activity, making the Megacoin network more secure and stable.

Question 6

How many Megacoins will there ever be?

Accepted Answer

According to the current infrastructure of the Megacoin system, the maximum number of Megacoins that will ever exist is 42 million. This sets a firm cap on the supply of Megacoins, making it a deflationary currency by design.

Question 7

Where can you buy Megacoin (MEC)?

Accepted Answer

Megacoin (MEC) can be purchased on any of the exchanges that have incorporated it into their platform. The available exchanges for purchasing Megacoin are Bleutrade, CREX24, CoinExchange, Nova.

Question 8

What was the influence of Megacoin on other cryptocurrencies?

Accepted Answer

The introduction of the Kimoto Gravity Well algorithm by Megacoin demonstrated the need for adaptive difficulty adjustment in cryptocurrencies. Inspired by its effectiveness, many other altcoins have incorporated comparable adjustments into their codebase or have directly adopted the Kimoto Gravity Well. This is a testament to Megacoin's contribution to the broader crypto community, despite it being a lesser-known altcoin.

Convert MEC to GBP

Try our Crypto Pro app