NewYorkCoin is an open source, peer-to-peer payment platform with no network or transaction fees. This allows users to send money between wallets free of charge. NewYorkCoin has gained some distrust for its lack of a whitepaper and its anonymous developer, but this has largely been offset by a substantial number of users and adoption by a number of businesses in New York City itself. Launched in 2014 by an anonymous developer, NewYorkCoin had no pre-mining of coins and no ICO (Initial Coin Offering). The NewYorkCoin blockchain uses the KGW algorithm which enables 30-second confirmations through proof-of-work. The original developer of the blockchain vanished after launch, but early-stage miners and users created a supporters’ group which marketed the coin. This enabled growth to continue. The maximum number of coins that may be held in a single wallet is 100 billion.
NewYorkCoin tokens (NYC) are used as a currency on the blockchain to facilitate payments and compensate miners.