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Megcoin is a cryptocurrency like Bitcoin, although it does not use SHA256 as its proof of work (POW). Taking development cues from Tenebrix, Litecoin, and Dogecoin, Megcoin currently employs a unique variant of scrypt.

http://megcoin.com/

Megcoin is released under the terms of the MIT license. See COPYING for more information or see http://opensource.org/licenses/MIT.

Development is ongoing and the development team as well as other volunteers can freely work in their own trees and submit pull requests when features or bug fixes are ready.

Megcoin uses scrypt as it's proof of work. However, unlike most scrypt variants, megcoin uses an R value that is not a value of 1. I call this variant scrypt-8-4 or scrypt-n-r. To mine it, you must ensure that your miner is capable of mining scrypt where the n is 8 and the r parameter is 4. This value was chosen for uniqueness. In this way, even if scrypt-n ASICs came out, they'd be unlikely to support values of R that aren't 1, so this provides ASIC resistance without using experimental or unfamiliar algorithms. The significant payout period is also too short for an ASIC to be worth the time and investment of this algorithm.

The low values of R and N also means that GPUs should be easier to mine with and it should be practical to build FPGAs for this algorithm. Approximate memory usage can be calculated as 128*R*N, so the overall memory usage of this algorithm should just be a bit more than 4Kbytes.

Unlike most altcoin wallets forked from litecoin etc, this has been built by forking from dogecoin-1.7. dogecoin-1.7 is basically a rebase on top of bitcoin 0.9. So, all of the nifty features in bitcoin 0.9 are also in this wallet, including the "core" and cli functionality changes.

Difficulty is adjusted each block by the digishield algorithm. This algorithm has been proven to be stable by dogecoin and digitalcoin and allows for extremely fast difficulty adjustments, at the cost of slightly more block time fluctuation

Approximately two and a half years after release there will be about 193,750,000,000 coins. Each subsequent block will grant 20,000 coins to encourage miners to continue to secure the network and make up for lost wallets on hard drives/phones/lost encryption passwords/etc.

Megcoin uses a simplified variant of the scrypt key derivation function as its proof of work with a target time of one minute per block and difficulty readjustment after every block. The block rewards are fixed and halve every 200,000 blocks. Starting with the 1,000,000th block, a permanent reward of 20,000 Megcoin per block will be paid.

The current block reward schedule: 1–200,000: 500K Megcoin

200,001–400,000: 250K Megcoin

400,001–600,000: 125K Megcoin

600,001–800,000: 62500 Megcoin

800,001–1,000,000: 31,250 Megcoin

1,000,000+: 20,000 Megcoin

See also this nice guide for building the wallet and getting started mining: http://piratepad.net/w50oqoqwub

sudo apt-get install build-essential \
                     libssl-dev \
                     libdb5.1++-dev \
                     libboost-all-dev \
                     libqrencode-dev \
                     libminiupnpc-dev
                     libqt5-dev

./autogen.sh
./configure --with-gui=qt5
make USE_UPNP=1 USE_IPV6=1 USE_QRCODE=1

Optionally, you can use --with-gui=qt4. This will build three files:

• megcoind -- The daemon
• megcoin-cli -- the RPC client which issues calls to the daemon
• megcoin-qt -- the all-in-one graphical wallet

RPC 22888 P2P 22889