Novacoin was launched as a fork of Peercoin back in 2013. The cryptocoin has managed to keep on chugging after a rocky start. This is mostly thanks to several of its features. First, Novacoin uses Scrypt hashing for faster mining. Additionally, it combines the proof-of-work and proof-of-stake mining models into one hybrid system.
A lot of people get Novacoin for two reasons. One is the fact that a lot of people think that it is fairer because an effective PoS brings higher rewards to those who stake more coins rather than to those who have more powerful computers. The second reason is because they think it is more secure since there are two blockchains in the system. If an attacker wants to double-spend Novacoin, they need to own more than 50% of hashing power in both chains which is pretty much impossible.
Getting more Novacoin
Novacoin mining is one of the means to get more Novacoin. The first thing that you need is a mining rig. The great thing about Novacoin is that since it uses Scrypt hashing, it is a lot less demanding than other cryptocurrencies. The result is that people can mine with just their own computers instead of actual dedicated machines that are packed with GPUs. However, remember that the more powerful the computer, the faster it mines. Buy a rig with this in mind.
Once you’ve got a rig, you’ve got to decide whether you are solo mining or pool mining. Pool mining allows you to join your efforts with other miners. This can be better for you in the long run. The problem is that you share the rewards in pool mining. Solo mining means you mine by yourself. The problem with this is that there are lower chances for you to win a block. You’ll eventually solve one, but it may take a bit longer than with help from a pool.
Once you’ve decided, it is time to set up a miner. This should be easy enough to do since a lot of miners have instructions that come with them. GUI miners make it a lot easier and can have you mining with just a click.
The other way to get Novacoins is by staking. This is pretty simple. All you need to do is to just open your wallet and stake Novacoins. The more Novacoins you stake, the more that you get. In addition, the staking formula takes into account how long you have been staking. This is a lot easier to do than mining, but it produces less Novacoins for you.