Novacoin came onto the scene back in 2013 as the fork of Peercoin. This makes Novacoin the second cryptocurrency to use a mix of proof-of-work and proof-of-stake mining. This set-up gives the holders of Novacoin wallet a couple of advantages.
One advantage is that a lot of people think Novacoin is fairer than most other cryptocurrencies. This is because it uses an effective proof-of-stake system. This ensures rewards go to those who stake more coins rather than to those who have more powerful computers.
The other advantage of the Novacoin system is that it is a lot more secure. This is because it uses two blockchains. To defraud Novacoin, fraudsters would need to own more than 50% of hashing power in both chains to do so. This is pretty much impossible.
If you think that Novacoin is for you, then you should begin by getting a Novacoin wallet.
Learn about the wallet
Like most altcoins, the main Novacoin wallet is in the basic client on the Novacoin website. People can download a copy of the Novacoin wallet for their particular operating system from SourceForge. The installer can be Windows, Linux, or Mac. There is even the source code available for those who want to tinker with the wallet. This is available on the main site.
Installation of the Novacoin wallet is pretty simple. There are two types of installers available. There is the executable, which performs it automatically, and the zipped archive, which requires zipball to unpack. If you’re using installer executable, then the default installation path will be “C:\Program Files (x86)\NovaCoin” for 32-bit client under 64-bit version of Windows or “C:\Program Files\NovaCoin” otherwise.
You may want to change this if you use multiple hard drives. Linux installations will require you to build their binaries. Check out the site for the exact instructions.
Getting more Novacoin
Once you have your Novacoin wallet, it is time to put money into it. You can immediately get some Novacoins by going to the main site. There is a faucet available that releases a small amount to introduce you to the cryptocurrency. The site asks for your address and an e-mail address. Besides that, there are a couple anti-robot tests. You can only get a drip once a month, though. Try spending your Novacoins at some places to see how it works.
Once you’ve used up your initial stash, refilling your Novacoin wallet can be done either by buying from an exchange or minting/mining. Fortunately, the website has links to exchanges that sell Novacoins and mining pools that can help you get started.