FedoraCoin (TiPS)

FedoraCoin is a new digital currency originally based on the code for Litecoin, and drawing inspiration from the success of DogeCoin. It aims to be the number one currency for making micro-payments and sending small tips to content creators and friends on the internet.

The name is derived from the Fedora hat, so that users 'tip their hat' to others when they send a small payment, or put out their hat like a busker when they post their address for others to send tips. The currency code for FedoraCoin is TIPS.

Features and Specifications

To my knowledge FedoraCoin is the only digital currency which currently has a coin mixer integrated into the standard wallet, to allow for truly anonymous payments; it must be noted, however, that others are working on this - most notably AnonCoin, which is also developing an integration with privacy networks such as Tor and I2P to ensure maximum privacy and anonymity. Although Bitcoin and other digital currencies have a reputation for anonymity, this is really not the case, as all transactions are openly available for anyone to see - so although it may take some effort to find out who the real person behind a wallet is, the payments themselves are more transparent than traditional payment methods rather than less so. Coin mixers scramble transactions to hide where they have come from, allowing for truly anonymous payments.

A large number of TIPS will be created (500,000,000,000), so that even if the price continues to rise the value of a single coin will still be low - which is much more convenient for micro-payments as it means that you don't end up sending tiny fractions of a coin.

There is a reasonably active community of users based largely around Reddit. A Reddit bot has been created to allow people to quickly and easily send TIPS to other reddit users simply by posting a comment.

Other Specs:

  • Algorithm: Script
  • Block Time: 60 Seconds
  • Difficulty Re-target Time: 10 Minutes
  • Pre-Mine: 3 Test Blocks

Micro-Payments, Tipping and DogeCoin

The ability to send micro-payments - literally very small payments - is often cited as one of the major benefits of digital currency over traditional fiat currencies. In addition to allowing people to send small donations, from less than a penny in size, to people who publish content you like or make a valuable contribution to an internet community, micro-payments for individual pieces of content could provide an alternative to putting whole sites behind a pay-wall which requires the commitment of a full membership.

DogeCoin, the success of which provided part of the inspiration for Fedoracoin, was originally started as a joke coin based around a meme. It started to gain success, however, because rather than hoarding their coins users would freely send them to others as tips - especially on reddit. This proved the potential of micro-payments to drive the success of a coin. FedoraCoin has been designed specifically with tipping and micro-payments in mind, in the hope of capitalizing on this market.

Related Articles: Adding a TiPS box to your website

Categories: E-Currency | Cryptocurrency

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