NewYorkCoin

NewYorkCoin (NYC) is an open-source, peer-to-peer cryptocurrency launched on *6 March 2014*. Developed as a fork of *Litecoin*, NYC was created to provide *lightning-fast*, *fee-free* transactions for everyday use. The network processes blocks every *30 seconds*, enabling near-instant transaction confirmations. This makes it significantly faster than Litecoin's 2.5-minute and Bitcoin's 10-minute block times.

NewYorkCoin uses the *Scrypt* proof-of-work consensus algorithm, offering more decentralised mining due to its resistance to ASIC mining, compared to Bitcoin's SHA-256. The network operates without any central authority, providing a fully decentralised and secure method for transferring value globally.

NewYorkCoin is designed to facilitate *instant, fee-free payments* and *global remittances*, offering several key use cases:

• Retail Payments: NYC is designed for everyday purchases, providing a no-cost payment processing solution for merchants.
• Global Remittances: NYC enables secure, decentralised, and fee-free global money transfers, eliminating high remittance costs.
• Microtransactions: With zero transaction fees, NYC is ideal for small, frequent transactions where traditional fees are impractical.
• Merchant Services: NYC operates as a no-cost merchant services platform, allowing businesses to accept payments without additional charges.
• Promotional Sponsorships: NYC has been involved in sponsorships and local events, such as supporting professional snowboarder Jeff Sponzo and hosting events to raise awareness of cryptocurrency adoption.

The combination of *instant transaction speeds* and *zero fees* positions NewYorkCoin as a practical solution for real-world payments and financial transactions.