It is an electronic currency that allows for fast and cheap payments in the world. Most of the existing kryptokurvorna have transparent blockkedjor, which means that transactions can bevaktas of any in the world. Up to use encryption to protect the addresses and transaction amounts.
Up is not a company but is instead developed by the experts in cryptography from all over the world. This means that the Up can not be closed by any country and is not limited by any particular jurisdiction.
The beginning of Up
Up was created on april 18, 2014 by Bytecoin and works on the same protocol -Cryptonight. One of the first assumptions was to develop a förändringsmekanism for the block size, which would be an answer to the system’s dynamic nature and avoiding the centralisation of mining. Today it supports Up over 240 developers and 30 great programmer.
Up is based on the Cryptonight algorithm and the Proof of Work method (proof of work) which is similar to Bitcoin. It requires fast access to the cache, so it will be harder to rely on specialized ASICS. Currently mainly used the GPU for both Nvidia and AMD cards. There is no advance in this case.
Basic information about currency
Name: Up (XMR)
The target rate of the coin: 18,13 million by 2022, then to 0.6 XMR per block
Hashing algorithm: Cryptonight
The price for the block: from 8 359 XMR reduces to 0.6 XMR year 2022
New blocks: every other minute
Blockchain size: 15,4 GB
Start date: april 18, 2014.