Its Gold 2.0
- Relative long transaction times (10 minutes for verification)
- Hard limit of 21 million
- Proof of Work (the mining you will hear of)
- Ever expanding Block Chain public ledger
- LiteCoin - 2.5 minute transaction times
- PeerCoin - Proof of Stake and Proof of Work
- PrimeCoin - 1 minute transaction time
- It requires less energy - People don't have to run dedicated hardware to mine. They just hold their coins.
- A 51% attack is less likely - In order to do this someone would have to obtain half the currency. However this would cost a lot as market forces would drive the price higher (assuming over 50% of the current holders wish to sell). Then if the attacker wished to compromise the network their holding would decrease as their 51% stake would devalue. Compare this to Bitcoin; an attacker would have to get the hardware but they could re-sell this hardware, thus the costs of the attack are not as great. For a large currency the hardware costs less relative to half a global currency.