NAME: Guncoin
SYMBOL: GUN
CRYPTOGRAPHY: Scrypt POW (Proof of Work)
MAXIMUM COINS: 500,000,000
BLOCK REWARDS: 200
BLOCK TIME: 2 Minutes
DIFFICULTY RETARGET: DigiShield Implemented at block #30
REWARDS DECREASE: Every 500,000 Blocks
PREMINE: 10% (50,000,000) to IPCO Contributors
WHAT IS CRYPTOCURRENCY? For those that are not familiar, we will take this opportunity to provide some information
about what Cryptocurrency is and how it works. It has grown from a zero dollar value then, to now over a 7 BILLION dollar market cap. Cryptocurrencies are decentralized, meaning no banks are involved. The recent success of Bitcoin has spurred the creation of many new contenders, such as Litecoin, Ripple, Dogecoin and more. All of these cryptocurrencies are traded on market exchanges and are able to be used to purchase goods and/or services in many ways. Here is a link to an excellent write-up on CNN for "What is Bitcoin?":
http://money.cnn.com/infographic/technology/what-is-bitcoin/
So, like Bitcoin, Guncoin is a virtual (crypto) currency and therefore it does not come standard as a "physical" coin. You can obtain quantities of it by buying or mining it, but they are stored in digital wallets that reside on either your computer or on certain websites, like the market exchanges. You can use the market exchanges to convert the cryptocurrency into other currencies like $USD.
