CoinYe West is the name of a new virtual currency slated to launch later this month a recent Noisey article reports. Based on the open source foundation offered by the popular industry leader Bitcoin, CoinYe West will utilize the same basic model of ‘mining for currency.’
In their email interview with noisy, the founders of CoinYe explain the general mining process that many cryptocurrencies are based on. “Basically, people’s computers try and figure out math problems," they said. "Hundreds of them work together and when there’s a payout, about half a million coins get released from a block, and they get shared between everyone who helped open them. They then get paid out to a wallet, which is a software that people will keep on their computer. They can send or receive coins from there, sorta like Paypal.
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