Experiencecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Experiencecoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The Experiencecoin network is scheduled to produce 450 billion currency units over 1000 years. One of the aims of Experiencecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine Liteoins. With the rise of specialized ASICs for Litecoin, Experiencecoin continues to satisfy these goals. It is unlikely for ASIC mining to be developed for Experiencecoin until the currency is widely used.
Find support across a growing number of Experiencecoin communities:
Find general information as well as a list of services and exchanges that support Experiencecoin at the Experiencecoin Wiki.
Up-to-date network statistics can be found at Experiencecoin Block Explorer Charts.
Source code for Experiencecoin-Qt and related projects are available on GitHub.
Experiencecoin is a free software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
The Experiencecoin blockchain is capable of handling higher transaction volume than its counterpart - Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending experiencecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Miners are currently awarded with 17500 new experiencecoins per block, an amount which gets halved roughly every 12,800,000 blocks.
The Experiencecoin network is therefore scheduled to produce 450 Billion experiencecoins, which is 5305 times as many currency units as Litecoin and 21420 times as many currency units as Bitcoin.