Crypto was a lite version of Bitcoin that used Lyra2RE as a proof-of-work algorithm. The currency could be obtained by mining or trading for Bitcoins and was intended to include features such as anonymity with stealth addresses and ASIC-resistance through the proof-of-work algorithm. The Crypto coin was an altcoin, which worked to fix a problem of cryptocurrency's dilution problem, with the coin reducing the amount distributed to miners every ten days, intended to fix the inflation issue.
The ASIC-resistant design, with ASIC standing for application-specific integrated circuit, which are devices used by miners to mine coins faster than a standard computer, was enforced by the Lyra2RE algorithm, which Crypto used for hashing transactions. This made it impossible to mine Crypto with anything but a standard computer. As well, Crypto used Dark Gravity Wave 3, with only 30-second block times, which is intended to prevent Crypto to be subject to merged mining.
Crypto was started in April 2015, when it was initially listed on exchanges. However, since 2015, there has been little to no community activity around the coin, and it is no longer listed on any exchanges, suggesting the coin is no longer active or in circulation.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.