Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009. When paying with Bitcoin, no exchange of digital notes or tokens takes place between payer and payee. Instead, the buyer requests an update to a public transaction log. All transactions are verified, time stamped, and recorded into this shared public database called the block chain (a public transaction log). According to the
BBC, such virtual currencies are often linked to the purchase of illegal items like drugs, mainly because transactions are very difficult to trace.
The new virtual currency will follow "Dogecoin," another virtual currency based on the popular Doge meme.
Dogecoin uses the Shiba Inu dog character from the Doge Internet meme as its mascot. As of January 1, 2014, 18.3 percent of the 100 billion total dogecoins have
been mined.
Now, according to
The Guardian, the newest successor to Bitcoin is inspired by rapper Kanye West is to launched.
Kayne West is a U.S. hip hop recording artist, songwriter, record producer, film director, entrepreneur and fashion designer from Chicago, Illinois.
The site,
coinywest.com, aims to mine a "PROPER and FAIR" currency launch on 11 January, with a script-based algorithm that will "[fire] shots at bitcoin."
In an interview with the website
Noisey, the creators of the new coin explain the rap-themed inspiration: "Kanye ... is and always has been a trendsetter, and he's always keeping things unique...we're really not sure how Kanye is gonna react to this. We hope he loves it, but if he doesn't, he really isn't someone we want to piss off."
