October 20, 2017

How It Works

Minutecoin.io is a digital currency faucet for connected devices. The faucet issues Minutecoin to participants minutely and sends them to a tradesatoshi.com account where they can be exchanged for Bitcoin.

Step 1 – Register for an account with tradesatoshi.com

Step 2 – Click on Balance from the main menu bar at tradesatoshi.com

Step 3 – Search for ticker SCF in top right search bar from Balance screen main panel

Step 4 – Click the Create Address button next to the coin icon

Step 5 – Copy the address to your device clipboard

Step 6 – Paste the address into the minutecoin.io minute timer and START claiming free Minutecoin every minute

Step 7 – Use the addresses to also TRACK performance on minutecoin.io 

Balances
The blockchain is a shared public ledger on which the entire MinuteCoin network relies. All confirmed transactions are included in the blockchain. This way, MinuteCoin wallets can calculate their spendable balance and new transactions can be verified to be spending MinuteCoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.

Transactions 
A transaction is a transfer of value between MinuteCoin wallets that gets included in the blockchain. MinuteCoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.

Processing
Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the blockchain. It enforces a chronological order in the blockchain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.

Blockchain Crawler

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mcoin.conf – updated 11/13/2017