NoLimitCoin is a hybrid pow/pos cryptocurrency that uses the SHA256D algorithm. It is an efficient and secure cryptocurrency that has been developed for use on our crypto fantasy sports platforms.
NLC2 was designed as a currency for use in our fantasy sports platform. As the coin becomes more widely adopted and used, it will be an investment-grade coin. With its unique architecture, NLC2 can serve many other areas of the economy including traditional merchants and online merchants of any kind.
As of October 2017, NLC2 is traded with Bitcoin on a number of cryptocurrency exchanges such as Bittrex, Cryptopia, CoinExchange, CryptoBridge, Nova, and YoBit. On major gateway exchanges such as Gemini, Kraken, and Coinbase, fiat money (e.g. USD) is used to buy Bitcoin via a bank account transfer or credit card. This can then be exchanged for NLC2 on one of the aforementioned exchanges.
The two aforementioned factors rendered NLC an unviable option to support fantasy sports platforms. By 2016, the NoLimitCoin Codebase was upgraded with a subset of the Peercoin and Bitcoin blockchains. To confirm transactions, the NLC2 blockchain employs a Proof-of-stake (“PoS”) algorithm in which new coins are distributed in a pseudo-random fashion to staking wallets.
Each wallet that stakes NLC2 is rewarded for its role in improving the strength, security, and size of the network. All staking wallets receive a 4% increase in their balance yearly; new coins are distributed at regular intervals depending on the amount staked.
The NLC2 blockchain has safeguards implemented against possible manipulation by nefarious actors, with the PoS algorithm being one of them. The other system in place is the fact that the staking difficulty is retargeted after each block. Doing so prevents wallets with large amounts of NLC2 from unduly weighting the staking algorithm, creating a fair and profitable reward system for investors in NoLimitCoin.
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