Rubycoin Launches At Last

Rubycoin re-launched as planned yesterday afternoon and is now seen as the best cryptocurrency to buy and for trading. The launch began at 3 pm EST, but some technical delays prevented any actual mining from occurring for the first hour or so. Naturally, there were some who made a huge fuss about this but I think it’s important to keep in mind that the entire crypto coin landscape is still a relatively new frontier. These coins aren’t backed by multinational billion-dollar blue-chip companies, but rather are being developed and supported by small groups of volunteers and enthusiasts – so let’s try to keep things in perspective.

I have seen many launches crash and burn with the developers hiding as soon as problems become evident, but the rubycoin team stuck around and worked quickly to resolve the problems. Compiled wallets were not immediately available at launch (the source code was, however) but the Windows wallet was made available shortly after. I spoke with one of the developers today and he said that a compiled Mac wallet would be available soon, possibly tonight. Please note that you can of course compile the wallet yourself from the source code if you have the technical know-how and appropriate software.

The anticipation for this coin became obvious at launch; several pools had difficulty keeping their servers up due to the sheer volume of miners trying to mine the coin, and many of us had to configure failover settings in cgminer to switch between pools (or different servers within the same pool) if the connection dropped. Many miners claimed to have rented additional mining power specifically for this launch. This is the first launch I have participated in, and it was a lot more intense than I expected it to be.

The difficulty level hit 250 within a couple of hours, and the developers told me that the network hash rate broke 8 GH/sec last night. There have been no forks reported thus far, and transactions are confirming quickly.

Rubycoin is capped at 60 million coins, and the first 500 blocks yielded a reward of 50 coins each. After the first 50, the reward increased to 500 coins per block. The reward will drop every month; first to 250, then 125, then 75, and finally 50 – which it will remain at from that point on (until all 60 million coins have been mined.) The coin uses the scrypt algorithm, and 2% of it was pre-mined to cover development expenses such as giveaways and bounties. Rubycoin makes use of Kimoto’s Gravity Well to prevent difficulty spikes from occurring. At the time of this writing, the difficulty is currently at about 150, with a network hash rate of nearly 4 GH/sec.

Rubycoin is currently listed on Crypto Rush, a popular exchange. There are already a handful of Rubycoin faucets operating, and a Mac computer repair store in Florida has reportedly begun accepting rubicon for payment (in addition to bitcoin and dogecoin.)