[caption id="attachment_70955" align="aligncenter" width="634"] Kanye West Inspired Digital Currency to Challenge Bitcoin
[/caption]Just at the time that Bitcoin is beginning to gain prominence as a digital currency, a newcomer is set to launch this month to tap into their success. The new rival currency is inspired by iconic rapper Kanye West and is called "Coinye West".
The founders of the Bitcoin knockoff are keeping their identities anonymous for the time being, but they were clear in a statement that they used the name Kanye West because he inspires new trends in society.
In that regard, the name is well-chosen. Kanye West’s reaction isn't clear yet nor is it likely his name of being used as part of licensing agreement. The company will deploy digital coin miners such as with Bitcoin uses only their app will be called "Coinyeminers". Miners are the apps that crunch CPU cycles creating the heavy encryption needed to safeguard the currency. Just as with Bitcoin, a single coin is useless without its encryption key.
This new currency aims to make the process of mining for coins user-friendly so that anyone will be able to mine their own coins at home.
The method they use will allow multiple computers to work in sync to solve the complex math behind coin encryption and when the encryption is produced, a bulk load of 500,000 coins will get created and distributed across the participants.
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Kanye West Inspired Digital Currency to Challenge Bitcoin