What is Autumncoin (ATM)?
Autumncoin (ATM) is a decentralised digital currency that operates on blockchain technology. This technology ensures the security and integrity of transactions made with Autumncoin. The cryptocurrency is distinguished by its use of the X11 algorithm, a hashing function that is intended to offer a more secure and efficient mining process. Autumncoin is unique in its dual mechanism approach, incorporating both Proof of Work (PoW) and Proof of Stake (PoS) protocols. Initially, the creation of coins is facilitated through the PoW mechanism. However, after the network reaches 36,900 blocks, Autumncoin transitions to using exclusively the PoS mechanism for coin generation and network security.
What is Autumncoin (ATM) used for?
Autumncoin serves several functions common to cryptocurrencies. It facilitates secure, peer-to-peer transactions without the need for a central authority, like traditional banks or financial institutions. The incorporation of PoW and PoS mechanisms allows users to participate in the network either by mining new coins (PoW) or by staking their existing coin holdings to help secure the network and validate transactions (PoS). With a 9% annual interest rate for staked coins, Autumncoin incentivizes users to hold and stake their coins, contributing to the network's security and stability. The 60-second block target aims to ensure fast transaction confirmations, enhancing the currency's utility for everyday transactions.
The official Autumncoin ticker is “ATM” and traded under that name on all the exchanges where it has been listed. The designation “ATMC” is for CryptoCompare.com only.