Megacoin (MEC)

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Megacoin is a Scrypt-based cryptocurrency that is based upon Bitcoin’s code. It also implemented novel code that has since been adopted by most alternative cryptocurrencies. Dr. Kimoto Chan, when he released Megacoin on May 29th, 2013, introduced ‘Kimoto’s Gravity Well’ (KGW) which protects smaller networks from the negative effects of smart mining pools that had switch large amounts of hashing power between the networks of different cryptocurrencies. Prior to KGW, alternative cryptocurrencies could be mined temporarily by large pools, raising the difficulty without a corresponding sustained increase in hashing power. This would result in very slow block confirmation times. KGW is a difficulty retargeting algorithm that addresses this issue and prevents such slowdowns.