A NEW CRYPTO ALTERNATIVE
I have recently discovered a new crypto called PYREX. After spending the last month on their Telegram feed I found it refreshing to see true community involvement in a project where the developers and founders interacted with the miners and investors on a daily basis. When I'm looking for a new cryptocurrency to invest in not only do I want to see what sets them apart from the rest but I also want to know that the developers are listening to the community. When I reached out to the founder to get more information about PYREX he didn't hesitate to share what was currently being developed. This kind of communication gives me a sense of confidence in the team's ability to keep this project moving forward.
Pyrexcoin is designed as the fastest cryptonote protocol based payment system utilizing code that makes up Monero, Bytecoin, and the Lightning Network. Using the cryptonight algorithm PYREX strives to maintain an ASIC resistant blockchain. This includes an excess size penalty embedded in the code to discourage miners from creating large blocks that would create bloat on the blockchain by stuffing a block with the miners own zero-fee transactions.
The developers created Pyrexcoin to be truly anonymous, blockchain explorer resistant, and scarce in order to be a serious rival to Bitcoin and other anonymous cryptocurrencies. They do not consider Pyrexcoin as a replacement to Bitcoin, the development team's hope is that with multiple strong and convenient currencies it will encourage the natural improvement of the systems and technologies through competition.
Coin Features
Anonymous transactions
Blockchain analysis resistance
Runs on the Cryptonote Protocol
Scarce - max coins issued 33,000,000 PYX
Future Mobile Wallet Features
Capable of storing multiple types of cryptocurrency.
Integrated Cryptoshop
Embedded Pyrex Messenger
Future Payment System - PYREXBANK
According to the white paper this will be a new payment system running on the PYREXCOIN network that will allow owners of PYXs to create smart payment contracts. Once the conditions of the contracts have been met the required pyrexcoin can then be released to the payee. One of the interesting features will be the ability to pass on the PYREXCOIN to an heir in the event the owner passes away. This is a feature I haven't seen proposed in any other cryptocurrency to date.
Conclusion
The development team describes Pyrexcoin as a cryptocurrency that is at the intersection of performance and security. With the features described above, the team's promise to continue to integrate new innovations over time, and their dedication to providing a product that is profitable to the mining community I am excited to see what Pyrexcoin will create in the coming years.
Pyrexcoin is currently in round one of their ICO so if you interested in this project they can be found at pyrexcoin.com. I encourage joining their Telegram feed to get the latest information on the project. The developers are currently updating the white paper and website to give more information on the features described above.