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It symbolizes the chinese three finger gesture. The number 3 (三, Pinyin: sān, jyutping: saam1) sounds similar to the character for "birth" (生, Pinyin: shēng, jyutping: saang1), and is considered a lucky number. The number 3 is significant since there are three important stages in a man’s life (birth, marriage and death). On the other side it is an abstract form of a "M" for Megacoin.
Mega is a unit prefix in the metric system denoting a factor of one million. It was confirmed for use in the International System of Units (SI) in 1960. Mega comes from the Greek μέγας megas, meaning "great". In computing, mega denotes information units, like megabyte and other units; for example transfer rates like 1 megabit/s = 1000000 bit/s.
MEGACOIN has a class of workers called miners who "mine" MEGACOIN (similar to Gold Miners). Miners run special software on their computer to run encryption calculations to be the first person to find special codes that will add MEGACOIN to their wallet and put those MEGACOIN into circulation. Miners also act as accountants to verify all transactions on the MEGACOIN network and compare work against each other to keep MEGACOIN secure.
Megacoin started on 2013-05-29 with a pre-announcement on Bitcointalk.org written by an anonymous user called Kimoto (Dr. Kimoto Chan), Megacoins initial developer. Kimoto created in the following months the KIMOTO GRAVITY WELL for Megacoin, a difficulty retarget system to prevent multipool influence on the blockchain. In june 2015, two years later Kimoto left the project with a short notice on Bitcointalk.org. In 2017 the LIMXTEC group started to revive Megacoin with a newer Megacoinversion based on Bitcoin 0.10. In Q2 2018 the Megacoin finally got an update to Bitcoin version 0.15 with a new difficulty retarget system called "Core Shield" and a maximum Blocksize of 20 MB.
Megacoin has been designed to handle rapid growth and a stable future. Only 42 Million Megacoins will ever exist. During the freely joinable Initial Adoption Phase (IAP) which lasts nearly half a year, 21 Million Megacoins will come into existance. Every Megacoin block has a reward. Here the block rewards are in groups of 21,000 blocks steping down from 500, 250, 125, 75, 50. Rapid growth during the IAP is fueled by a balanced amount of increased rewards for miners who secure the Megacoin network.
Around the year 2014 to several decades in the future, the remaining 21 Million Megacoins will be distributed at a similar step-down rate. Every 420,000 blocks (2 years), The reward starts at 25 and is halved each period. 10.5 million Megacoins come from first 2 Years of 420,000 blocks. While the Megacoin release rate decreases as time moves forward, the market value of Megacoins will adjust accordingly.
First Block: 2013-06-01 09:34:59
Max supply: 42 million MEC
Blocktime: 2.5 minutes
Retarget: Core Shield
RPC: 7950, P2P: 7951
Blocksize: 10 MB + Segwit
Reward per Block: 6.25 MEC
Update to Bitcoin Core 0.15 with Segwit support - finished
New diff retarget "core shield" & 10 MB blocks - finished
Generalbytes ATM software - in process
Coinomi.com listing (android & ios app) - in process
Electrum Wallet - in process
New whitepaper - in process
More exchange listings - in process