A new form of digital currency will reportedly soon be competing with Bitcoin. According to multiple media reports, the currency, known as “Coinye West,” will launch at 11 p.m. ET on Saturday, Jan. 11.
According to the Coinye West website, the currency will use a Scrypt algorithm and have a maximum number of 1,333,333,333. The site also promises that password-protected, encrypted archives containing the binaries and source for the wallet and daemon will be released before launch and that Coinye West is digital currency “for the masses.”
Although there is some speculation that Coinye West is a hoax, widespread coverage by mainstream media outlets and IT experts lends credibility to it being an actual digital currency that will launch. The creators have intentionally remained anonymous and have not indicated where the Coinye West organization is physically located.