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About Darkcoin

Darkcoin is a privacy-centric peer-to-peer cryptocurrency, with anonymous block transactions powered by a system called Darksend. By late May 2014 it had overtaken Peercoin and Dogecoin to become the third largest cryptocurrency by market capitalization, behind Bitcoin and Litecoin. Darkcoin jumped 82 per cent in just 24 hours to achieve a market capitalization close to $60 million. Darkcoin uses a new chained hashing algorithm approach called X11 for the proof-of-work.

Instead of using the Secure Hash Algorithm (SHA) 256 or Scrypt it uses 11 rounds of different hashing functions. With chained hashing, high end CPUs give an average return similar to that of GPUs. Another side effect of the algorithm is that GPUs run at about 30% less wattage than scrypt and 30% to 50% cooler, putting less stress on the computing setup and ensuring lower energy bills for miners.