Traditional cryptocurrencies like Bitcoin use billions of dollars of electricity per year, more than some countries! This energy is eventually lost to waste heat. Snowcoin uses this heat to warm homes on cold winter days. Miners only receive coins if there's a snow day within 24 hours, so they are incentivized to only mine when it's below freezing out.
The intended usage of Snowcoin is to allow students to bet on (alternatively, insure against) snow days. They can stake some currency on a snow day or delay occurring on a specific date. Other actors can stake reputation to report whether or not school has been cancelled/delayed. This encourages the speedy propagation of accurate information.
- 15 minutes after the first commit, Bitcoin halved its block reward. How's that mining working out for you now?
- 12 hours after the implementation of the core blockchain, Telegram abandons its TON network and currency.
- 5 days after the proof of work was added, the total cryptocurrency market cap dropped 20% from recent highs, the worst crash in nearly a year.
- Who's next...?
Remember, There's no coin like Snowcoin.