Coinye, formerly known as Coinye West, is a defunct cryptocurrency founded in 2014 and is comparable to Litecoin. The cryptocurrency came to its end after a lawsuit filed by rapper Kanye West for copyright infringement. Here's 3 things you should know:
1. Coinyecoin belongs to the litecoin family, not the bitcoin family
Even though its a P2P network and it's decentralized, Coinyecoin uses the Scrypt algorithm and not the SHA-256 one. The latter is used in the bitcoin network. In total there will be 133 billion coins that can be mined.
2. Coinye ceased to exist after losing a lawsuit against Kanye West
As it was written in the stars, West's lawyers stated that “Given Mr. West’s wide-ranging entrepreneurial accomplishments, consumers are likely to mistakenly believe that Mr. West is the source of your services,”. This led to the end of the organisation behind Coinye coin and resulted in the prohibition of using any Kanye related names or logo's. Now, one could argue that deleting something from the blockchain is not possible, so in a way, Coinye also won the lawsuit.
3. Coinye was premined, so the crypto-world hates it
Supposedly 2000 blocks of each 666,666 coins were already mined when the public mining started. This means around 1% of the total number of coins was already in the open. The developers itself claimed that the percentage of premined coins mounts to 0.37%.
If you want to read more about Coinyecoins, check out https://coinyecoinsglobal.com
