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‘Coinye West’ is Bitcoin for the Masses

Coinye WestWhen Kanye West wrote the lyric, “I’m chilling, trying to stack these millions,” he probably did not mean digital currency. But a new technology might give him pause, or at least have him scratching his head. In a sign that the frenzy over Bitcoin may have reached a new level of ridiculousness, there is now another phenomenon inspired by it: Coinye West, named after the American hip hop artist Kanye West. Bitcoin is a new online technology designed as a currency to enable anonymous transactions over the Internet with little or no fees. Bitcoin mining involves pooling together the resources of computers over a network to solve mathematical problems that, theoretically, generate bitcoins as a reward. The software supporting the system is open source, so it has already spawned a number of alternative forms of the technology, such as Ripple, Litecoin and Colored Coins.

Read the full story at ComputerWorld.

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Shelly Palmer is the host of Fox Television’s "Shelly Palmer Digital Living" television show about living and working in a digital world. He is Fox 5′s (WNYW-TV New York) Tech Expert and the host of United Stations Radio Network’s, MediaBytes, a daily syndicated radio report that features insightful commentary and a unique insiders take on the biggest stories in technology, media, and entertainment.

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