The name Cryptonitecoin may conjure up images of the crypto currency Bitcoin, but the coin has a different story.
“It is a great crypto currency that is not a cryptocurrency,” says Alex J. Zemel, founder and CEO of Cryptonite Coin.
Cryptonite is a peer-to-peer cryptocurrency that works by “mining” cryptographic algorithms.
In a way, this is like a digital lottery, in which you compete for a piece of the prize.
Cryptonite is not tied to any central authority or company, unlike Bitcoin, which relies on miners and software to work.
It is more like a blockchain, which uses the Bitcoin blockchain to verify transactions, and then can be used for payments or even other assets like stocks and currencies.
Unlike Bitcoin, Cryptonite uses its own network, meaning it can be distributed in real time across the globe, and there are no fees involved.
It can be sent via email, instant messenger or text message.
While Cryptonite has raised a few millions of dollars from angel investors, its current valuation is about $1 million.
The company says that it has generated more than $5 million in revenues and has been featured in Fortune, The Wall Street Journal and The New York Times.
For more information, check out the CryptoniteCoin.com website and Facebook page.