Re: [ANN][NFD] NFD-Coin | The first fair NXT clone | Escrow accepted | >650 Joined!!
Hello,
Yes, the concept of NXT/NFD is that of a brainwallet. Instead of using a 50(ish)digit privatekey like BTC et. al., NFD uses a password to enter the account. No wallet is needed!
The way it works is, that an algorythm uses the password to create a SHA256 hash and transforms this hash into an account number. So by giving me the hash of your password, I can include your hash in the genesis account. Then at the launch you can download the software and enter your account and there you will find you coins.
(explained at a very trivial level
)
Yes, the concept of NXT/NFD is that of a brainwallet. Instead of using a 50(ish)digit privatekey like BTC et. al., NFD uses a password to enter the account. No wallet is needed!
The way it works is, that an algorythm uses the password to create a SHA256 hash and transforms this hash into an account number. So by giving me the hash of your password, I can include your hash in the genesis account. Then at the launch you can download the software and enter your account and there you will find you coins.
(explained at a very trivial level
)Thank you for explanation