The Internet can be a strange yet invigorating place. For those not in the know, a peer-to-peer digital currency exchange system better known as cryptocurrency has been gaining popularity due to pioneering company Bitcoin's genius.
Now a rival company is looking to get in on that action and they're using Lord Yeezus himself, Kanye West as their face. Coinye West is their name and their aim is minimizing the tech savviness of their program to make it more accessible to the general public.
The creators recently told VICE/Noisey that they chose the Kanye for his uniqueness and trendsetting ways. Here's a sample of the interview.
I see, so what's the benefit of creating another cryptocurrency? There's already quite a few.
Coinye West is a cryptocurrency for the masses. Bitcoin is for hardcore money-hoarders, and Dogecoin was more for the internet-meme crowds.
What's your goal?
Our goal with Coinye West is to make it easier for people to use cryptocurrency. Right now, it's kind of a dark art for people to mine coins. We plan on releasing a front end to the "mining" programs called CoinyeMiner. It will make things a lot more simple and people will be able to make their own coins. We're working round-the-clock to get everything going as smoothly as possible.
In lay-mans terms, how does mining work?
Basically, people's computers try and figure out math problems. Hundreds of them work together and when there's a payout, about half a million coins get released from a block, and they get shared between everyone who helped open them. They then get paid out to a wallet, which is a software that people will keep on their computer. They can send or receive coins from there, sorta like Paypal.
We're not sure how Kanye will take to such a dubious honor, seeing that he's looking to tone down the outlandish nature of his persona several notches this year.
Coinye better hope they don't get sued for copyright infringement. Hit the gallery to see pics of the product which is launching on January 11 as well as the official Twitter account. Yeah, they're dead serious with this idea.
Photo: Twitter, Coinye West