Coinye West is not something made by Kanye West even though, in a way, it is. Inspired by Bitcoin and the meme friendly Yeezus rapper himself, Coinye West is a form of electronic currency similar to Bitcoin. The coins will debut in a few days and unlike Bitcoin, we can all grab some for next to nothing. Kinda.
The creators explain their 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. ”
And how this “mining” thing works:
“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.”