Kanye West: Coinye West, New Internet Currency, Hopes to Win Over Rapper

Friday, 03 Jan 2014 03:57 PM

By Clyde Hughes

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A Kanye West-themed cryptocurrency, Coinye West, is set to launch next week in hopes of making Internet currency easier for the common man.

Investors for Coinye West, who are wishing to remain anonymous, want it to rival such cryptocurrencies such as Bitcoin and Dogecoin.

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"Coinye West is a cryptocurrency for the masses," its creators told The Washington Post. "Bitcoin is for hardcore money-hoarders, and Dogecoin was more for the Internet-meme crowds. … Our goal with Coinye West is to make it easier for people to use cryptocurrency."

Of course, there is the possibility of copyright infringement, which is why the creators told The Hollywood Reporter they would like to make nice with the rap artist and bring him on board as an investor, but they have not yet heard from him. They said they're fans as well.

"We chose to represent Kanye because he is and always has been a trendsetter, and he's always keeping things unique," the Coinye creators told The Hollywood Reporter. "I can picture a future where Coinye is used to buy concert tickets, with cryptographically verified virtual tickets, and other ideas I can't give away just yet."

The creators told The Hollywood Reporter they even tried to reach out to West via one of the rapper's favorite mediums – Twitter.

The Washington Post said Coinye West's biggest challenge, though, may come from the fact that cryptocurrency has become a crowded field, with more than 60 Bitcoin impersonators. The newspaper said since Bitcoin's code is open-source, just about anyone can start their own.

Creators told Vice.com that they plan to launch Coinye West on Jan. 11 and while cryptocurrency is still a mystery to some, they hope their site will become commonplace.

"Our goal with Coinye West is to make it easier for people to use cryptocurrency," the creators told the site. "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. "

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