Devcoins are one of the oldest cryptocoins after bitcoin, being created in 2011. The main difference with Devcoins is that they rely on human endeavor rather than machine mining to give the coin its value. Devcoins are a cryptocurrency in that they are mined, but they are not rare like bitcoins. They are generated at a fixed reward of 50,000 devcoins per block, with 10% going to miners. The rest go to open source developers, writers, artists, and other contributers and creators in the spirit of open source.
Previously, open source developers generally received nothing for their work, since it was released for free for anyone to use. The idea behind Devcoins was to give them something back for their efforts, which often help many more people than most people realize. The vast majority of the internet runs on open source software. Open source leads to a better future for everyone, no matter their status.
Whether intentional or not, the currency has also inadvertantly floated the price of open-source development onto the free market. When people invest in devcoins, they’re investing in open source software, and the more developers that join the lists with worthy projects, the more quality open source software there can be. Devcoins are a long term investment in the creative output of people, and that’s something that sets it apart from all the other cryptocurrencies.