New York Coin (NYC) is an open-source software project and a peer-to-peer cryptocurrency released under the MIT/X11 license. MIT/X11 license is a software license developed at the Massachusetts Institute of Technology. NYC is based on an open-source cryptographic protocol and not managed by any central authority. 

The cryptocurrency employs a proof of work algorithm using scrypt as underlying hash function. The main features of NYC Coin include energy-efficient mining, near-instant transactions with confirmations every thirty seconds, no fees to send or receive and, fair launch with no hold-backs.

According to the whitepaper, NYC Coin is suitable for time-sensitive daily purchases as NYC Coin confirmations are much faster than other cryptocurrencies. NYC digital currency seeks to gain acceptance at businesses worldwide.

The open-source code of New York Coin was launched on March 6th, 2014. Since the launch, the original GitHub repository of NYC coin has never been accessed or modified. The identity of the original developer of New York Coin remains unknown to date. Charlie Kartchner, an early scrypt miner, created the website for New York Coin in 2014. He also got the NYC coin added to Coinmarketcap in 2014.