ForeverCoin was inspired by Blackcoin. and it shares much of the source code and technical implementation of Blackcoin. The ForeverCoin source code is distributed under the MIT/X11 software license.
ForeverCoin has 105 million coins for initial distribution and a hard limit on the number of possible coins of 210 million.
ForeverCoin has an annual inflation rate of 28% initially and the inflation rate is designed to decrease by 37% annually and eventually attains an annual inflation rate of 0% when the number of coins reaches the maximum.
The proof-of-stake method of generating coins requires very minimal energy consumption; it only requires the energy to run the client software on a computer, as opposed to running resource-intensive cryptographic hashing functions.
A peer-to-peer network handles ForeverCoin's transactions, balances and issuance through SHA-256, the proof-of-stake scheme (ForeverCoins are issued when users stake their balances. This process is called "staking" or "minting".) ForeverCoins are currently traded for fiat currencies, bitcoins and other cryptocurrencies mostly on online exchanges.
Transactions are recorded in the ForeverCoin blockchain (a ledger help by most clients), a new block is added to the blockchan with a targeted time of 2 minutes. A transaction is usually considered complete after 5 blocks, or 10 minutes, though for smaller transactions, less than 5 blocks may be needed for adequate security.