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Ixcoin is a peer-to-peer currency based on Bitcoin with a shorter maturity. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.
Ixcoins are the unit of currency of the Ixcoin system. Similarly to Bitcoin's BTC, a commonly used shorthand for this is “IXC” to refer to a price or amount. An Ixcoin isn't tangible. It is just a number associated with a Ixcoin Address.