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...It works without a central server or trusted parties. Users hold the ECDSA private keys to their own money and transact directly with each other, with the help of the network to check for double-spending. They are also able to participate in the network protection using own money or computing power.
A hybrid Proof-of-Work & Proof-of-Stake scheme is used to provide a protection against double-spend.
The main project repository:
https://github.com/novacoin-project/novacoin
This project is an attempt to create a usable framework to simulate simple network and link protocols and check their performance under different configurations and parameters.