03/01/2014 11:05 GMT | Updated 23/01/2014 10:52 GMT

'CoinYe West' Creators Say Kanye Isn't Involved: 'He Really Isn't Someone We Want To Piss Off'

A new digital cyrptocurrency built on the same source-code as the notoriously volatile Bitcoin will launch later in January.

That in itself is nothing remarkable - many different currencies based on Bitcoin, each with supposed improvements and tweaks - have been launched in recent months.

But this new currency does have one thing on its side: a good pun.

The pun goes something like this: "You know Kanye West? Like that, but a currency. So… Coinye West."

And that's the name. Coinye West will join Dogecoin, named after a faltering meme, as one of the less seriously-named digital currency variants on the market at launch on 11 January.

The aim, its creators say, is to make Bitcoin-style currencies easier to use.

No screwed up fake "fair" launches, shyster devs, muted channels, and f**ked up wallets. We will be releasing password protected, encrypted archives containing the binaries and source for the wallet and daemon BEFORE LAUNCH, with the passwords to be released at the specified time. We will work with multiple pools to orchestrate a PROPER and FAIR release.

In an interview with Vice, the minds behind the currency said they were "not sure" how the real Kanye would react but said they were working hard to make it happen.

"Right now, it's kind of a dark art for people to mine coins. We plan on releasing a front end to the "mining" programs called CoinyeMiner. It will make things a lot more simple and people will be able to make their own coins. We're working round-the-clock to get everything going as smoothly as possible."