Cryptocurrency Review: What Is iCash?

Cryptocurrency Review: What Is iCash?

iCash is a type of cryptocurrency that uses peer to peer together with darksend technology to operate with no banks or central authority. Issuing of i

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iCash is a type of cryptocurrency that uses peer to peer together with darksend technology to operate with no banks or central authority. Issuing of iCash and managing transactions is done collectively by the network. iCash is not only mined in an open source but its design is also public hence nobody owns or control it and anyone can take part in it. By using many of its properties, iCash allows users who could not be covered by any previous system to use it. Apart from the traditional proof of work rewards of mining iCash, you can also be rewarded for maintaining and running servers known as masternodes.

Although future plans are envisioning several roles for masternodes in the markets their main function is to carry out an animation phase for the Darksend protocol. The kind of service that Masternodes provides is one of the best things about the Darksend which is actually the defining future of this platform. For it to return this service with each mined block one masternode is randomly chosen by the network to receive 20% of the total payout gotten from that particular block.

iCash Features

  • It used Chained Hashing Algorithm X11 created by darkcoin core developer Evan Duffield. X11 Algorithm uses a series of eleven scientific hashing algorithms to check out the proof of work. This is to ensure that the processing distribution is fair and these coins will be distributed in a rather a similar way as the Bitcoins were initially being done. ASIC’s will be rather hard to make and may take many years to mature.
  • It uses the DarkGravity Wave which is a widely used adjustment algorithm created by Darkcoin core developer to address its flaws. For more details check https://icashofficial.com
  • It also uses the instant Transaction technology or instant X that will basically allow the iCash to compete with all the instantaneous transactions like the credit cards for some point of sales transactions while not depending on the centralized authority in the system. If this is successful, the idea could change the whole system of cryptocurrency by reducing the duration it takes from as long as 1 hour to as short as twenty seconds.

New network

Currently, iCash has been the same thing since 2015 but this will change in 2017. They will direct themselves from the old network and establish ground rules for a new iCash network. When the transaction is complete it will provide multiple platforms wallets, stable support, update to the latest technology for anonymity and maximum security and the constant development of iCash wallet to ensure that the user experience is good. iCash is also a real community driven. With the team that met, iCash has continued to grow in leaps and bounds.

How to generate new wallet

  • Generate a new address button.
  • Click the paper wallet and print the page on the best setting. You should not save the page as a pdf file since it’s more likely to be hacked.
  • Share your public address while keeping your private key secret. The private keys are literally the key to your coins hence you must ensure that you keep it secret. This is because they could withdraw the funds directly from your wallet.

Since iCash came over in 2015 there has not been too much development up to now. They have even created a good roadmap to development to ensure that it’s even much better.

COMMENTS

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    Dave 2 months

    As far as I can tell, there is no developer on the current ICASH team, just one blogger. Hence the inaction on ICASH’s part to fix the “wrong chain” wallet issue on Yobit? You tell me.