SpreadCoin, a new cryptocurrency more decentralized, compared to Bitcoin, satisfactorily addresses one of the primary concerns of the latter in that i
SpreadCoin, a new cryptocurrency more decentralized, compared to Bitcoin, satisfactorily addresses one of the primary concerns of the latter in that it averts centralization of dicing power. The network achieves pools prevention by assigning each block with the unique private key, which matches the coin-base transaction. So, with the absence of pool mining, the only way to mine the cryptocurrency is to set up a personal wallet and to utilize hashing power to acquire the coins. Consequently, there is a minimal day to day variations in the market ordinarily occasioned by multi-pools or pool hopping.
SpreadCoin Basic Info
• Algorithm: SpreadX11
• Block generation: one minute
• Difficulty retargets: Each and every block about previous 360 blocks
• Rewards begins at about 6.66 coins/block
• Block rewards are smoothly divided by two every four years
• Total supply: 20M coins
1. Vanity Generator (Vanity Gen)
Vanity Generator, shortened vanity gen; is one of the first apps built into SpreadCoin wallet. The app allows you to come up with personalized payment address. You then search through several payment addresses, using the easy-to-use Vanity gen, to find vanity addresses which, in turn, are stored, safely and exclusively, on your PC together with the private keys. Searching using the wallet is probabilistic, and hence the duration of time you require to find your selected address patterns depends entirely on the complexity of the pattern, some level of luck and the speed of the computer you are using.
2. Reliable Authentication
Blockchain functions like a public ledger that verifies all transactions thus enabling faultless instant payments. The payments, therefore, cannot lie, hard to manipulate or cheat and as such are substantially secure, safe and stable, much more than some of its predecessors. The system, operated via a peer to peer consent, allows all the computers in the network o first steadfastly verify the transactions. After every 10 minutes, the system updates a block. Immediately a user conducts a transaction the system confirms its authenticity. The blockchain is principally the evolution of currencies in their various forms; the business dealings receive reliable verification, making lives more efficient, easier and faster.
3. Strong Pool Prevention Mechanism
Spreadx11 introduces a robust pool prevention mechanism because each block header contains extra information (hashWholeBlock and MinerSigniature). With the aid of this info, the protocol makes sure whoever is mining a new block is the first to know what the entire block contains as well as the private key that will enable them to spend the coin base transaction. This arrangement is a departure from the pool mining, where the pool operator gets to know these things first. So, anytime a miner finds a block, they must securely sign and transmit the same to the network, as opposed to the pool doing so for him.
SpreadCoin utilizes more compact representations in transactions while its mining power centers in huge pools. The entire network is, therefore, much more secure and hence, even if the pools become malicious or if their security is compromised in any way, the whole system is not at risk. The resulting markets are very stable and features significantly steady growth pattern.