Speedcoin has joined the race to get the average consumer’s attention and make crypto-currency a household name.
The altcoin, its website stipulates, is socially designed to generate maximum appeal while offering the benefits of a “Bitcoin lite” fork.
Time for mainstream appeal
It must be said that for an aspiring phenomenon, there is precious little known about crypto-currency, a situation not helped by the industry’s absence in social media. Speedcoin is set to change this, however, by building a strong presence on Facebook in particular, as well as offering new users a sign-up incentive of 100 speedcoins, plus another five for every new user they refer.
“The main problem with any crypto-currency is that it does not spread widely amongst internet users,” its website states. “The main idea behind Speedcoin is different. It is to evenly distribute pre-mined speedcoins amongst millions of world Internet users (with the user only needing to have a Facebook account).”
Technically, Speedcoin’s one-minute blocktime is faster than Litcoin’s 2.5 minutes, while not quite as fast as Worldcoin’s 30 seconds. The coin lives up to its name, however, as one minute is more than adequate for a seamless user experience, even among those Facebook users not used to waiting for private payments to be confirmed. The mining reward per block is currently 25SPD.
While the Facebook page is off to a modest start with 5 ‘likes’ at time of writing, there are already three mining pools in operation with Coinaccel accepting SPD for trade.
There is a problem, however, which may hinder Speedcoin’s uptake, and it comes in the form of SpeedCoin (SPC). Notice the difference? The other altcoin has been on the market slightly longer than its more socially-oriented peer, but their similarities end with their names.
While SPD is engineered to provide equal mining opportunities, for example, SPC welcomes ASIC users. This confusion could easily extend to novice users finding the wrong results on search engines and signing up with an unintended coin.
However, it is worth noting that the majority of social network users, should they become curious about Speedcoin, will not come from the demographic wanting to engage in mining.
More information on Speedcoin as well as straightforward wallet downloading can be accessed here.