Speedcoin has joinedthe race to get the average consumer’s attention and make crypto-currency ahousehold name.
The altcoin, itswebsite stipulates, is socially designed to generate maximum appeal whileoffering the benefits of a “Bitcoin lite” fork.
Time for mainstream appeal
It must be said thatfor an aspiring phenomenon, there is precious little known aboutcrypto-currency, a situation not helped by the industry’s absence in socialmedia. Speedcoin is set to change this, however, by building a strong presenceon Facebook in particular, as well as offering new users a sign-up incentive of100 speedcoins, plus another five for every new user they refer.
“The main problem withany crypto-currency is that it does not spread widely amongst internet users,”its website states. “The main idea behind Speedcoin is different. It is toevenly 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, whilenot 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 beconfirmed. The mining reward per block is currently 25SPD.
While the Facebook page is off to a modest start with 5 ‘likes’ attime of writing, there are already three mining pools in operation withCoinaccel accepting SPD for trade.
There is a problem,however, which may hinder Speedcoin’s uptake, and it comes in the form ofSpeedCoin (SPC). Notice the difference? The other altcoin has been on themarket slightly longer than its more socially-oriented peer, but theirsimilarities end with their names.
While SPD isengineered to provide equal mining opportunities, for example, SPC welcomesASIC users. This confusion could easily extend to novice users finding thewrong results on search engines and signing up with an unintended coin.
However, it is worthnoting that the majority of social network users, should they become curiousabout Speedcoin, will not come from the demographic wanting to engage inmining.
More information onSpeedcoin as well as straightforward wallet downloading can be accessed here.