When it comes to being unique or innovative in the world of altcoins, it’s not an easy task. A lot of cryptocurrency developers are currently focusing on making their coin anonymous in one way or another, which is their main selling point. SuperCoin on the other hand, while also working on transaction anonymity, calls this process “phase one” of their plan.
- SuperCoin's logo
Unlike some other altcoins out there, the SuperCoin developers have built their anonymity feature from scratch, and called it SuperSend. This feature is completely anonymous and works like a charm, according to the developers. The SuperSend feature is so popular, that it can be found in a different altcoin, MammothCoin, whose developers have integrated the SuperSend feature in their client as well.
SuperSend is an anonymous send technology, which belongs to the CoinJoin catalogue. By using a cloud of decentralized mixing nodes, all incoming coins get mixed by these nodes and, by using their own buffer the coins are forwarded to the recipient. Both incoming and outgoing addresses are generated and refreshed at regular intervals, ensuring transaction anonymity. You can find out more about SuperSend by checking out the whitepaper.
In order to further enhance the anonymity aspect, the SuperCoin developers noticed it is very important to protect user privacy. To accomplish this, they have built in an option to enable the Tor network in your SuperCoin client. A detailed guide on how to set up Tor in your SuperCoin client can be found here.
One important aspect when talking about anonymous transactions is how long it takes for said transaction to complete. The SuperCoin developers made sure anonymous transactions via SuperSend are very fast. “After all, what is the use of anonymity if it takes forever?” said the SuperCoin developers.
SuperCoin is 100% Proof-of-Stake, which means you cannot mine this altcoin directly. There is a specific multipool available, Called SuperMultiPool. This pool lets you mine other cryptocurrencies which are exchanged for Bitcoin. These bitcoins are used to buy up SuperCoin on exchanges, which are then paid to the miners. It’s fairly common process for cryptocurrencies to have a dedicated multipool once their Proof-of-Work stage is over.
When you keep your SuperCoin in your wallet, you are officially “staking” your coins. During the first year of “staking”, you will earn a 100% interest on your coins per annum. If you don’t move your coins around for a full year, you will double the amount of SuperCoin you have. This interest rate gets halved during year two, and from year three onward, you will earn 1% interest per annum. SuperCoin also has Proof-of-Stake superblocks, which give you between 4X and 128X the normal block reward. You can find out more information about the PoS superblocks here.
It should be noted that the aforementioned is only phase one of SuperCoin plan. Over the past few weeks, the developers have slowly released more information on what will be in store for phase two. It basically comes down to implementing a fully decentralized peer-to-peer anonymous system for transactions, using a trustless system based on a novel design.
In order to make this a trustless system, the SuperCoin developers will implement multi-signature transactions. On top of that, the person sending the coin will be able to randomly select any qualified peers as mixer and guarantor. In order to become a qualified peer, you have to have enough coins in your wallet to complete the transaction initiated by the sender. Users can opt-out of being listed as a qualified peer by editing their SuperCoin configuration file.
- SuperCoin's specifications from its website
To make the system even more secure, a mini-escrow system will be built-in as well. This mini-escrow system guarantees that all different parties involved will behave properly, otherwise, they will lose their coins. If you are wondering why people would want to take the risk of putting their coins on the line to provide anonymous transactions, the answer is simple: every qualified node receives commission per successful transaction.
In the latest developer update, which you can find here, it’s mentioned that we might see phase two of SuperCoin’s transaction anonymity plan entering its testing stage in a few weeks. This testing stage will be handled by the SuperCoin developers, as well as community members who wish to partake in testing.
When you are looking to trade SuperCoin, there are plenty of options available, as exchange owners have also noticed the popularity of this altcoin. You can trade SuperCoin at Cryptsy (against both Bitcoin and Litecoin), MintPal, BitTrex, C-Cex, AllCoin and Coinano.
It is also worth noting that SuperCoin held an IPO before this altcoin officially launched. During this IPO, a total of 2.5 million SUPER were sold raising a total of 5 BTC. These funds are being used to fund further development and pay for the website and servers while a part of the funds is also set aside for marketing and promotion. The last part will be used for maintenance and enhancements for SuperCoin.
For more information, go to the official BTC talk thread here.
Do you want to read CoinTelegraph from your mobile device? Then go to our Indiegogo campaign, contribute, collect your prize and enjoy the mobile app!
Follow us on Facebook