Coinspiracy: SolidCoin

Monday 22 August 2011

SolidCoin

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Public Mining started 5 minutes after this thread was created. Only 940 blocks or 30080 coins were premined for bounties.

SolidCoin is an open source digital currency, based on the cryptocurrency Bitcoin, which is distributed over a peer-to-peer network to offer irreversible, low-cost, anonymous and decentralized monetary transactions.

SolidCoin officially started on the 20th of August 2011.

How does SolidCoin differ from Bitcoin?

Faster transaction processing
Protection against pump-n-dump by large pools
Twice daily difficulty retargets
3 minute blocks, 32 SolidCoins per block
Maximum coin generation of 18.9 million (18900000) to be reached by ~2022
Fixed transactions fees instead of unknown variable fees in BTC
Interface improvements
JSON API improvements
Different address format

But do we need an alternative to Bitcoin?
The answer is simply YES! Bitcoin itself has shown that P2P cryptocurrencies can work and can be relatively secure when it comes to only owners of the coins using them. However it is far from perfect.

As Bitcoin itself and other similar chains have seen, there are numerous vulnerabilities and issues in the protocol, including :-

Slow transaction speeds, often making waiting for confirmations unbearable
Near complete shutdown of network due to pump-n-dumps by large operators
Transaction fee nightmares, no way of knowing what a fee will be until you've tried to send funds
Concentration of Bitcoins into elitist early adopters that have no interest or desire to help Bitcoins be used by "normal" people

Read more about SolidCoin here

I like how your balance is ENORMOUS!

Get a free solidcoin

You can even buy products with SC, here is a great deal

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What is a blockchain?

A block chain is a transaction database shared by all nodes participating in a crypto-currency such as Bitcoin. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history. Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. Each block is also nearly impossible to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make double-spending of bitcoins very difficult. The block chain is the main innovation of Bitcoin. Honest generators only build onto a block (by referencing it in blocks they create) if it is the latest block in the longest valid chain. "Length" is calculated as total combined difficulty of that chain, not number of blocks, though this distinction is only important in the context of a few potential attacks. A chain is valid if all of the blocks and transactions within it are valid, and only if it starts with the genesis block. For any block on the chain, there is only one path to the genesis block. Coming from the genesis block, however, there can be forks. One-block forks are created from time to time when two blocks are created just a few seconds apart. When that happens, generating nodes build onto whichever one of the blocks they received first. Whichever block ends up being included in the next block becomes part of the main chain because that chain is longer. More serious forks have occurred after fixing bugs that required backward-incompatible changes. Blocks in shorter chains (or invalid chains) are called "orphan blocks", and while they are stored, they are not used for anything. When a block becomes an orphan block, all of its valid transactions are re-added to the pool of queued transactions and will be included in another block. The 50 BTC reward for the orphan block will be lost, which is why a network-enforced 100-block maturation time for generations exists. Because a block can only reference one previous block, it is impossible for two forked chains to merge. It's possible to use the block chain algorithm for non-financial purposes, learn more about Alternative Chains.