What is InsaneCoin (INSN) Crypto Beginner’s Guide
The InsaneCoin platform is a decentralized, blockchain powered venture that is based on Ethereum powered smart contracts and allows users to complete instantaneous payments to anyone in the world. The platform is based on Bitcoin’s blockchain and is a peer to peer network that encourages community participation and insight. All transactions are spread across a wide network of master nodes, preventing the blockchain from being centralized or run by any central authority. The master node system limits any damages that could be caused by a security breach.
How InsaneCoin (INSN) Works
The platform is experimental and hopes to provide a transparent, discrete way for users to initiate and complete transactions without government oversight. The blockchain is run by master nodes. Anyone can become a master node by holding 50,000 Insane Coins (INSN) in their Insane wallet. Master nodes are entitled to receive 6% simple interest for their services and are provided with the ability to complete instant transactions. The 6% interest is paid in INSN and based on the Master Nodes INSN holdings. In the next four years, Insane will decrease the interest Master Nodes receive from 6% to 3%. The platform offers community support for users interested in running a master node.
Users can download a free Insane wallet where users can securely store INSN. The platform also offers a free block explorer download.
The Insane blockchain is a combination of Proof of Work, which is based on Bitcoin’s blockchain, and Proof of Stake. Insane uses the most advances Proof of Stake protocol, POS Version 3, to provide users with the ability to easily and quickly complete transactions.
Users who stake and hold INSN in their digital wallet receive 1.5% interest per year on their INSN holdings. The interest is automatically deposited in the form of INSN. Users also have an 8% chance of earning 3% interest if they are able to successfully find a Proof of Stake block.
Users can also earn free INSN by mining. Users who solve a block earn 1 INSN. Miners have an 8% chance of solving an Insane Block, which entitles the miner to 2 INSN.
The Insane platform utilizes a Velocity blockchain security system, which is currently one of the most advanced blockchain security systems available. Users are also able to send secure messages to other community members.
Insane also has several features that offer users a high level of anonymity. The Darksend feature allows users to complete transactions without providing any personal information, which accomplishes a completely untraceable transaction.
The platform uses the X11 algorithm, which is specifically designed to protect against system and blockchain errors. Each block on the Insane platform is solved in 8 minutes, which allows the Insane blockchain to operate quicker and faster than Bitcoin.
The total circulation of INSN will be capped at 30 million INSN coins. The Insane platform offered its ICO on May 17, 2017 where 1 INSN was offered at $0.1314. The Insane platform retains 5% of each block fee in an account to help run, maintain, and market the platform.