What is SecureCoin (SRC) Crypto Beginner’s Guide
Using the Bitcoin economic model as the basis for its development, Securecoin is a digital currency which is secure and fast.
To improve the security of the network on which Securecoin runs, it uses multiple hashing algorithms. Since there is more than a single hashing algorithm, anyone attacking the network will have to go through various layers of security which lowers the possibility of compromising the entire network.
Securecoin hopes to offer a network which is reliable, secure, and fast with a team of active developers to keep the network running.
SecureCoin – Concept Credits
There are various cryptocurrencies which form the credits for the concept of the Securecoin design.
Although it wasn’t a successful release, the first use of multiple hashing algorithms is credited to Sif which also provided proof that the concept was applicable to cryptocurrencies.
There are lots of similarities between the Bitcoin economic model and that of SecureCoin. Some of these similarities include the number of coins as well as the rate at which the coins are produced. The inflation rate of SRC will also be the same as the Bitcoin’s inflation rate. Since the economic orientation of SecureCoin is the same as that of bitcoin, it is considered a version of the bitcoin. Another coin which followed the BTC economic model and is also quite successful is LTC.
The SRC derived a lot from the efforts of the Digitalcoin community as well as the fair launch policy which the cryptocurrency is built around.
SRC owes a lot of its functionality to YAC. CPU mining also got to its current level thanks to a lot of input from YAC.
The Securechain wallet is currently the official wallet of Securecoin as well as the only wallet of the coin. This is following the approval of the Securecoin creator, Baritus. The developers of securechain along with the creator, Baritus, will handle future developments of the Securechain wallet.
Operating System Requirements
Various operating systems currently run the Securecoin wallet smoothly. These include;
Windows 7(32/64 bits)
Windows 10(32/64 bits)
MAC OSX 10.12 Sierra(64 bits)
As mentioned earlier, there are multiple algorithms which the securecoin network uses. Here is a look at the various algorithms.
This is a hash function that was created by Hongjun Wu which became well-known during the NIST hash function competition. Although not the overall winner, this was one of the functions that made it to the top five. Running on 512-bit, this cryptographic hash function also uses a 1024-bit slate.
BLUE MIDNIGHT WISH
This is another cryptographic hash function which has an output size which varies. The output size is denoted by n which can be 224, 256, 384 or 512.
The development of Grøstl uses two different permutations which are large and fixed in building the compression function. It also has a transparent design.
Using the ChaCha stream cipher designed by Dan Bernstein is the basis of the design of the BLAKE cryptographic hash function.
Other algorithms include: