What is SpreadCoin (SPR) Crypto Beginner’s Guide

Although it didn’t feature a premine during its launch period, SpreadCoin offers a more decentralized network compared to what is available on Bitcoin. Since its release in July 2014, it has been able to ensure that there is no hashing power centralization through pools. This is a significant problem which the Bitcoin network faces. In order to eliminate pools, a private key which represents a Coinbase transaction is used to sign each private key.

Spreadcoin main features

Competitive collateral

In order to provide service nodes all over the world, the network uses competitive collateral. This collateral does not have a fixed price while a few of the service nodes are fixed so the participants will have the power to decide on the price of the service nodes.

In-wallet vanity generator

A built-in vanity generator on the wallet is one excellent feature which is unique to SpreadCoin. Users have the ability to create a payment address which is personalized thanks to the addition of the vanity generator. The vanity generator works using probability and users can use private keys on their computer to safely select a payment address from a database. The vanity generator also gives users the opportunity to have fun with its use.

SpreadX11

The introduction of a pool prevention mechanism makes the SpreadX11 a different and unique feature compared to the plain X11. Additional information in the form of a hashWholeBlock and Miner Signature is a feature of the SpreadX11. This feature makes it possible for the miner who discovers a new block to also be the first person to get access to the private key for the coinbase transaction spending.

Compact transactions

To reduce the size of the blockchain and transactions, SpreadCoin eliminates the need to store public keys on the network. Instead, it obtains the public key from the ECDSA signature when it is required.

Other features which will be available include the following:

Servicenodes

The installation of a service node requires the payment of a collateral. The service node runs on the network and offers users some excellent services. The installation price usually depends on the free market price discovery.  

Service apps

The service nodes will be responsible for hosting decentralized applications on the platform. Spread the message and spread the search apps are surely going to be included on the list of apps.

There has been a release of an update for the SpreadCoin wallet which comes inclusive with lots of new features as well as improvements on older features. This provides improvements in the performance of the wallet and also better control features for the vanity generator. Most of the bug issues have also been resolved and fallback-nodes now have a better implementation.

SpreadCoin Conclusion

The SpreadCoin platform allows users to mine the coin directly with the SpreadCoin wallet available on the network. The network allows only solo mining as a result of this mining method. The value of the coin will increase over time since it is a master node coin but there has been no update since its launch in 2014.

What is SpreadCoin (SPR)
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