What is Sumokoin (SUMO) Crypto Beginner’s Guide
When carrying out any financial transaction, anonymity and decentralization are two features which are most important. The centralized system often faced a lot of problems with people looking to remain anonymous while still getting their payment.
During the time before the development of the blockchain technology, it was highly unlikely that anyone would achieve this feat. The blockchain technology led to the Bitcoin, which became the first cryptocurrency to offer anonymity along with decentralization.
What is Sumokoin?
The launch of Sumokoin came as a result of a hard fork of Monero, which also followed a similar pattern as a hard fork of Cryptonote. The feature available on Sumokoin which made it very attractive was the opportunity for miners to utilize a high hash rate when mining SUMO without experience an increase in difficulty similar to the Bitcoin. In the case of Sumokoin, after mining hundreds of blocks, there will be an adjustment in difficulty.
The GUI Wallet
With a lot of users intent on avoiding a command line wallet where necessary, the team of developers at Sumokoin decided to come up with a GUI wallet to satisfy the needs of the community members. Since Sumokoin did not result from a hard fork of Bitcoin, creating the GUI wallet proved to be a difficult task. In the end, we can say that the coin is usable by anyone with a great appearance.
An excellent feature of the wallet is the clutter free nature. During the development of the wallet, a beta version was made available to the community. After getting lots of positive feedback from members of the community, the developers released the next version with additional features. The wallet still needs a few tweaks since there are a few problems when running on other Operating Systems.
The path throughout the development
A group of individuals working part-time while still working their jobs undertook the development of the coin. As expected in such a situation, the developers only worked on the coin anytime they were free. The result was quite good considering that no flaw was observed after the release.
The development process took a long time but all the time spent paid off. The community was also very helpful during this period as they also played a vital role in the wallet and coin development.
It provides complete Anonymity
One of the most significant problems with the use of Bitcoin is the fact that it does not offer full anonymity, contrary to the goal its creator, Satoshi Nakamoto, had in mind. It is possible to determine the holder of a coin, and its origin through the use of a blockchain analysis software.
The total supply of SUMO coins is set at 88,888,888 with an estimated 20 year release period. A total of 263,000 coins are to be released each year in order to tackle inflation problems. This process will also prevent the difficulty of the mining process from getting to the level of the Bitcoin which can pose a serious issue.
To fund future development plans, 98% of the total supply is stored in an escrow. This implies that during the first 20 years of operation, the Sumokoin community will only be able to mine 89 million coins.