Since the release of the first cryptocurrency in 2009, the world of online trading has taken a unique turn. Cryptocoin is now utilized for basically every business transaction. There are over 1,300 cryptocoins on the market, amongst which the most popular are; Bitcoin, Ethereum, Litecoin and Ripple.
Each bitcoin provides some truly innovative and groundbreaking solutions to different areas ranging from business to the Esports industry. As a result, the budding question on the lips of every merchant and investor is, if truly there is a need to add yet another cryptocoin to the long list.
The question however, has been answered with the recent release of “SHIELD”. A newly released cryptocoin that made its debut on the 8th of July, 2017. This article is aimed at providing essential and factual information about this new cryptocoin. It will throw more light on the reasons why this cryptocoin stands.
What Is Shield?
Every investor looks for certain qualities in a bitcoin; efficiency and security. Shield is a cryptocurrency that offers an extremely fast transaction rate, complete user anonymity and a unique algorithm combination.
Although a lot of cryptocoin possess such qualities, a distinct feature that sets Shield apart from the others is the provision of a technology known as Lamport Signature. Lamport signature helps in eradicating cases of quantum computing; a computing process that could be used to bypass cryptographic codes responsible for making transactions private. This further makes Shield a viable option when taking security into consideration.
While all cryptocoins make use of a “proof of work” consensus method for protecting blockchains (51%) and easing the stress of mining, Shield is looking to take things up a notch by adopting the “proof of stake” method in the future.
The staking system is quite similar to the Ethereum’s Pos BOO method making it harder for miscreants to attack the Shield blockchain. At its current consensus, the Shield is limited to a total amount of 660 million tokens and boasts of a block time of 15 seconds which is relatively fast compared to others. One can only imagine how fast it would be when they make a switch.
Shield offers users different ranges of unique wallets that can be used for storing Shield;
Electrum Wallet Solution
Based on Simple Payment Verification (SPV), Electrum wallets makes it easier to verify transactions without downloading the entire Shield blockchain with its focus on speed and low resource usage.
QT wallets makes it easier for users to download the entire Shield blockchain for transaction verification. The downside to this however, is the need to always update the entire blockchain every time transactions are verified.
The Shield cryptocoin can be purchased and stored via Tradeoshi and Stocks exchange. However, a lot of investors prefer locally hosted wallets to prevent the risk of getting hacked.
Shield Currency Conclusion
The shield is fairly standard but, quite distinct from other cryptocoins with the integration of the Lamport Signature and Pos BOO Algo features. The shield is definitely a cryptocoin that would evolve in technology and be worth investing in.