The current financial system is flawed. It has been like this for centuries with money gradually devolving from a means of exchange to a medium of control. The reason for this is that money is no longer in the hands of the public. Today, third parties who are using it to play their own games of control are in control of money.
There is thus a need to reclaim money from these power brokers and put it back in the hands of the people. In the past, getting rid of intermediaries was impossible since to operate in a trustless environment, there is a need for a guarantor. The blockchain is changing all that. It makes it possible to offer human beings with a means to maintain consensus in a completely trustless environment. Today, the algorithm of consensus is the only viable guarantor.
What Is SIBCoin Coin?
It is why SIBCoin was created. It gives everyone an equal chance to access a free economy. The digital currencies are the future of money. The main mission of SIBCoin is not just providing people with the means to transfer value over the internet in a trustless environment. It also wants to introduce the public to crypto, the blockchain philosophy, and to the decentralized autonomous organizations.
SIBCoin was initially conceived as an altcoin that would only have local circulation in Siberia. It emerged as the first digital currency, which catered to the needs of Russian speakers. As a result, it managed to fill much of the gap that existed in much of Eastern Europe. This was because it helped to break down the linguistic and cultural barriers that existed.
With time, SIBCoin has been adopted not just by Russians but by neighboring nations as well. It has even managed to spread overseas to foreign lands. SIBCoin does not intend to compete with national currencies; its ideas are beyond nations. It connects the people who share cultural and economic proximity. Anyone is welcome to join its network if he or she shares similar ideas of financial freedom, honest transfer of value, and the philosophy of decentralization.
How Does It Work?
SIBCoin is a decentralized digital coin that is used for peer-to-peer payments. Regulation of transactions is carried out via a cryptographic algorithm. Users of SIBCoin interact directly and the form a decentralized network where each transaction is recorded in an open ledger.
This ledger is distributed across all computers that take part in the network, and they synchronize with the help of an algorithm. In terms of technology, SIBCoin is a fork of Dash with various important tweaks. The first block was generated in 2015.
Why A Fork Of Dash
The main issue with bitcoin is that it offers pseudonymity, which is not enough for privacy. Dash was built with this in mind. It offers strong anonymity and has tamper-proof and fast transactions. This made Dash the best choice for creating a new altcoin. Besides that, Dash has low network fees and high speeds. SIBCoin took all the strengths of Dash while introducing a few important upgrades of its own.