Cryptocurrencies have become popular taking the world by storm. Today investors are closely watching the market. The rise of bitcoin was a clear sign that cryptocurrencies should be taken seriously. Most of the digital coins are used as investments with buyers buying them and holding them to sell them later at a higher price.
Sigil is one such promising cryptocurrency. The currency aims to combine the features of proof of stake (PoS) mining and proof of work (PoW) to come up with a cryptocurrency that is efficient and secure. The digital coin is capable of supporting multiple algorithms and uses security features that are advanced including retargeting and checkpointing throughout the transfer process.
The main objectives of the platform include:
- Coming up with a secure product that is easy to use and that users can appreciate
- Run viable and steady development workflow
- Keep a transparent release model
- Establish itself as the dominant firm in the decentralized crowdfunding market
Sigil total coins that will be in circulation before mining are 50,000,000. The developers are also in the process of coming up with a crowdfunding technology that will allow people who are running crowdfunding campaigns to access the raised money quickly.
In the current crowdfunding system, most platforms do not accept projects from countries that they do not have a presence. This alienates many innovators. Additionally, the payment methods used charge high commissions and take the funds from project owners who need the money.
Further, the donors are unprotected by the system. They do not have a guarantee that they are not wasting their money. One of the reasons for this is that the crowdfunding campaign costs are usually high and hidden. The Sigil crowdfunding platform will be secure, efficient, and transparent and will not charge any fee for crowdfunding. The project owner only needs to use the platform to fund their venture.
Features of Sigil
Proof of Work and Proof of Stake Systems
The digital currency is built on the PoW, and PoS systems and each of the block has a 1 minute combined target and 1.5 minutes for PoW and 3 minutes for PoS. The advanced algorithm allows for the retargeting of every block, time wrap, and instant mining protection.
The coin is built on SHA-256d, Blake2s, and Neoscrypt algorithms. The three different algorithms are integrated into different sectors of the cryptocurrency and used in conjunction with one another increasing the stability and security of the network.
The security of the system is enhanced by the use of advanced checkpoint that allows for further defense from attacks as it removes the need for changes to a client software through the publication of checkpoints using a central node. This maintains the blockchain integrity by the recording of specific blocks, which ensures the system safety.
The platform also uses the Orbitcoin super shield that allows for the retargeting of every block. It helps protect the network from multipool mining.
Sigil has 50,000,000 coins in circulation, and only 5% will be available for the growth and development of the program. 20% of the total coins will be set aside for the bounty program. The platform hopes to set aside bounties for specific tasks and allocate Sigil on proof of completion.