Sumokoin: Untraceable Decentralized Cryptocurrency Wallet?
Decentralization and anonymity are two important features of any financial transaction. This is because of the conflict of interest that arises in a centralized system. Everyone wants to be paid, but they also need their privacy.
Before the advent of blockchain technology, that seemed impossible but not anymore. Bitcoin was the first to utilize blockchain technology to achieve this. Since Bitcoin, CryptoNote (CN) represents one of the first few initiatives to achieve this.
A while back, Sumokoin was launched to the crowded field of cryptocurrencies. Sumokoin is a hard fork of Monero, which itself came from a hard fork of Cryptonote. Soon after its launch, people found that they could mine SUMO using a high hashrate without being caught up in the increasing difficulty as time progressed. The difficulty would only adjust after hundreds of blocks had been mined.
The GUI Wallet
From the start of the project, a need for a GUI wallet became apparent in the community, and the team recognized that not everyone would wish to use a command line wallet. The job was quite difficult; especially considering the coin was not a hard fork of Bitcoin. The wallet looks good and can be used by anyone.
The team discussed every aspect of wallet and managed to keep it clutter free. They first released a beta version and reserved some of the features for the next wallet. The response they got from the community was encouraging, and they moved on to the next version. However, the wallet still needs some works as it has a few issues with some of the OS out there.
The Development Path
Part-time individuals, who also have a job they need to attend to, developed the coin. As a result, some delays were expected as they could only work on it during their free time. This was also done that the outcome was something good with no flaws.
The development of Sumokoin was lengthy but worth it. The team felt quite optimistic about the coin they would release to the market. They were very thankful to the community that took part in the development of the coin and wallet.
Sumokoin Wants Total Anonymity
Sumokoin offers true fungibility. This means that it acts in much the same way as physical cash. In short, it is impossible to trace where the coins are from and where they are headed. One of the biggest problems with bitcoin is that by using blockchain analysis software, anyone can be able to trace, with a degree of accuracy, the origin, and holder of coins. This goes against the principals of Satoshi Nakamoto, who aimed to create a completely anonymous method of payment.
There will be a total supply of 88,888,888 SUMO coins. The coins will be released over 20 years with 263,000 coins being released annually to cover for inflation. This will ensure that mining difficulty does not get out of hand, which is one of the major bottlenecks with Bitcoin.
They have locked up 98% in escrow for future development. That means only 89 million coins will be made available to the community for mining in its first 20 years.