Is SwisCoin SCN a New Generation of Cryptocurrency?
The beauty of decentralized cryptocurrencies is the fact that there is zero centralized control and users of a decentralized digital asset get to benefit from transparency on the Blockchain.
Basically, the advent of the digital economy has driven growth in popularity of digital currencies as a medium of exchange and store of value all over the world. Bitcoin being the leader of the crypto universe has already shown tremendous improvement since it was invented. Could there be space for other inventions that will revolutionize the financial industry as well?
Cue Swiscoin SCN, a cryptocurrency designed to be a peer to peer network that facilitates global transactions at close to zero transactional costs. How is that possible?
Well Swiscoin uses a decentralized global payment system that is an open source network built to remove the need of intermediaries. With Swiscoin, users get to enjoy faster and secure transactions. Simply put, the platform claims to offer reliability and control over your funds.
Let’s take a look at some of its features.
Just like Bitcoin, Swiscoin uses a proof of work Blockchain concept that requires mining. Mining is the process through which new transactions on the Swiscoin platform are confirmed and published on the Blockchain.
Swiscoin nodes as a result use the Blockchain to identify valid transaction on the platform. This prevents double spending and as a reward for maintaining and validating transaction on the Swiscoin Blockchain network, miners are given 12 new Swiscoins with every processed block.
Secure Wallet Encryption
Just the same way you need a physical wallet to store your physical currencies, so do you need a virtual wallet for your digital money. With that being said, Swiscoin comes with Swiscoin wallets that are softwares designed to hold your Swiscoin and help you transact on the Swiscoin Blockchain network.
Swiscoin boasts of encrypted wallets that protects the funds of its users from cyber criminals. The wallets come with a passphrase requirement that tops up the key pool. If the passphrase is rarely entered, they key pool expires.
Open Source Project
Built as open source software, Swiscoin is licensed under the MIT/X11 license that enables users of the platform to modify copy and run the software without the need of permission from a centralized body. This allows for transparency, development and fast verification of the source code since everyone is able to contribute to the advancement of the project on Github.
Basically, Swiscoin is a decentralized ledger system that distributes and shares information between users of the platform from all parts of the globe. With a verifiable and immutable database system, the Swiscoin Blockchain network is capable of recording each transaction on the network, publishing it on the immutable decentralized ledger that is Blockchain technology.
Although one party cannot be able to update or change records on the ledger, a majority consensus on the network can update the network to the benefit of everyone else. This enables a true representation of past unchangeable records on the network.
Swiscoin SCN Conclusion
Swiscoin is definitely designed to be a utility in the world of finance. It claims to be among the leading cryptocurrencies with the capacity for instant payments and easy global money transfers online. By the look of it, Swiscoin has a potential for innovation but the big question is whether you would consider it a worthy investment.