One niche that is experiencing some good competition is privacy and anonymity. This is the same niche Spectrecoin (XSPEX) is in. Others in the same niche are like DASH, PIVX, Monero, and Zcash.
Every one of them has its outstanding features. They are prominent and have a significant market share among them. You will deal with that with another day. So, let us explore what is Spectrecoin, how it was started and its features. Additionally, you will know what the team wanted you to benefit.
History of Spectrecoin (XSPEC)
The team behind Spectrecoin developed based on the original ShadowCash whitepaper. That makes Spectrecoin a crypto fork of ShadowCash. Though the whitepaper had several quality issues, they still went on. There is no official Spectrecoin whitepaper. They started Spectrecoin to improve on the concept of ShadowCash in 2016.
Tor and Hawala inspired the Spectrecoin system. Tor integration to the ShadowCash code to extend anonymity. And Hawala gives the blockchain the concept of remittances via a mobile application.
For most crypto asset projects that start nowadays, they need funds. And their way of accessing funds to support their systems is through ICOs. So, they launched an ICO in Nov 2016 to Jan 2017.
The ICO raised about $16,000 which is an equivalent of 17 BTC at the time. The amount was not enough as some people called the project a scam or a ShadowCash clone. But still, they had to distribute the raised funds. The distribution was proportional to the investors` contribution. The result was an astounding ICO price of 0.00000083 BTC on average. Due to a bonus system, most investors had paid 0. 0000009 BTC per coin to benefit early birds in the ICO.
After the Tor integration and exchange listing, the coin traded between 0.00001 – 0.0002 BTC. This price led to a very high return to the investors. And the team diverted some money from the ICO to contract developers.
Spectrecoin Transition to a Recognised Altcoin
Remember that Spectrecoin had faced the scam title and ShadowCash clone. So, in April 2017, the developers abandoned ShadowCash and started Particl. As a result, the accusations against Spectrecoin stopped.
Another change happened to the Spectrecoin management. In June 2017, mandica the Spectrecoin founder cited health problems. For this reason, he handed the project leadership to jbg.
From then until now, the project has seen remarked improvements. They have raised more funds. Also, they have developed a wallet. And they have seen the growth of the community behind Spectrecoin.
For instance, in Aug 2017 they raised about $4000 in 37500 XSPEC and 1 BTC. The amount allowed jbg to concentrate on Spectrecoin. In Sept 2017, @brycel, an ex-colleague of jbg joined the project. Being a cryptographer, his role was to improve the stealth mechanism of transactions.
Besides the more funding and developer, the project has built a wallet that is currently version 1.3.5. And the current development will result with version 1.4.
The team released version 1.3.5 in strategic view to help in funding. The release has a mechanism that allows users to contribute. The contribution is a certain percentage of their rewards to the developers. The default is 5% meaning that every 20th stake is accounted to the projects address.
But What is Spectrecoin (XSPEC)?
Now that you know about how Spectrecoin started, what is Spectrecoin?
Spectrecoin is a cryptocurrency aimed at privacy like physical cash. The asset features a proof-of-stake algorithm. The algorithm provides ring signatures for anonymity and privacy. Additionally, the algorithm ensures fast transactions and IP obscuring within the wallet.
The Spectrecoin developers are active in its development. They have a roadmap prioritizing security, privacy, and decentralization of features. The developers will make stealth addresses available in the upcoming Android wallet. They will also make mobile wallet staking available in the wallet.
Remember ShadowCash inspired the development of Spectrecoin. So, Spectrecoin borrowed and improves the ring signature scheme from ShadowCash.
How does Spectrecoin achieve its privacy? Spectrecoin uses the Tor network. So, network-level communication is done through the hidden services of the Tor network.
In Spectrecoin implementation it achieves the following specifications:
- 60 seconds Block time
- 5% staking interest
- 2 XSPEC Block reward
- 288 blocks maturity
- 8 hours minimum stake age
Spectrecoin has a 20,000,000 initial supply and no maximum supply.
Spectrecoin is a blockchain for security and privacy in cryptocurrency transactions. But for it to achieve that, there are must-haves for it. According to the project website, these are the 6 current features:
1. Native Tor Integration
Like you seen earlier, Tor or Onion network uses hidden services. When employed in the blockchain, it will preserve the privacy. The Tor network will safeguard users against surveillance and tracking. The network keeps any communication within it.
SPEC is considered as the most private and anonymous cryptocurrency network today – coins.newbium.com
2. OBFS4 Bridge Support
OBFS4 is the most effective transport and bypass censorship protocol. The layer aims at limiting third parties. As a result, the parties cannot tell the protocol used based on the nature of messages.
So, to reinforce security and privacy, the Spectrecoin project has used this protocol. The layer ensures undetected use in countries that do not allow Tor. According to the project website, it is the only coin using this feature.
3. Ring Signatures
A ring signature is a cryptography device. It is a type of digital signature limiting use within members of a group that has keys. Thus, the specific group can only see any message with a ring signature created by the group.
This digital signature ensures complete anonymity in a transaction within the blockchain. You cannot trace the actual source of funds in a transaction.
4. Stealth Addresses
Stealth method is a powerful tool within a blockchain. Imagine creating a temporary one-time address for a given transaction. This is the use of the stealth addresses. Albeit the potential malicious use, you can use it and have an extra layer of anonymity.
The blockchain records many transactions as many outgoing payments to different addresses. Hence, making hard to trace the transactions.
The stealth address feature is currently optional in Spectrecoin blockchain. But the team will make it default in version 2.0 in 2018.
5. Fast and Low-Cost Transactions.
Bitcoin blockchain the forerunner to crypto verse currencies has high transaction cost. Similarly, the transaction time is high. The average transaction time is about 78 minutes to confirm a bitcoin transaction. And the cost has reached a $34 high.
Though in the recent past it has declined to favor user, it is still high. The reason for other crypto assets starting to reduce or have no transaction cost in the first place. Equally, to reduce the transaction time. As a result, small remittances are efficient.
Spectrecoin confirms 30-60 seconds transaction times. It also guarantees low transaction fees.
6. 5% Yearly Rewards
Spectrecoin uses the proof-of-stake algorithm. There are benefits to this algorithm. It works like a bank in a way.
The algorithm involves buying of an asset and storing it in a wallet for a fixed period. Like in a fixed deposit, the proof-of-stake will earn you extra coins.
The blockchain supports staking. The feature enables a stable inflation rate by allowing lower power staking. Also, the feature rewards you when you help the network. The system makes rewarding through keeping your wallet open for staking.
The developers of Spectrecoin promise other features to make the project endeared. The features include:
1. Stealth by Default
Remember the stealth address feature. In Spectrecoin it is optional. But in the next release, hopefully, 2.0, it will have stealth addressing by default.
You can expect seamless private transactions and stealth withdrawal from exchanges.
2. Stealth Staking
Staking is earning coins for support of the network. Now Spectrecoin wants to create a stealth mode for staking.
So, soon you can expect seamless anonymous staking with their algorithm.
3. Revamped Wallet UI
The team also want you to enjoy their interface. They are in the process to use Qt5. That will improve the performance, ease-of-use and platform support.
A simple and convenient user interface will make the features appealing to use to you.
4. Mobile and Hardware Wallets
Another thing the team focuses to achieve security of your assets. And since you associate security of your money to wallets, the team wants to support all wallets. Either hardware or software.
The mobile wallets will be simple to use and mobile friendly for storing and transacting. The wallets will also support lower power staking.
Mobile wallets are secure. But they are not as safe as hardware wallets. Hence, the team is currently developing support for hardware wallets. The typical hardware wallets are Trezor and Ledger Nano S.
Under the same project, the team wants to build a platform. A platform that you will use to perform 100% anonymous peer-to-peer transactions. They are targeting the smallest transactions with this platform.
They aim to achieve a mutually interchangeable electronic cash system.
Who is behind Spectrecoin?
As the objective of creating Spectrecoin, the team is anonymous. It is relatively unknown in the crypto verse. There is not much that you can tie them to except for this project. And unfortunately, there are no identities you can easily relate to.
What they have left for you are handles to relate to.
I am thinking of one reason for them hiding their real identities. It is that they are developing a privacy-based project. Anyway, you will still know about them with the little we offer.
From the project website, there are the core, community and development teams.
The core team has:
- @mandica is the founder and occasional project manager due to health reasons
- @RKh is the marketing and wen manager
- @Beachguy is the community manager
The Community Leaders are @dandan123, @devilseye, @LeoBitman, @Skotty, @Skull, @Tek, @Titorelli
And the development team includes:
- @mammix2 the lead development maintainer and blockchain consultant. This is the possible identity of jbg.
- Ivan Radigales Creus the cryptography and blockchain developer. This is the possible identity behind @brycel.
- Ahmed Shbli the software designer, Qt, and GUI specialist.
How to Buy and Store Spectrecoin
Spectrecoin is a coin like any other. The only special place you can find it with ease is an exchange. Unfortunately, you will not see it listed in every exchange. At the moment Cryptopia, Livecoin and Trade Satoshi list the asset.
There 2 ways you can buy Spectrecoin:
Direct buy on Cryptopia or any exchange that has it listed (Recently added to CoinPulse.io)
This step will need you to have Bitcoin, Ethereum or Fiat supported on the exchange. It will involve direct buying using the existing currency.
Indirect buy through an inter-exchange transfer of another altcoin.
This method is like the first one. You will have to transfer currency from one exchange to another. From one that does not list Spectrecoin to one that lists.
The cryptocurrency was recently launched. So, few wallets whether software and hardware support it. But still, you can store it. The team was very wise to develop a desktop wallet. And they are currently engaged in developing a mobile one.
The desktop wallet is available for MacOS, Windows, and Linux.
The coin is growing in popularity. Therefore, you can expect more exchanges to start listing the coin. And more hardware and software will begin to support it.
The coin has shown tremendous growth from its launch. One remarked achievement is an all-time high of $6. At the time of writing the price of 1 XSPEC is about $0.19.
This project promises innovative technology, making it unique. Even more, it has a supporting and active community. Developers are open to new ideas to ensure Spectrecoin works for you.
Their roadmap sets their target very high to achieve a wholesome product. The future looks lush with regard to feature the team wants to implement.
What is Spectrecoin? It is one the best competitors to DASH, Monero, and Zcash. The fact we do not know the real identities behind this project and there is no official whitepaper, the project raises questions about its whole credibility and future.
You can read on their website.