SecureCoin is a fast and secure cryptographic digital currency based on Bitcoin. The specifications have been carefully chosen to maintain Bitcoin’s economic model.
A single hashing algorithm poses a security risk because if it is compromised, the whole network is forever compromised. Multiple hashing algorithms enhance the security of the network by not only mitigating that risk, but also by adding an additional layer of complexity for any attacker to penetrate.
The aim of SecureCoin is to provide a secure, fast, and reliable network that is supported by active and involved developers. The coin was launched fairly with a staggered system and no coins mined before public launch.
Launch date: Aug 27th 2013
Type of mining: POW
Reward Per Block: 5
Time Between Blocks: Every 1 minute
Difficulty Retarget: 500 blocks. Difficulty can only move a maximum of 100% up, or 50% down.
Reward halves: Every 2.1 million blocks
Block confirmations: 40
Transaction Confirmations: 1. Meaning transactions take ~1 minute to fully confirm.
Total Coin Supply: 21 million
Algorithms: Grøstl, Skein, BLAKE, BLUE MIDNIGHT WISH, JH, SHA-3
GUI: Unique design and optimizations
Launch: Fair launch with ascending rewards
The rewards scale up as a certain block is reached to prevent an unfair advantage.
Up To : Block Reward
500 : 0.05
1000 : 0.1
1500 : 0.25
2000 : 0.5
2500 : 1
3000 : 2
3500 : 3
4000 : 3.75
After block 4500, the regular block reward of 5 will be effective.
Grøstl is an iterated hash function, where the compression function is built from two fixed, large, different permutations. The design of Grøstl is transparent and based on principles very different from those used in the SHA-family.
The two permutations used are constructed using the wide trail design strategy, which makes it possible to give strong statements about the resistance of Grøstl against large classes of cryptanalytic attacks. Moreover, if these permutations are assumed to be ideal, there is a proof for the security of the hash function.
Skein is based on the Threefish tweakable block cipher compressed using Unique Block Iteration (UBI) chaining mode while leveraging an optional low-overhead argument-system for flexibility. Skein supports internal state sizes of 256, 512 and 1024 bits, and arbitrary output sizes. The authors claim 6.1 cycles per byte for any output size on an Intel Core 2 Duo in 64-bit mode.
BLAKE is a cryptographic hash function that is based on Dan Bernstein’s ChaCha stream cipher, but a permuted copy of the input block, XORed with some round constants, is added before each ChaCha round.
BLUE MIDNIGHT WISH
BLUE MIDNIGHT WISH is a cryptographic hash function with output size of n bits where n = 224, n 256, 384 or 512.
JH is a cryptographic hash function submitted to the NIST hash function competition by Hongjun Wu. Though chosen as one of the five finalists of the competition, JH ultimately lost to NIST hash candidate Keccak. JH has a 1024-bit state, and works on 512-bit output blocks.
SHA-3 uses the sponge construction in which message blocks are XORed into the initial bits of the state, which is then invertibly permuted. In the version used in SHA-3, the state consists of a 5×5 array of 64-bit words, 1600 bits total.
SecureCoin’s inflation rate is the same as Bitcoin’s. The two will produce an identical number of coins and at the same rate. There is no need to change a tried and tested economic model. This is also why SecureCoin is a version of bitcoin, because it keeps the same economic orientation. LTC borrowed the same economic model as BTC and it is one of the major reasons for its success.
YAC was one of the first coins to get CPU mining where it currently is and helped contribute to SRC’s functionality.
Sif deserves a mention for being the first to implement multiple hashing algorithms and proving the concept can work. The economy was however not successful.
Digitalcoin’s fair launch policy and community funded efforts helped form the concept for SRC.