For those looking for a brand new cryptocurrency, more decentralized than Bitcoin, the answer is SpreadCoin. The digital currency has been designed to prevent what is seen as one of the biggest gaps in Bitcoin security - concentration of power in pools. The coin was launched without any pre-mine in July 2014.
SpreadCoin is truly unique in the sense that it has Vanity Generator, one of the first apps to be built into the wallet. Anyone can create a personalized payment addresses with this system. The user-friendly wallet allows users to look through countless payment addresses and find multiple vanity addresses. They are stored extremely securely on the computer of the user along with the private access keys.
There is a high level of probability involved in the Vanity Gen search feature. The time taken for finding your chosen address could depend on the speed of the computer, the complexity of the pattern and a bit of luck. With some creativity and fun elements, you can make the address stand apart or even create a link to a business, company or brand. You can even search for addresses that other users might be ready to buy from you.
The SpreadX11 of SpreadCoin platform is different from plain X11 as it has an advanced pool prevention mechanism and every block header holds high value information. The protocol ensures that with this information, the miner of a new block will be privy to the content of the whole block. The user will also have exclusive access to the private key to spend the transaction of the coin base. Solo mining is the process every miner must adapt when they find a block. This mechanism prevents pools and can thwart the attempt of any miner to steal the reward instead of adhering to the rules.
SpreadCoin also stands apart from other online currencies by making use of signatures in a compact form for all transactions. While it does use the ECDSA signatures, unlike Bitcoin, it does not keep any copy of the public key. Instead, it recovers the public key from the signature directly. This can result in smaller transactions and consequently, a smaller blockchain.
The SPR, which is the coin associated with the SpreadCoin platform, in circulating supply is 9,328,609. It has a market cap of $8,421,038. The currency is being traded at $0.902711 and is ranked 435 in the cryptocurrency market.
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