SecureCoin

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SecureCoin coin - SRC - mining

SecureCoin (SRC) is a fast and secure cryptographic digital currency based on Bitcoin. The specifications have been carefully chosen to maintain Bitcoin’s economic model[1].

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[2].

SecureCoin Review[edit]

Most users think it's just a Scrypt coin, but they're far from the truth. SecureCoin is more like Quark than any other coin created with Scrypt. SecureCoin uses several hashing algorithms like Quark: Grostl, Skein, Blake, Blue Midnight Wish, JH and SHA-3 (or Keccak). Here you can really see a lot in common with Quark, which, however, explains well the fact why the equipment is specially designed for mining Quark, so great to cope with the extraction SecureCoin.

However, the principle of rewards in the system Signup slightly different from Quark. Instead of starting with the large size of the rewards per block, and then reduce it by half after a certain period of time, SecureCoin start with a very low remuneration, which is maintained as long as the total number of blocks will be 4500. After that, the SecureCoin system will issue 5SRC for each new block, and this value will not change. As for the total number of SecureCoins coins that can be generated, as in the Bitcoin system, it will be about 21 million[3].

Specifics[edit]

Launch date: Aug 27th 2013
Type of mining: POW
Pre-mine: None
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

Team[edit]

The founder and main developer of SecureCoin Core wallet is Baritus, who is also the main developer of Digitalcoin.

In 2015 the Securechain Team was authorized by Baritus to take on the maintaince and development of SecureCoin project. The support for SecureCoin Core wallet has therefore been transferred to Securechain Wallet.

Today the main developers of Securechain Wallet are Haimin Zhang(contact@securechain.com) and Baritus. Some related infrastractures including Blockchain Explorer and SecureWiki are also supported by the Securechain Team.

Mining fairness[edit]

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

4500: 4.5

After block 4500, the regular block reward of 5 will be effective.

Secure Coin Wallets[edit]

The Securechain Wallet is the main SecureCoin wallet, which is fully compatible with the obsoleted Securecoin Core wallet.

Source Code[edit]

Source code is available on github for Windows, Linux and Mac compilations

Executable[edit]

Executable files are available on github, SecureCoin website and SecureWiki

SecureCoin Price[edit]

The latest SecureCoin Price in USD is available on the following widget:

SecurecCoin Exchanges[edit]

Cryptopia is a relatively large scale exchange. Presently it supports SRC/BTC, SRC/LTC and SRC/DOGE pairs.

Coinexchange is a middle scale exchange. Presently it supports SRC/BTC pair. The "SRC peers" section in the page contains detailed dynamic node information.

Novaexchange is a middle scale exchange. Presently it supports SRC/BTC pair.

Mining Pools[edit]

SecureCoin Mining Algorithms[edit]

The mining of Securecoin can be performed using different algorithms:

Grøstl[edit]

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[edit]

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[edit]

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[edit]

BLUE MIDNIGHT WISH is a cryptographic hash function with output size of n bits where n = 224, n 256, 384 or 512.

JH[edit]

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[edit]

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.

Concept Credits[edit]

BTC[edit]

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[edit]

YAC was one of the first coins to get CPU mining where it currently is and helped contribute to SRC’s functionality.

SIF[edit]

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.

DGC[edit]

Digitalcoin’s fair launch policy and community funded efforts helped form the concept for SRC.

See also[edit]

External links[edit]

References[edit]

  1. CryptoCompare - SecureCoin (SRC) - BTC - Overview, Forum, Live Streaming Markets
  2. Bitcointalk Announcement Post 28 July 2015
  3. CoinMarketCap - SecureCoin Review


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