Increased anonymity for transactions has become a very popular feature in the cryptocurrency space. Monero, DASH, ShadowCash, and ZCash are the four most prominent anonymous cryptocurrencies, which have been able to take substantial market share as the desire for privacy among cryptocurrency users is increasing. Now, a new competitor in the anonymous digital currency space is about to launch. It is called Spectrecoin.
Spectrecoin (SPEC) will be “an anonymous, untraceable and unlinkable, energy efficient Proof-of-Stake v3 cryptocurrency with an advanced hierarchical deterministic wallet (HD wallet)”, according to the SpectreProject website.
The Spectrecoin ecosystem will come with four key features; untraceable transactions, an encrypted chat function, a HD wallet, and Proof-of-Stake v3.
Spectrecoin is based on ShadowCash and uses the same underlying concepts to ensure its transaction anonymity, including Proof-of-Stake v3, mixing, dual key stealth addresses, ring signatures, and zero knowledge proof. Furthermore, Spectrecoin will be also complemented with a peer-to-peer payment marketplace and borderless cash transfer network called Spectre.Cash and will have a multifunctional HD wallet that enables users to communicate using an encrypted chat function, send and receive money and allows for HTML tabs, so that its functionality can be expanded in-app.
Spectrecoin will use Proof-of-Stake as a consensus mechanism. That means that coin holders will be rewarded for keeping their wallets active as opposed to having to mine coins to keep the network up and running. The SpectreProject team views this as a more environmentally-friendly approach than having to run large data centers to maintain the network, as is the case for Bitcoin.
To develop Spectrecoin and the Spectre.Cash network, its developers have announced they will be conducting an Initial Coin Offering (ICO), which started on November 20 and will last for around four weeks until December 18.
20 million SPEC will be generated in a genesis transaction; 19 million of those will be issued to the public during the ICO. Similar to other ICOs, bonuses will be paid in the earlier weeks of the ICO to early stage investors. An interesting feature of Spectrecoin’s ICO is that users are not required to sign up using an email address or register using personal information. This is to secure each user’s anonymity, which is the key aspect of this new cryptocurrency.
Further specifications include a block time of 300 seconds, five percent annually static inflation, and confirmations will require six blocks.
Will Spectrecoin be Able to Complete with Monero, DASH, and Other Anonymous Coins?
Spectrecoin’s development team has ambitious goals. They want to create an anonymous peer-to-peer payment system that will run on its own proprietary cryptocurrency. With existing competitors that have seen substantial user adoption, most prominently Monero and DASH, it will most likely be challenging for Spectrecoin to gain market share and mass user adoption. However, if SpectreProject can deliver on its promises and its technology will meet user expectations, then Spectrecoin could become another serious contender for the top anonymous cryptocurrency in the market.
The project also plans a totally decentralized proof-of-concept trust model to ‘rate’ participants on the basis of successful transactions. Also, an Android app is currently under construction, which will be free and available to everyone, reducing the complexities involved with cryptocurrency for newcomers.
Spectrecoin’s ICO has not yet experienced much investor demand. This could be attributed to an as of yet unreleased white paper, little information on the development team behind the project, no clear breakdown of how the ICO funds will be used and the recent hyped-up Zcash ICO, which saw a steep price decline shortly after launch.
Promising to be the most private blockcahin in the space, whether or not SPEC will be a serious competitor to Monero remains to be seen.