SpreadCoin(SPR) is a new cryptocurrency that is more decentralized than Bitcoin that was fairly launched in July 2014 with no premine coins. The cryptocurrency prevents centralization of hashing power in pools which is the primary concern of Bitcoin security. To prevent pool, each block is signed with a private key which corresponds to the Coinbase transaction.
Spreadcoin main features
In-wallet vanity generator
One unique feature that SpreadCoin has is the in-wallet vanity gen. Vanity generator or vanity gen is among the first apps to be built into the wallet which allows anyone to create personalized payment addresses. The in-wallet vanity gen lets you search through trillions of payment addresses to find one or multiple addresses safely with the private keys on your computer. There is nowhere else you can do that. The vanity gen is probabilistic. You can use the vanity gen for other fun activities like creating a link to a brand, organization or businesses or making addresses stand out from the crowd.
SpreadCoin uses contract transaction representation for signatures in transactions. While Bitcoin keeps a copy of the public key, SpreadCoin to uses the same method to keep a copy of the public key. It uses the ECDSA signatures in the transaction.
The SpreadX11 used in the SpreadCoin platform is different from the plain X11. SpreadX11 every block header contains Miner Signature and hashWholeBlock as additional information. With the help of this additional information, SpreadCoin protocol ensures miners of the new block are the first to know about the public key they can use to spend the coinbase transaction.
Other upcoming features will be incorporated into the platform over the next few weeks or months. These features include:
Servicenodes: this is a node that runs continuously on a server and provides services with the network. You need to pay collateral so that you can install a servicenode. The free market price discovery decides the guarantee you will pay.
Competitive collateral that allows the introduction of service nodes worldwide. Since some servicenodes are fixed, and the collateral isn’t set in stone, the price of the service nodes will be determined by participants.
Service apps: services will host decentralized application running on the servicenodes. Most likely the apps will include spread the search and spread the message apps.
The new wallet is already out. The new version has a list of new features and older features have been updated for better performance. It has better control of vanity gen, better implementation of fallback-nodes, removed a few layout bugs among other features.