Spectrecoin; Your Privacy, On a New Level
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Digital or virtual currencies first came into the public domain in 2009 after the launch of Bitcoins. The most notable fact about cryptocurrencies is their decentralized nature; they are free of government interference and do not require third parties to facilitate their use.
Cryptocurrencies use cryptography for security; a technology that hides data during storage and transmission, making it only possible for the sender or recipient to decrypt stored or send information.
Confidentiality is one of the founding principles behind cryptography; it is behind this principle that Spectrecoin (XSPEC) is solely focused.
After the launch of Bitcoins, the fact that transactions carried out in the blockchain (digital currency network) could be linked to real-world entities and identities became a concern among users.
If you are well versed with cryptocurrencies, you must have certainly heard of the term ‘tainted Bitcoins.’ These are Bitcoins that were used in illegal transactions such as drug trafficking. If I happen to get my hands on such digital currencies, regardless of not being in connection in whatsoever manner in illegal trades, my coins will still be greased thereby lowering their value. Spectrecoin aims at eradicating different issues that might compromise the privacy of transactions between parties involved.
So What is Spectrecoin?
- Spectrecoin, also known as XSPEC, is the leading privacy-focused digital currency. It was launched on 20th October 2016 by Heidi Kaulitz.
- XSPEC features an energy-efficient proof-of-stake algorithm, guaranteeing fast transactions confirmation and top-notch privacy levels.
- The cryptocurrency’s blockchain utilizes a Tor+OBFS4 layer for network privacy and ring signatures for transaction privacy.
How does Spectrecoin work?
- Spectrecoin was developed with the aim of providing private tools for both financial transactions and financial communications.
- Unlike other cryptocurrencies which largely focus on private transactions while doing less to protect users; XSPEC has made a more holistic approach by going a notch higher in conspicuously protecting its users.
- All nodes (transactional and communications) on the Spectrecoin network operate as Tor (The Onion Router) hidden utilities.
Tor Enables people to browse the internet anonymously.
The network conceals user’s identities by moving their traffic across different servers.
Additionally, the traffic is encrypted so that it can’t be retraced back to the users.
Anyone who tries to track user’s web traffic on the tor network would see the traffic coming from random nodes across the network, rather than a specific user.
- In the Spectrecoin blockchain (network), all nodes are not referred to by their IP addresses. Instead, they use onion addresses, which encodes public keys used for traffic encryption.
- Furthermore, no exit nodes are involved at any given point in transactions or communications. All user’s activities are fully encrypted.
- In addition to applying the use of Tor, XSPEC has an additional support of OBFS4 which is well-coordinated with Tor.
- OBFS4 is an intelligible protocol that hides the nature of traffic going through it.
It, therefore, makes it possible to use the Tor network in regions where it is censored such as China.
Pros of the technology behind Spectrecoin (Tor+OBFS4)
- Tor is the best-decentralized system that allows users to keep their activities on the internet anonymous.
- Tor, therefore, offers high-level protection for Spectrecoin users.
Cons of the technology behind Spectrecoin (Tor+OBFS4)
- Slowed browsing experience because of the numerous hops your data goes through.
- Many governments are watchful of Tor users.
The Spectrecoin ICO
- ICO stands for Initial Coin Offering.
- ICOs are often used to fund the development of new cryptocurrencies.
- The process entails offering investors units of the new cryptocurrencies (crypto-tokens), in exchange for lite currencies or other cryptocurrencies.
- The Spectrecoin ICO took place between 20th Nov 2016 and 8th January 2017.
- The goal of the ICO was to integrate Tor with ShadowCash Codebase and promote remittances via a mobile application.
- Unfortunately, only a few funds were raised during the ICO; totaling to 17BTC, an equivalent of 16000 USD at that time.
Part of the reasons as to why the ICO raised a few funds are attributed to some people calling the exercise a scam and bad timing.
- The XSPEC ICO was conducted in such a manner that allowed proportional distribution of the tokens to the investors.
- A good chunk of the amount collected from the ICO was channeled towards paying contracted developers for their work.
Is Spectrecoin a scam? Scam or no scam?!
The legitimacy of Spectrecoin is still debatable among some observers who have linked it to Shadowcase where investors lost their money.
Nevertheless, to establish its legitimacy, there are a few factors to consider including;
- The project’s details.
- It’s web presence; the social media accounts.
- Source code activity; which is an indicator of how active a project is.
- The project’s whitepaper.
- Its sales volume and market trends.
- General sentiments from various cryptocurrency communities.
- Critical stories from the news.
And much more…
- During the launch of XSPEC, there were only a handful of investors who pumped their resources into the project.
This shouldn’t, however, be a cause for alarm since it is a usual trend with most startup projects.
- Another Spectrecoin scam concern is that it has never dropped 25 times the ICO price. This they claim demonstrates high collusion between insiders and whales investors (whales).
A counteracting answer towards these claims is that more people are recognizing the value of the Spectrecoin project. As a result, such people are investing in the project for long-term gains.
- Some parties have also reported having their posts deleted from the coins thread whenever they post any substantial inquiries regarding how the virtual currency works.
Inquiries, especially about the narrow distribution of the digital currency during its ICO are claimed to have faced resistance through deletion from discussion platforms. This again raises a red flag among many observers as well as potential investors.
- To be on the safe side of the game, not only while trading Spectre coin but also other cryptocurrencies, be keen to do a thorough research before pouring all your fortune into the highly volatile trades. Also, beware of counterfeiting sites as they might be out to scam investors.
The Spectrecoin market
- Since its inception, XSPEC has shown a continuously growing market trend.
- In the last four months of 2017, the currency experienced an average upward trend of over 100% per month.
- The current market capitalization for XSPEC is BTC 6,594.90.
- Many investors believe that the cryptocurrency will give a positive surprise as the years unfold, as a result of its tremendous capitalization growth over the recent years.
Where can I buy Spectrecoin?
You can exchange your fiat currencies as well as cryptocurrencies for Spectrecoin on different platforms including:
Cryptopia is a powerful cryptocurrency exchange platform listing Spectrecoin as one of its exchange currencies. The New Zealand based marketplace also facilitates buying and selling of items free of charge through the use of over 400 cryptocurrencies and fiat currencies.
Cryptopia has currently the highest volume of Spectrecoin.
- The platform has offered with extremely good value.
- Free transfer fees for sending and receiving cryptocurrencies into your account.
- A wider range of cryptocurrencies
- Verification can only be done using an email.
- Some potential offers have extremely low value.
- Fiat currencies transfer can only be made using NZD.
- The platform doesn’t host advanced trading features
Livecoin holds the second largest volume of Spectrecoin. The platform charges an approximately 0.18% trading fees and supports a great number of both altcoins and fiat currencies. The platform stopped processing bank transfers on behalf of their customers in late 2017. All in all, it is easy to operate the self-explanatory platform.
- Support numerous altcoins.
- Fast deposits and withdrawals.
- Competitive fees.
- Weak liquidity for some of the coins offered on the platform.
Bisq is the only decentralized exchange platform that lists Spectrecoin. Bisq supports a number of payment methods including; Bank transfers, SEPA, Western Union, US Postal Money Orders, and cash Deposits. Additionally, it supports numerous altcoins including Monero, Litecoin, and Ethereum.
- It is a decentralized peer-to-peer network.
- The platform offers a lot of payment options,
- Bisq has an arbitration mechanism in place.
- Slow trading speeds
- The platform is not designed for active trading.
- Bisq has registered low trading volumes.
Over 230 cryptocurrencies including Spectrecoin are currently being traded on Novaexchange. The platform will be shutting down and receiving a new management, effective April 2018. Users of this platform were, therefore, advised to withdraw their funds before 1st April 2018 or they will be considered donations. Novaexchange has very low volumes of Spectrecoin.
- Novaexchange offers a variety of alternative coins.
- Competitive fees.
- The platform will not be accepting deposits soon.
- It is complex for beginners.
- It doesn’t have leverage available.
This is a UK based exchange platform that was launched in 2015. It has an extensive selection of coins for trading including low volumes of Spectrecoin. Satoshi is detailed with a number of security precautions, including two-factor authentification and cold storages for cryptocurrencies.
- The platform has an extensive selection of coins.
- It offers anonymity to users since it has few verification requirements.
- Good security as it offers a two-factor authentification.
- The platform offers basic trading features hence easy for beginners.
- Low trade volumes.
- The platform is not regulated.
- Some users have complained of poor communication.
- Trade Satoshi doesn’t offer leverage trading.
Spectrecoin wallet; How to store Spectrecoin
- A wallet is a platform where you can manage your cryptocurrencies such as Spectrecoin. You can store, send, and even convert your Spectrecoin cryptocurrency in a Spectrecoin wallet.
- There two different types of wallets; hardware wallets and software wallets.
- Software wallets include desktop, mobile, and web-based wallets.
- Hardware wallets, on the other hand, are USB-like devices used to safely store cryptocurrencies.
A number of factors to consider while choosing a wallet include;
- The number of coins you own; Small amounts of coins for your daily use such as buying and selling as well as exchange can be stored in software wallets. Large amounts of coins, on the other hand, should be stored in hardware wallets which are the safest platforms for securing coins from hacking.
- The security of the wallet.
- The convenience of using the wallet.
- Privacy of the transactions made via the wallet.
- Fees charged for different transactions.
- User ratings.
- Customer support, and much more.
Being a recently launched cryptocurrency, not so many software and hardware wallets support Spectrecoin.
However, XSPEC has a desktop wallet, with its version of mobile wallet soon to be launched. The desktop wallet is available for Windows, Mac, and Linux Operating Systems.
- As Spectre coin cryptocurrency gains more popularity, there will be definitely more software and hardware wallet supporting its use.
Some of the advantages of hardware wallets such as Trezor include;
- Top-notch security.
- And, the convenience of use.
However, a key disadvantage of hardware wallets is the fees charged for their use and maintenance.
- Software wallets such as desktop and mobile wallets also come with their own advantages including:
- Portability of mobile wallets.
- Ease access to desktop wallets for mobile users.
- And low maintenance fees for both the desktop and mobile wallets.
A major disadvantage of desktop, mobile, and web-based wallets is that they are easily prone to hacking. They are, therefore, unsafe for storing large amounts of cryptocurrencies.
In A Nutshell
Spectrecoin is a cryptocurrency that was recently launched with the aim of providing users with a wholesome privacy solution that covers both financial transactions and communication transactions. Unlike other cryptocurrencies blockchains such as Bitcoins that are founded on proof-of-work, Spectrecoin is founded on proof-of-stake. To achieve advanced privacy levels it claims, Spectrecoin utilizes Tor+OBFS4.
There is so much to learn about cryptocurrencies and we believe that you have garnered much regarding the Spectrecoin cryptocurrency.
Unleash more facts on Spectrecoin and other cryptocurrencies on other posts on our site. Thank you!