What is SpreadCoin (SPR)?
Future of SPR Cryptocurrency and know how to buy SPR

#1 - What is SpreadCoin?

SpreadCoin is one of the oldest cryptocurrencies that is attracting crypto enthusiasts because of its ability to prevent creation of pools & secure the entire platform. The coin is gaining traction because it is more decentralised than Bitcoin.

SpreadCoin: The Basics

  1. SpreadCoin is a cryptocurrency that decentralizes hashing power in pools, which is a major bottleneck in Bitcoin security.
  2. The SpreadCoin cryptocurrency is denoted by the symbol SPR. Its total supply is 10.3 million SPR.
  3. It was launched on 29 July 2014 without any premining or an Initial Coin Offering (ICO).
  4. It uses MinerSignature to prove the knowledge of private key with which all the blocks are signed & whole block which is required before coins can be spent. A private key corresponds to the coinbase transaction.

SpreadCoin Development

  1. SpreadCoin is based on project DASH format formerly darkcoin.
  2. It will soon launch servicenodes that run endlessly on a server to provide services to the network. It can be bought for a collateral, whose value can be determined with the help of free market price discovery mechanism.
  3. SpreadCoin also plans to launch service apps to host decentralized applications that would run on the servicenodes.

 

#2 - Roadmap for Upcoming Features:

SpreadCoin Technology

  1. SpreadCoin prevents creation of pools by pooled mining miners as it only allows them to perform work necessary for fulfilling proof-of-work requirements. Usually, miners can either perform solo mining wherein they cannot send shares to the pool because they will be rejected or perform pooled mining. However, if a miner in pooled mining generates a new block then miner may send it directly to the network instead of the pool & get the full reward.
  2. SpreadCoin’s pooled mining is organized to prevent cheating by the miners as they have to know the private key corresponding to the coinbase transaction & the entire block & not just the header.
  3. MinerSignature (digital signature of all fields of the block header) and hashWholeBlock are used to prove the knowledge of private key & the whole block.
  4. If any user wants to change any information on the block then MinerSignature has to be regenerated, therefore, necessitating recalculation during every iteration of the mining process.
  5. When there are 2 conflicting transactions on SpreadCoin’s network then the transaction that is broadcasted first will most probably be included in a block as all peer members remember and retransmit the transaction that was broadcasted first.
  6. The pool can create and broadcast transaction if it knows the content of the block even before the miner does. However, the miner can create and broadcast transaction first if it knows the content of the block.

Features

  1. The pool identifies miners who cheat and bans them by releasing stealing miner software which many miners will switch to.
  2. SpreadCoin uses an in-wallet vanity generator to facilitate transactions with personalized payment addresses that users can create on their own. It can also be used to find addresses with private keys on your basic PC. It efficiently implements the Fallbacknodes & hence, eliminates the need to addNode in conf file ever again.
  3. The in-wallet vanity gen can also be used to create links to a brand, organization or businesses & to make addresses stand out from the crowd.
  4. It uses SpreadX11 & all of its blocks headers have Miner Signature and hashWholeBlock as additional information. This ensures that information about public keys for new blocks is given first to the miners so that they are able to complete the coinbase transaction.

 

#3 - How to Buy and Store SpreadCoin?

How to buy SpreadCoin/ How to buy SPR

SPR coin is available to trade on multiple exchanges like EtherDelta, Cryptopia, etc. But with the SPR cryptocurrency being available over many exchanges, it can get difficult to get the best price for your transactions. This is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the SPR cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for SPR. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for the SPR crypto. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

SpreadCoin Storage

SpreadCoin can be stored in various wallets which are supported by Windows, Mac, Github, Raspberry Pie and Linux.

 

#4 - What is the future of SpreadCoin?

Also Read: Complete Analysis of SpreadCoin | Live SpreadCoin (SPR) Price Charts And Predictions

As of June 2018, its market capitalisation stands at $202 Million USD.

With more utilization of compact transactions & ability to secure the network against malicious pools, SpreadCoin seems set for a strong run in the markets. Priced at around $0.01 November 2017, it rose with rapid pace to touch over $3.2 in January ’18. Some analysts suggest stable & steady growth trajectory for SPR.

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

Jul 01, 2018

0.275087

0.276634

0.251930

0.260221

3,582

2,820,481

Jun 01, 2018

0.345955

0.347011

0.318886

0.328092

11,421

3,497,479

May 01, 2018

0.676009

0.690457

0.598413

0.633043

227,763

6,732,414

Apr 01, 2018

0.195003

0.238091

0.192215

0.205340

20,142

1,912,943

 

#5 - How is SpreadCoin different from other cryptocurrencies?

  1. Both SpreadCoin & Bitcoin use ECDSA signatures. All addresses in Bitcoin are a hash of an ECDSA public key. The ECDSA public key is used to match the hash and signature. Coins can be spent only if they match. The transaction input script in SpreadCoin is of 67 bytes because of compact representation of the signature & it is much smaller than that of Bitcoin which is 139 or 107 bytes.
  2. The public key can be recovered in SpreadCoin with almost no extra CPU cost as compared to the tedious signature verification process used in Bitcoin. So, SpreadCoin has a much lower CPU cost of ECDSA signature verification than Bitcoin.
  3. SpreadCoin does not keep copies of the public key of the corresponding signatures like Bitcoin. Instead, it flies the public key directly to the signature. This reduces transaction sizes & smaller transactions and hence lead to a smaller blockchain.
  4. The block rewards in SpreadCoin gradually decrease with time unlike Bitcoin wherein there are abrupt reward halvings.

 

#6 - Should you invest in SpreadCoin/ invest in SPR?

  1. SpreadCoin offers reliable authentication for faultless payments. This should encourage more investors to put their money as their transactions will always be secure.
  2. SpreadCoin prevents doubling of hashrates & creation of a pool of dishonest miners by assigning private keys to all the pools & matches them with the coin-base transaction. The strong pool prevention & block upgradations in every 10 minutes may encourage mass adoption of SpreadCoin and consequently lead to an increase its price.
  3. SpreadCoin is one of the oldest currencies, but has not been able to gain much value despite being more decentralised than Bitcoin. However, with latest upgradations, its adoption may grow.
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