What is Sterlingcoin?
Sterlingcoin is a cryptocurrency that originated in the UK, intended for use throughout the United Kingdom and outlying British Isles. The token is the first cryptocurrency to be released as an X13 coin.
It supports various features such as merchants, trading venues, mining pools, block explorer and programming interfaces. Additionally, Sterlingcoin supports paper and online wallet systems.
What are the advantages of Sterlingcoin’s decentralization?
The idea behind the sterling token was to develop a digital currency that can be used to buy goods and services online and offline. Sterlingcoin is decentralized and controlled by a free market. This approach aims to significantly reduce the risk of manipulation by banks, governments and other third parties.
Decentralization also ensures that every user of a wallet also acts as a multiplier of the public ledger. This wide participation increases the stability, availability and security of the blockchain.
Furthermore, the sterling token is a fair, transparent and highly secure token for use in day-to-day business. As well as trading and mining, market supply and demand should also add value to this digital currency.
How did Sterlingcoin arrive on the market?
Sterlingcoin was first published on September 21, 2014, at 6 p.m. (British Summer Time) at the beginning of a seven-week pre-release period. The intention was to enable anyone who was interested to get to know and test the token.
In this way, the focus was on a fair start; no one had to invest blindly. Also, a pre-mining period ran from the same launch date until 3rd January 2015. This period saw the creation of 3.8 million tokens.
Subsequently, the mining process converted into an algorithm based on proof of stake. Then, a so-called space-drop one-week initiative distributed a further 575,000 tokens to 11,499 addresses.
How does Sterlingcoin ensure fairness?
Sterlingcoin prohibits various methods of obtaining an unfair advantage. In particular, exit nodes, proxy lists and automatic mining methods were banned. This step sought to ensure fairness, protect the blockchain and reduce the potential for errors. In addition, the introduction of manual checks enabled suspicious activity and potentially dangerous deletion entries to be investigated.
What are the technical specifications of Sterlingcoin?
Sterlingcoin is a digital X13 token that is compatible with proof-of-stake and stake-of-work algorithms. Within six months of its launch and after mining some initial 131,400 blocks, the mining process adopted a proof-of-work algorithm.
Subsequently, a proof-of-stakes algorithm superseded it. Moreover, the halving of income (after a defined period) was waived. The latter approach is especially common with other cryptocurrencies such as Bitcoin. The proof-of-stake algorithm is not limited, so it should be used permanently to verify transactions. However, the maximum is set at 63.9 million tokens.
What rewards does Sterlingcoin pay?
Within the proof-of-stake mining calculation, tokens stored in a wallet earn a reward of 5.5 percent per annum. In addition, investors receive an additional reward of 50 Sterlingcoins for completing a block.
The block time limit is only two minutes, to ensure fast payments. Furthermore, the calculation complexity adapts dynamically to the available computing power. The system checks this customization after each completed block calculation, to accommodate the adjustments in computational power throughout the network.
Which team is behind the development of Sterlingcoin?
Sterlingcoin was designed and developed by a group of three experts. Spencer Lievens is one of the two project co-founders and a developer. Matthew Langdon is the other co-founder and is responsible for developing the blockchain. The third member of the team is Steven Saxton, who is responsible for developing services.
In a brainstorming process, the developers focused on creating a cryptocurrency specifically for the UK. In particular, the token is for the purchase of goods and services in online and offline business.
Furthermore, offering users a comprehensive functionality should ensure widespread appeal to a broad user base. The developers’ goal is to establish the token for mass daily payments within Great Britain and the British Isles.
What special features does Sterlingcoin offer?
The developers highlight the three pillars of this sterling token currency that should distinguish it from the competition. The first pillar is decentralization, away from regulatory institutions. It dispenses with the involvement of banks, governments and other institutions and regulates the market itself.
Also, transactions carried out using the Sterling token are not subject to VAT (Value Added Tax, or sales tax). Transactions in trading venues and mining revenues are not subject to additional levies. In particular, the easy operation and usage of the token should attract users.
It provides a wide range of features without compromising usability. Also, the developers actively provide support and answer questions. They respond to the user community and incorporate suggested improvements.
What is the current market capitalization of Sterlingcoin?
Since it appeared on currency markets on September 24th, 2014, Sterlingcoin has traded under the symbol SLG. On the first day of trading, the price per token was $0.080873 and the market capitalization was around $20,000.
This figure has steadily increased and reached a peak of $1.053 million on January 21, 2018. Currently, the market capitalization is $848,151 and the price per token is approximately $0.20. Daily trading sees average currency volumes of $5,716. Notably, some 83 percent of trading is via Cryptopia and, in particular, in currency trades between SLG and BTC (bitcoins).