Where is Spectrecoin cloned from?
• The code base for Spectrecoin is derived from the code base from Shadowcash [SDC] (
https://shadowproject.io/en) and the code base has been modified with the parameters we feel are right for what we want to achieve. This is mainly the staking reward scheme and the block time. There will also be further functions added and further modifications to this base to integrate with The Spectreproject’s other parts.
Why clone from Shadowcash and not any other cryptocurrency?
• We believe that Shadowcash has very strong privacy and extremely resilient anonymity features such as confidential transactions using ring signatures and also stealth addresses and is one of the top cryptocurrencies today. Privacy and anonymity is crucial for what we are aiming to achieve. In addition, Shadowcash has an HTML based wallet that will allow new features such as web-apps or advanced functions to be integrated.
Is it legal to copy Shadowcash and call it Spectrecoin?
• Shadowcash is published under “The MIT License (MIT)” under the Open Source Initiative (
https://opensource.org/licenses/MIT) that state: “Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions: The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software.”
• The Spectreproject and Spectrecoin is complying with the conditions set out in the MIT licence and Shadowcash is referenced in the code (
https://github.com/spectrecoin/spectre) where it is needed and also in the splash screen for the Spectrecoin wallet and also the ‘About’ section from within the wallet.
Why not use Shadowcash then for your project?
• Well, although Shadowcash is a brilliant cryptocurrency we want the freedom to change the code to facilitate the functions that we have in mind for Spectrecoin. It appears that Shadowcash is aiming to integrate a market function and to develop the currency with this in mind. We want to use Spectrecoin as an exclusive currency for a small remittance app and so we are aiming towards cash transfer as a main focus and not a market currency as such. Having the freedom to alter the code allows us to build an infrastructure and to integrate Spectrecoin in this.
So you are just trying to cash in on Shadowcash’s success?
• No, not at all. The overriding focus for The Spectreproject is to deliver a mobile platform for uncensored, unmonitored and anonymous cash transfer. Spectrecoin is an integral part of this and the currency is not created for its own sake but to serve as a settlement medium in the small remittance transactions. By having our own code base, we can tweak this any way we want to make it work. The development team (4 members at present) will share 4/5 of 5% of the Spectrecoin supply as a stake in the project to ensure future participation. That means that each team member will hold a stake of 100,000 SPEC at the end of the ICO and 100,000 SPEC will be available for certain bounties and incentives geared towards PR. 19 million SPEC will be offered to you if you want to hold a stake.
Why do you need an ICO?
• The small remittance app that will run on Spectrecoin will undergo an initial development until it can be released as an open source project and added to the app store for Android for a start. We envisage this app to be “released into the wild” as it were and we are not planning any revenue stream from this endeavour. We are hoping that as the app reaches the public it will certainly be controversial in some territories and that it will stoke up enough interest to gain a momentum of its own and entice developers to work on the code and keep it alive. We will also work on the app but will not ‘own’ it and not incorporate it and not directly benefit from it. This is because it would almost certainly require us to have a licence and this would be likely to fail. All we wish to do is to build this app that will enable people to transfer cash anywhere anonymously just like the Hawala system today. The team has one member working on the app right now and a ‘pre’-alpha version will be out for demo soon. To be able to bring this to life the way we intent it, we need to hire further developers and we need some solid PR once the app is out to make people aware that this product exists. So, the bulk of the ICO funds will go to hiring people to work on the app and to run a proper and sustained PR campaign once it’s all done. Some of the ICO funds will cover initial expenses and the running of servers and the like. This is a small fraction. It is not possible to fully develop this without any funding and so we seek to crowdfund this project and offer you a stake.
How do we know that you are serious about this?
• Most ICOs make promises of some future network and functions that are not yet in existence and some are clearly more serious than others in this respect but a common feature is that you will not be able to use the finished product until sometime after the ICO ends. We have taken the unusual step now to release fully functioning wallets for you download. You will need to download the wallet anyway to take part in the ICO (
https://blog.spectreproject.io/) and to generate a receiving SPEC address. We will start the network and the nodes and you will be able to sync your wallet and check the block-explorer. In addition, to show you that the network is viable we will deposit 1 SPEC to your receiving address as a ‘token’ payment to prove that we have received your investment. At the end of the ICO we will distribute the rest of the funds. The blockchain will be driven by zero value proof-of-work blocks whilst the ICO is running. In this way, you can see that we are serious and that we have a product ready at the very start. In addition, the ‘pre’-alpha app will also be out as demo with a white paper. As we are preparing to issue 1 SPEC as a ‘token’ proof of investment we will now set a minimum limit of investment to 0.01 BTC.
I don’t need an app like that, so why should I invest?
• You are investing in Spectrecoin which will be the only currency to be used for the remittance app and as such you would expect value appreciation from a gradual increase in demand for Spectrecoin as a result of the increased use of the app. We will promote the app to areas where mobile use is high and the demand for cash transfer is high and where people are mostly unbanked. You do not need to download the app or use it or even have any interest in it as such. You should know however that this market is in need of anonymous ways to transfer cash as the governments are increasingly trying to regulate the traditional Hawala participants. This pegs Spectrecoin to real use by real people. Spectrecoin is of course also a fully-fledged anonymous cryptocurrency in its own right and can be used on the internet as any other cryptocurrency. We believe that this app is one of the first real-world usage of anonymous cryptocurrency and it will certainly be controversial when its done.
Why did you open a new thread?
• When we announced the project, we were a bit naïve maybe as we have never attempted an ICO before. We also made a silly mistake in the code by overlooking or omitting the mention of Shadowcash in places. This drew some angry trolls to make some outrages allegations and effectively block the thread. This was not intentional on our part but maybe naïve as I said. In respect of this I have gone through the code and made sure that Shadowcash is credited where needed. We will welcome any sensible discussion of course but there is no point in making any allegations or just mindless trolling. So, in the interest of transparency:
• (1) Yes, this is clone of Shadowcash which is open source.
• (2) Yes, we did make mistakes in the first thread and release but we acknowledge that and seek to rectify the mistakes.
• (3) Yes, we are using the same wallet layout as Shadowcash with a Spectrecoin logo and colour scheme as is common place in the cryptocurrency space.
• (4) No, we will not include a marketplace and the marketplace tab will be taken out in the next version of Spectrecoin. We are rather in favour of a system like OpenBazaar or other P2P market places.
• (5) No, we will not follow Shadowcash and their development as such but will diverge and focus on our own project.
Thank you for your support!
Spectre is legit and we are using en escrow
