A coin called SifCoin, released on the Russian forums, caught my attention because it used six different algorithms for hashing instead of one. All coins up to that stage (that I am aware of) used only one hashing algorithm. The obvious advantage of having multiple hashing algorithms on top of each other is to make the hash as a whole more secure. If one of the hashes is ever broken, there are five more to break. I modified this approach to interweave an additional three rounds of hashing for a total of nine rounds of hashing. These three rounds use a random hashing algorithm, making it even more difficult to break. Sifcoin used an approach where block reward increases over time, making for a very inflationary money supply. I instead attempted an approach where the coin supply would stay relatively stable over time. This is achieved in two ways, firstly by producing the coins in a relatively short period of six months, instead of years as is the case with Bitcoin, and secondly to have a constant yearly coin production of around a million coins per year.
This should put an end to the "Sifcoin clone" and "Scamcoin" posts. Although I wish this paragraph would be edited into the starting post of the QRK thread.
