Twitter @Beezy_u asked the following question:
"@Slothcoin Serious question - What are you and why are you? Whats the intention of Slothcoin?"What is Slothcoin?We are a new, modern cryptocurrency and we are aiming to be the most open cryptocurrency currently developing. With the most open, we mean that anyone can join, new users and old users. It's based on the idea of Dogecoin, and is technically based on Maxcoin, but improved. The thing is, Dogecoin uses Scrypt and as we all know Scrypt is hardware intense as it maximizes the use of your hardware's memory and stresses it to it's maximum. Scrypt has been around for a relatively long time (since 2011). Application Specific Integrated Circuits, or ASICs, were announced late last year and have been launched since February. Right now, as I type this, Scrypt is being overtaken by ASICs. There is no opportunity for people that are new to cryptocurrencies to try and mine coins that use Scrypt with the normal pc or with the laptops. And that scares away a lot of people.
The community around Dogecoin was created because it was open to anyone. A lot of people joined because they we're invited by nice people to try something else and stayed for the fun and the community.
In my opinion, Dogecoin is technically outdated and flawed. The flawed part is that the block time is 60 seconds, which results a way too high supply(which we found out the hard way). Another thing is that the algorithm is bad for your hardware. The algorithm is closed to newcomers because it is going to be dominated by ASICs (no algorithm is ASIC proof, there is always a way).
That brings in Maxcoin, it uses SHA-3 as it's algorithm. SHA-3 has currently a lot of advantages, it doesn't stress your cards as much as scrypt, therefore it's more energy efficient and that results in cooler hardware. A lot of people who are mining Slothcoin repeatedly say that it mines like a charm. SHA-3 knows no commercial ASICs, so there are no major players in the game except people who have huge mining rigs.
So, why not mine Maxcoin? Well, Maxcoin had a shitty launched and was overhyped by Max Keiser. That doesn't mean it's a shitty coin, no no. But the blocktime of 30 seconds is as many say an invalid blocktime. There is no way a market can sustain a stable rate when the supply is as huge as it is with Maxcoin. The same can be said about Dogecoin.
If you look at the chart for both coins, you can see the declining line,
here is dogecoin and
here is maxcoin.
So why Slothcoin then?We choose SHA-3 because of it's advantages, open to anyone and better for your hardware. We choose a Sloth as mascotte, because (almost) everyone loves Sloths. We didn't want a temporary meme hype so we choose an animal that's timeless and does not care about time.
So Sloth, has seen a succesfull launch, no fucking around, no relaunches. We've seen trade volume of up to 2 billion sloth which equated to around 25 BTC in a mere 3 days. We soon found out that 60 second blocktimes were too short so we've hardforked too a longer blocktime of 2,5 minutes. Unfortunately, people are clogging the Sloth/btc market with 1 satoshi order right now, so i've requested exchange owners to set up the Sloth/LTC pair to try and flush the market. The high blockrewards are there, to make sure that Slothcoin does not end up a comma-currency, which appeals more to anyone.
What does the future hold?I'll be updating the wallet and we will be trying to keep things managed. There are a lot of plans, like adopting sloths and helping out sloth sanctuaries for some publicity. I and some of the dedicated Sloths you can find in this topic, will try to spread the word about Slothcoin. When i talk to people about Sloth, they usually sound enthousiastic, that's a point that tells me this coin has potential. If you join us, you will like it. The people in this thread are nice people and the people on the rest of our media are likeable people as well. I will be here to answer any questions and help you people as far as i can.
