Well, it's May 1st Somewhere!
Here is the Concept and Feature release for SafeCoin:
The concept of SafeCoin, is to stay true to its name. Simple, yet extremely challenging.
SafeCoin will be released as the safest Cryptocurrency Ever.
I expect a lot of skepticism at the feature list. Anyone who knows anything about cryptocurrency would be.
But here it is anyway:
1. The world's first Quantum Computer - Proof coin. Safecoin will be theoretically and practically un-crackable. By Any amount of computing power.
Current bitcoin and altcoin economies are based on the concept that it is not economically worthwhile to expend the necessary computing power to hack, fork, or otherwise compromise them.
This is a very interesting, but ultimately problematic concept to base the world's next currency on.
SafeCoin simply eliminates the possibility of hacks, cracks, forks, or compromises.
Limitations: Only theoretical proof can be given. First of all, I don't have a Quantum Computer handy. That being said, there is already existing evidence that Bitcoin and other currencies CAN be seriously compromised by far less than a quantum computer. SafeCoin addresses all known weak points, and considerably enhances the overall security of the coin.
Methods: SafeCoin replaces the central algorithm of all currently existing cryptocurrencies...which actually has nothing to do with SHA-256 (it replaces this too). It replaces ECC, which is truly the core of what keeps these coins safe. Mining aside, when this digital currency is actually USED as currency, the most important protection it has is ECC. ECC is fantastic, but may not actually be Open Source, and more importantly, can be compromised by Quantum Computing. Safecoin combines Two New algorithms, embedded within each other, to replace ECC with protection which is not only Quantum Computing resistant, but Quantum-Computing Proof. This method is not only unique to cryptocurrency, but is an entirely unique encryption method altogether, and the first implementation of its kind.
2. The fastest transaction speeds...ever (without cheating, that is). More benchmarking is needed here. All I want to say at this stage is that the transactions are fast. Real fast.
3. You've all heard this one before: This is a "CPU Only" coin.
I promise that this will work better for CPU Mining than any other coin previously released. I Do NOT promise that it will be forever. It could, but I can't make that promise. CPU miners are encouraged to get in early, and often.
Many intuitive countermeasures will be taken. For instance, this Feature release is a massive wall of text with not a single piece of eye candy or crowd sourcing. The marketing will come After, not Before, we all have our stakes.
Concepts and code have been borrowed from HeavyCoin, ByteCoin (Monero), and Securecoin (Quark). All of which were initially successful CPU-only currencies (which eventually failed)
A new algorithm is being introduced which should ward off most GPU mining, for some time to come.
GPU mining has its place. I expect that at Some point GPU miners will successfully take over the mining of this coin, like All coins.
One big difference: They may actually want to consider keeping this coin. A lot of GPU miners have lost their shirts by losing their coins. SafeCoin is written to provide the security needed for large investments.
4. You Haven't heard this one yet: This is a "BOTNET PROOF" coin.
What?
Yes, this is a BotNet proof coin. It will be for quite a while, at any rate.
Really?
Yes.
How?
I can't divulge all of that quite yet for obvious reasons. But I will mention one thing: Windows Users won't be happy.
5. Pump and Dump Protection:
Wallet Addresses which show a 50% or greater loss of coins (ie., a dump) will experience a greater difficulty level when mining.
Wallet Addresses which show an accumulation of coins (good for the community) will experience a lesser difficulty level.
I am still WORKING on a contract implementation which allows users to lock their coins in long term (and possibly convert to leaps). If implemented on launch, this will also strongly decrease mining difficulty.
6. Coin Loss Protection. A distributed Escrow and Exchange system designed to prevent Mt. Gox incidents.
7. Anonymity. The coin currently has anonymity features similar to Darkcoin. I am still debating this implementation.
8. Many other features (as indicated by the hint to contracts, options, leaps etc). It's not that this coin Can't have gimmicks. But the focus is definitely on Safety, and Simplicity. Additional features may be announced as they are found appropriate and deemed safe.
Coin Economy: Bitcoin economy
No Premine
21 Million coins. No more, no less.
Rewards per block, etc: still to be determined. I have more benchmarking to do.
Thanks for your time!!! More info available shortly. pls msg me for more details
http://safecoin.orgWelcome to the Real Safecoin, first announced here on Jan 27, 2014:
https://bitcointalk.org/index.php?topic=434072.msg4765975#msg4765975Concept and Feature Debut on May 1st, Law Day (to celebrate SafeCoin's Pending trademark)
Pre-Launch on Mother's Day, 2014. The Birth of SafeCoin.
Launching on Memorial Day, 2014. (Source Code Release)
Reserve set aside for the sacrifices of those who keep us safe.
Safecoin is unlike any other coin ever conceived.
This is not a MaidSafe closed-source pump and dump.
This is the Actual SafeCoin,
Without giving anything more away until May 1st, the great name will not dissapoint. This is the coin that will restore and affirm coinfidence in cryptocurrency. It has been a long time in the making.
