Sterlingcoin - 2014-10-21

Sterlingcoin
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Sterlingcoin is a digital currency, similar to Bitcoin and Litecoin. Sterlingcoin is an alternative to Bitcoin and is therefore also known as an altcoin (alternative coin). Sterlingcoin is, like Bitcoin, completely open source and serves mostly as the digital currency for the United Kingdom and the British Isles, but can be used throughout the world via the internet.

Contents [hide]
1 Description
2 Mining
3 PoS
4 Value
5 Sterlingcoin in daily life
6 External links
Description[edit]
Sterlingcoin was set up to serve as the digital currency of the United Kingdom and the British Isles and launched on September 22th 2014. Exchanging euros, pounds or dollars to Sterlingcoin is very easy and will give the user more control over his or her money with the possibility of losing or gaining purchasing power.

Sterlingcoins can be saved on a PC, laptop or mobile phone. From a digital wallet users can send and receive Sterlingcoins to anyone with a Sterlingcoin wallet-address.

The electronic money is being maintained by a large network of peers, a so called peer-to-peer-network, who process transactions using cryptography to ensure the necessary security. This way Sterlingcoins can only be spent by its rightful owner and can’t be spent more than once by the same owner.

The peer-to-peer technology used by Sterlingcoin and having no central administration makes it virtually impossible for any government, or anyone else, to manipulate the value of Sterlingcoin or induce more inflation than initially was determined within the protocol.

At first people thought that owning and sending cryptocurrencies was made anonymous by this, but it has yet been established that people that use bitcoins and therefore Sterlingcoins for criminal activities can easily be traced. According to research done by the University of California in San Diego. The identity of users is fairly easy to uncover and money laundering with digital currency is not as easy as people initially thought.

Mining[edit]
Sterlingcoin uses PoW algorithm for the first six months, after which they will switch to a full PoS or Proof of Stake method. Every day for the first six months a certain amount of Sterlingcoin is released to miners. This is being done by using and sharing computing to solve the cryptography of Sterlingcoin blocks. There are several groups active on the internet who look for the electronic currency together by combining their computing power during mining in so called mining pools. This ensures a spread distribution of the currency after which the open market will determine value.

PoS[edit]
Proof of Stake is a resource that is compared to the amount of Sterlingcoins a user holds in their wallet. If you hold 1% of the Sterlingcoin you can mine 1% of the Proof of Stake blocks. Sterlingcoin has a 5.5% annual interest rate starting March 2015. Proof of Work will be discontinued and Sterlingcoin is only minted and no longer mined.

Value[edit]
The value of Sterlingcoin is measured in relation to the value of Bitcoin. Sterlingcoin is on several exchanges such as Bittrex, where brokers and investors buy, sell and trade Sterlingcoin to predict future value and make a profit or loss on their predictions, buys and sells. This way the value of cryptocurrency is measured on popular demand and by the trust in a currency. The open market fully controls the value of Sterlingcoin.

Sterlingcoin in daily life[edit]
Sterlingcoin was accepted first by Flawless, a clothing printing company in Brighton. Clothing companies Mr Snappy’s and Aerosoul, both in London, followed quickly after. For a complete list of merchants visit their official website.

External links[edit]
Official website
Categories: Digital currencies