Making a new cryptocurrency stand out from the rest is rather complicated these days. Thousands of projects all attempt to disrupt the sector as people know it today. SnodeCoin, the currency tied to the Snode masternode-oriented platform, has been built with a specific purpose in mind. It is also a currency with proof-of-stake capabilities and an ASIC-resistant mining algorithm.
The SnodeCoin Vision
As most people may have guessed, SnodeCoin is a cryptocurrency tied to the Snode platform. This latter company is known for its wide variety of masternode-oriented services and support of many different currencies. However, there are some other aspects to this currency which are worth taking into account. Having an actual use case in place is a pretty big selling point, as over 90% of cryptocurrencies on the market lack that basic trait at this time.
The Technical Specifications
Unlike most masternode-capable cryptocurrencies, SnodeCoin has both proof-of-work and proof-of-stake as part of its ecosystem. The developers purposefully opted to use Neoscrypt as a mining algorithm, primarily because it is known for being ASIC-resistant. During the proof-of-work phase of Snodecoin, this algorithm will ensure the ecosystem has a certain degree of fair distribution and competitiveness for all users. This mining phase came to an end at block 13,001, after which it was replaced by proof-of-stake.
The proof-of-stake side of Snodecoin is more in line with what one would expect from a masternode-capable currency. Users can expect to earn staking rewards for the foreseeable future, as the maximum supply of 60 million SND will not be reached for quite some time to come. Nearly 12.5 million SND are in circulation right now, with the remaining coins to be distributed to stakers and masternode owners alike.
Speaking of masternodes, users need 10,000 SND to effectively run such a network node. Considering how the current masternode reward is 80 SND, those coins can be earned back fairly quickly and without too many problems. Users will also be eligible for the 20 SND staking reward, assuming they keep a portion of their rewards and other coins in a wallet capable of receiving staking rewards.
Identifying the Key Purpose
No cryptocurrency can survive without a clear and concise use case. Although SnodeCoin is used as part of the Snode platform, this aspects deserves to be highlighted a bit more. The currency allows customers of Snode to invest into all projects of the overarching Snode ecosystem. While the core focus will always be on masternode solutions, there are many different service models one can attribute to this particular industry. Further services to be introduced will span digital assets, multi-coin mining, blockchain project consulting, and so forth.
Disclaimer: All information provided in this article is for educational and entertainment purposes only. MNMMG Does not offer investment advice and is not responsible for any financial losses sustained by its readers.