CoinShield is an innovative and potentially disruptive concept for the cryptocurrency industry and we aim to follow it closely and provide readers and the public with detailed information. This article will be updated with new information regarding development of the core protocol and CoinShield services. We will bring more information to light about the developers of this project and provide additional transparency and objectivity.
CoinJoint does not publish many articles, mainly because there are enough sites covering the daily happenings in the crypto world. Instead, when an innovative project is being worked on with a talented and dedicated team behind it, we want to get the word out.
It is now 2015 and Bitcoin is 6 years old. There were thousands of scam/clone coins launched in 2014 that bilked gullible investors out of money. A true Bitcoin enthusiast and core developer, Videlicet, and his business partner KryptoKash, launched their cryptocurrency project in June of 2014 known as CoinShield. Videlicet (aka Viz) spent a month just getting input from the community on the core protocol before launching it. It is truly a remarkable confluence of community and developers. So the coin and community developed completely outside of the cryptocurrency trading sphere. Together with the community input, Viz and KK developed this project with a 0% premine and no funding. Instead of a premine, they created a development channel in the protocol which provides a small amount of funds to the developers over the course of 10 years. Even after months of development and community input, they didn’t even care about getting the coin on exchange until they had put nearly 5 months of development time in. There are very few cryptocurrencies with so much talent and dedication that are bringing such innovations to the marketplace.
CoinShield in many ways reads like the perfect altcoin to pair alongside Bitcoin. I say this because it’s goals are to target and absorb the economies of scam/clone coins that offer no innovation to the market or the industry. Think about all of those ICO’d and premined abominations that never launched the software or other projects they claimed they would. Where are the developers of those scams now? Where are the developers of all those clone coins launched in 2013 and 2014?
The reality is that 99% of altcoins created were not developed for innovation in the industry, they were created to scam gullible investors into buying a “new coin” that would remarkably overtake Bitcoin or fill a void where none was needed.
The real developers are those who stuck around to launch platforms and open-source projects, to build something on their own accord and to help the cryptocurrency industry innovate and remain a healthy and vibrant community.
The CoinShield (CSD) network is the world’s first pure SHA3 network. This means that ALL of the hashes in the protocol are SHA3 and thus in a Quantum Computing environment CoinShield would present Quantum Security. In order to truly understand the innovations of this cryptocurrency protocol, you will need to read very carefully the Bitcointalk OP. There is so much information just on the protocol alone, that to put it here would extend this article many page lengths.
I hope you enjoy learning about CoinShield.
(CSD) CoinShield Links:
Main Site: http://coinshield.io/
Bitcointalk OP: https://bitcointalk.org/index.php?topic=657601.0
Main Forum: http://coinshieldtalk.org/
The Purpose of CoinShield (CSD):
Coinshield will rid the industry of scam/clone coins. It will crash the economies of these coins, and in the process expand its value. It will set a standard to what is accepted by the community and what is not. It will effectively let all coin developers know that if they release another clone they are just wasting their time, because the coinshield community will kill it. They will not profit from it. Ever! Coinshield will provide security for all innovated coins. Coins that show innovation will be granted Coin Shield Verification (more on this below). Coinshield will help every trader that has fallen victim to buying and holding scam/clone coin coins and now find themselves in the red. Not only will Coinshield help you get your money back, it will be your tool to declare that coin scam/clone coin, and effectively destroy it. Coinshield is the tool/coin that will take this industry from “the wild west” where anyone can just copy any coin and expect a return to an industry of innovation.
How Does Coinshield Do All That?
There is a long version and a short version answer to this question. The short version is simple: YOU! Let me explain. The Coinshield process begins when a user of our community (sign up and register your username now before someone else does http://coinshieldtalk.org) creates a petition declaring that “Flyingtoes Coin” is a scam/clone coin and needs to be stopped (of course we all know “Flyingtoes Coin” is not a real coin, this just an example). This petition will contain a poll (so users of the community can vote if the coin is a scam/clone coin or not), and an argument as to why the OP feels so strongly that the coin is a scam/clone coin and needs to be destroyed.
If The Community Agrees
If the petition gains majority support, it is passed continuing to the next step on its journey into a faded memory. Each “winner” will be put to vote on our main page (http://coinshield.io). We will then choose the coin with the most votes and deem it the scam/clone cointiest of all scam/clone coins. After winning that title it is then given a once in a life time opportunity (mainly because it will be dead shortly after) of moving on to the final stage of being destroyed. It will then be added to our trading section of our site.
Trading Section - where you will trade in your “shitcoins” and boost the CSD economy
That’s right. We can’t just figure out how to kill a scam/clone coin and say too bad to all the scam/clone coin holders. It’s not their fault that the coins they were holding were deemed to be scam/clone coin and will die. So we figured out a way to make this process a win(Coin Holder) - win(Coin Shield) - win(Industry). We will take your scam/clone coin coin and give you Coinshield. Each coin that gets added to our trading section will get a trade “channel” . Here users will be given their own deposit address and will view an exchange rate. This exchange rate is not static. How much CSD you receive is decided by a very complex algorithm which will take into account the following:
- How many buy orders the scam/clone coin has
- The scam/clone coins value
- Coinshields value
- Total amount of scam/clone coin transferred to channel prior.
- Total market cap of that scam/clone coin.Please keep in mind the first traders will make the most profit just for giving us scam/clone coins! The way the algorithm works will allow a profit to be made here…but only if you are one of the first few transaction it made. Keep in mind with every trade the system does the amount of Coinshield you receive will be less and less. This is because as soon as the system receives the 1st scam/clone coin the destruction of that coin begins and its value begins to drop.
Block Reward [Miners]: 50 * e^(-0.0000011 * nMinutes) + 1
Block Reward [Channels - Coin Trade in]:10 * e^(-0.00000055 * nMinutes) + 1
Block Reward [Developers]:1 * e^(-0.00000059 * nMinutes) + 0.032
Mining Channels: [CPU] Prime Search, [GPU] SK-1024
Difficulty Retarget: Shield Target [Chain, Channel, and Time Proportions] Proof of Stake: 1 Month, 2 Year Limit, 2% Annual Inflation
Coinbase Maturity: 100 Blocks ~ 1 Hours
Transaction Confirmation: 6 Blocks ~ 5 Minute
CoinShieldTalk Forum: coinshieldtalk.org
Videlicet is the CSD core developer and creator of CoinShield concept. His online pseudonym, Videlicet, is derived from the latin phrase: “videre licet - it may be seen; evidently; clearly”.
Coinshield is a long haul - all we have is room to grow. There are many things coming in their according steps - but one thing is to be sure: Coinshield’s survival is not based around the absorbing of coins - this is just one more feature that gives users more power in dealing with scams, and one more dimension to add to the use of CSD. Keep in mind, I put about 5 months of development to get CSD ready for launch, so a large part of the time people have known of CSD was actually in the development and invention of its features. New things take a while to catch on, but when they do - they sell themselves.Thank You,