What is Swiscoin?
Swiscoin is a peer-to-peer Internet currency that enables instant, near-zero cost
payments to anyone in the world. Swiscoin is an open source, global payment network
that is fully decentralized without any central authorities. Mathematics secures
the network and empowers individuals to control their own finances. Swiscoin features
faster transaction confirmation times and improved storage efficiency than the leading
math-based currency. With substantial industry support, trade volume and liquidity,
Swiscoin is a proven medium of commerce complementary to Bitcoin.
The Technology
The team has made is open source crypto currency that can be used by every person
who needs to transact financially.
1. Open Source Software
Swiscoin developed the an open source software project released under user license
which gives you the power to run, modify, and copy the software and to distribute,
at your option, modified copies of the software. The software is released in a transparent
process that allows for independent verification of binaries and their corresponding
source code.
2. Swiscoin Open source
Swistech Org develops the open source for crypto wallet users.
Open source is program whose source code is available for modification or enhancement
by anyone.
"Source code" is the part of program that most computer users don't ever see; it's
the code computer programmers can manipulate to change how a piece of software—a
"program" or "application"—works. Programmers who have access to a computer program's
source code can improve that program by adding features to it or fixing parts that
don't always work correctly.
User can create their payment wallet by integrating the open source program for
their crypto transactions site and serves their clients.
3. Wallet Encryption
Swiscoin is developing its own wallet. Wallet encryption allows you to secure your
wallet, so that you can view transactions and your account balance, but are required
to enter your password before spending Swiscoins. This provides protection from
wallet-stealing viruses and trojans as well as a sanity check before sending payments.
4. Swiscoin mining technology
Swiscoin uses the Electro Digitization Mining algorithm
Block hashing algorithm
Swiscoin mining uses the hash cash proof of work function; the hash cash algorithm
requires the following parameters: a service string, a nonce, and a counter. In
Swiscoin the service string is encoded in the block header data structure, and includes
a version field, the hash of the previous block, the root hash of the merkle tree
of all transactions in the block, the current time, and the difficulty. Swiscoin
stores the nonce in the extra Nonce field which is part of the coin base transaction,
which is stored as the left most leaf node in the merkle tree (the coin base is
the special first transaction in the block). The counter parameter is small at 32-bits
so each time it wraps the extra Nonce field must be incremented (or otherwise changed)
to avoid repeating work. The basics of the hash cash algorithm are quite easy to
understand and it is described in more detail here. When mining Swiscoin, the hash
cash algorithm repeatedly hashes the block header while incrementing the counter
& extra Nonce fields. Incrementing the extra Nonce field entails re-computing the
merkle tree, as the coin base transaction is the left most leaf node. The block
is also occasionally updated as you are working on it.
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