After the rise of Verge with a negative touch and lots of drama as privacy coin and a growing interest in privacy coins, I received tons of messages and emails (thank you guys) on social media channels regarding how a worst case scenario could look like and what could be an alternative privacy coin to secure investments. After a stressfull time with Fake News, I came across a project which I think, could be a next great opportunity worth to check some details -> “Sumokoin“.
Why have I never heard of this project before and why can’t I find any details or reviews on the internet? What I found and what made me believe we might have an opportunity rocket (I guess at least 100 USD gains) in stealth mode, you can find below (taken from their forums):
As stated several times, this is no investment advice but a reflection of my personal oppinion!
What is Sumokoin?
Sumokoin (スモコイン in Japanese) is a fork from Monero, one of the most respectable cryptocurrency well-known for security, privacy, untraceability and active development. Starting as an educational project, we found that it would be great to create a new coin with high level of privacy by:
- Moving forward right away to Ring Confidential Transactions (RingCT)
- Setting minimum transaction mixins to 12 that would make it high resistance to blockchain analysis attacks.
Sumokoin, therefore, is a new Monero without its legacy, a truely fungible cryptocurrency among just a few ones in the market.
- TRUE FUNGIBILITY
Sumokoin is one of a few rare cryptocurrencies with true fungibility – the feature makes digital currency act like physical cash i.e. no other people can find where the money comes from and how many have been transferred.
- GREAT PRIVACY
Sumokoin is created with high level of privacy in mind, setting Ring Confidential Transactions (RingCT) with minimum ringsize of 12(+1) to conceal sources/amounts transferred and make it high resistance to blockchain-analysis attacks
- STRONG SECURITY
Sumokoin utilizes the power of a distributed peer-to-peer consensus network, every transaction is cryptographically secured. Individual accounts have a 26 word mnemonic seed displayed when created, which can be written down to back up the account and account files are encrypted with a passphrase to ensure they are worthless if stolen.
- Total supply: 88,888,888 coins in 20 years, then 263,000 coins each year for inflation. About 10% (~8.8 million, 98% locked in escrowed wallets) was premined to reserve for future development, i.e. 80 million coins available for community mining in first 20 years.
- Coin symbol: SUMO
- Coin units:
- 1 Sumoshi = 0.000000001 SUMO (10-9 – the smallest coin unit)
- 1 Sumokun = 0.000001 SUMO (10-6)
- 1 Sumosan = 0.001 SUMO (10-3)
- Hash algorithm: CryptoNight (Proof-Of-Work)
- Block time: 240 seconds
- Emission scheme: Sumokoin’s block reward changes every 6-months as the following “Camel” distribution* (inspired by real-world mining production like of crude oil, coal etc. that is often slow at first, accelerated in the next few years before declined and depleted). However, the emission path of Sumokoin is generally not far apart from what of Bitcoin (view charts below).
What are differences between Sumokoin vs Monero?
Apart from the differences in total coin supply, emission scheme, block time etc. listed below, Sumokoin aims at stability while Monero gets breakthroughs via a series of hardforks (that may put some pressure on exchanges/payment services). It does not mean there won’t be any hardfork in Sumokoin, but not in near future (probably not in years).
|Total supply:||Infinite – 18.4M in first 8 yrs||Infinite – 88.8M in first 20 yrs|
|Smallest currency unit:||piconero = 2-12 XMR||sumoshi = 2-9 SUMO|
|Emission scheme:||Smooth varying||“Camel” distribution|
|Block reward:||Adjusted at every block||Adjusted every 6-months|
|Block time:||120 seconds||240 seconds|
|Wallet mnemonic seed:||25 words||26 words|
Sumokoin also has (slightly) different block size limit/growth and fee structure that would be more favorable for miners.
Why should I invest in Sumokoin?
1. Sumokoin was created with long-term vision in mind. The coin emission path is quite similar to Bitcoin with (majority of) coins to be distributed in 20 years.
2. Sumokoin has very high privacy settings that is suitable for all high confidential transactions as well as for value storage without being traced, monitored or identified. In the long run, we believe these characteristics will pay off as crypto attacks become more sophisticated with much greater computation power in future.
3. Sumokoin has good reservation for development and bases on Monero which is being very actively developed.
Don’t think about the growth potential only but also what this coin could be used for and check out the work of the developers behind Sumokoin! With a current market cap of $27.955.847 USD and a supply of 11,626,867 SUMO (29/12/2017) I don’t need to explain that this coin could heavily increase its value and beam up from rank 297 to the top 80 which would lift its price up to about USD 100 in no time!
For more details regarding mining and wallets, check out the official Sumocoin website: https://www.sumokoin.org/