SolidCoin Information

From SolidCoin Wiki

Here you can find general information about SolidCoin that is presented in an easy to read manner.

Coin Creation

SolidCoin is a currency, however unlike most currencies it is not handed out by a bank or central authority. All users of SolidCoin are able to generate coins themselves, they simply have to devote their computer resources to processing transactions and solving mathematical problems that secure the transactions. If they are the first to solve the puzzle they win themselves some SolidCoins which they can then spend.

Computers around the world collect transactions and then compete with each other to solve the mathematical puzzle, with each SolidCoin currently consuming from 4 to 8KWh of electricity depending upon the hardware used. When factoring in the cost of hardware, cooling, price of electricity and other factors the cost to produce each SolidCoin ranges from $0.50 -> $0.80 USD to produce.

"The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." – Thomas Jefferson

The Technology

A traditional currency needs to be able to be given from one person to another. A CryptoCurrency like SolidCoin needs to be able to be transmitted from one computer to another over the internet, with no bank or middleman managing the transaction. The problem is, since you can never be sure who you are dealing with online, these transactions need to have a very high level of security. They need to be "Solid".

• Blocks - Think of a block as a collection of transactions. SolidCoin aims to average a block of transactions per minute. Which means if you send out a transaction it should be included into a block and secured within a minute.

• Transactions - Everyone knows what a transaction is, but how do they work with SolidCoin? How can random people around the world process your transactions and still have them be secure? Using military grade cryptography your transactions are "Signed", this means no one else besides you can create transactions using the SolidCoins you own. No one can modify your transaction because if someone attempted to the transaction would not validate and would not be included into a block.

• Addresses - Just like with internet banking SolidCoin has addresses which associates a business or person as the correct recipient. These addresses are created unique to you, no one else will have an address you do as they are based off your private keys, and the private keys are unique to you. You can give others your address and they can send SolidCoins to your account within minutes. It's that easy.