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The developers of Supercoin have announced that they are in the final stages of developing their new p2p decentralized and trustless system for the cryptocoin and will be launching a new wallet with a ‘SuperSend Trustless’” capability on August 25, 2014.
Supercoin is a new X11 crypto coin with a lot of original and/or advanced features.
Using both PoW (Proof-of-work) and PoS (Proof-of-stake) superblocks, it’s the first coin with PoS super bonus blocks. Besides, supercoin uses the advanced PoW/PoS separation technology, which makes PoW and PoS more stable and secure.
Supercoin is based on the X11 algorithm which increases security level, accelerates computation times, minimizes power-consumption and can be mined on a regular CPU/GPU.
Supercoin developers have just announced that they are on the last stages of the new p2p decentralized trustless system development and plan to launch the new wallet with ‘SuperSend Trustless’ on August 25th, 2014.
‘SuperSend Trustless’ system is based on multisig technology and provides anonymous transactions to Supercoin users.
The developers also announced the completion of the initial implementation of the p2p decentralized trustless system. Beta testing of ‘SuperSend Trustless’ will start on SuperCoin’s network on August 20th, 2014.
SuperSend Trustless is an advanced p2p decentralized anonymous system that belongs to Coinjoin category of the anonymous wallet.
In this system all nodes (clients) are equal; there are no centralized or special nodes that hold more info than others. The coin transfer is realized through middle nodes that are randomly chosen.
Mini-escrow is a completely trustless system used with multisig address and transactions. The system is designed in a forceful way for all parties to behave correctly without cheating.
Among all the online coin clients, if minimum requirements are met (e.g. with minimum amount of coins in the balance, and with minimum 2 addresses in the wallet, etc.), the node will advertise itself as a service node.
Other nodes receiving the advertisement will add it to their service node list. There’s also a limit for each client (currently limited to 30 nodes). Any client can turn off the advertisement, if it does not want to be a service node.
To turn off the service node advertisement, user just need to put a line in the config file. A service node will receive certain fee for each service it performs. Node that not want to be service node can still receive other node’s advertisement and use the anonymous service while it pays the service fee.
SuperSend Trustless makes complicated use of multisig technology. The sender of the coin will choose randomly two middle service nodes from his service node list to help the anonymous transfer.
One of the chosen nodes provides mix service, whilst another provides guarantee service. Two nodes are necessary in case of any disputes between sender and mixer. It is up to guarantor to make a final judgment and then distribute the fund in the escrow accordingly.
Mixer is the node to mix the coins with his own, and send to destination. It is possible to have multiple mixer nodes, so to further obfuscate the transfer. At the current implementation, a single mixer node is utilized.
Guarantor is the one who will make the final judgment if any dispute between sender and mixer arise. If everything goes well, Guarantor’s job is just to create multisig address and multisig transactions.
In normal cases it will not be involved in the signing processes of the multisig transactions. But if there are any disputes, the Guarantor will decide, based on the facts of the existing transactions, the outcome of the escrow distribution.
However, Guarantor cannot decide alone, he has to coordinate with another party (see below for the signing of multisig transactions).
Supercoin uses a 2-of-3 multisig address for escrow. A 2-of-3 multisig address is an address based on 3 public keys, each from Sender, Mixer and Guarantor, respectively.
Sender, Mixer and Guarantor each hold the corresponding private key of the public key. Anyone is free to deposit coins to the 2-of-3 address.
In order to spend any fund from the address (i.e. send to another address), the transaction needs to be signed using at least 2 out of 3 private keys.
Since the private keys are in different nodes, different nodes must willing to sign the same transaction before it becomes valid. In other words, the coins in that address cannot be spent by anyone alone, at least two of them should agree before the money can be spent.
The whitepaper has been published with a detailed description of the algorithm used in SuperCoin’s new trustless system.
Supercoin is currently available on the following exchanges: Mintpal, Bittrex and AllCoin.
Supercoin will also be hosting an IPO of the first 5% of the PoW coins. The proceeds are to be used to support the further development of the coin, the websites and servers, marketing and promotion, etc. All the rest of the coins will be mined through X11 PoW blocks and minted through PoS blocks.
To get more information about Supercoin read its official website or Supercoin Bitcointalk thread.