After a very fun trip to Bitcoin 2014 in Amsterdam, it’s time to get back to work for CryptoArticles. There will be plenty of articles about Bitcoin 2014 coming up over the next few days, but I wanted to start off today by talking about SYNC.
SYNC is a very interesting cryptocurrency, which launched on May 17th. With a very limited Proof-of-Work coin supply (1,000 SYNC) , and a very short Proof-of-Work phase (7,200 blocks), you can see why many people took notice of this coin.
Each minted block of SYNC rewards you with 0,14 SYNC, which is a very low amount. Even though we have seen several “limited coins” before, SYNC is the first one using the X11 algorithm to do so, which makes many miners happy bunnies.
Once SYNC’s Proof-of-Work phase has ended, the Proof-of-Stake phase will begin. Every year, users will receive 1% stake. No super stakes for certain periods, no fireworks, just keeping the coin limited in supply as it was intended to be.
There is a 0.5% pre-mine with SYNC, which is a bit of a shame if you ask me. It’s just 5 coins, but out of 1,000, that’s still quite a big amount. Regardless of that, I doubt it will influence the prices that much though.
Originally, SYNC wasn’t supposed to be listed on any exchanges until after the Proof-of-Work phase. BitTrex has jumped the gun however, as they added a SYNC/Bitcoin trading pair to their exchange already.
So far, the prices for SYNC on BitTrex have seen a 24-hour low of 0.5 Bitcoin and a 24-hour high of 6 Bitcoin. As of this writing, the latest price was 0.9 Bitcoin.per SYNC. Keeping in mind that it’s rather hard to mine 1 full coin at this point in time,and it will only get harder as the difficulty increases, we might see prices go up.
From the announcement post on BitcoinTalk, we can gather that the SYNC developer has plans to add enhanced privacy to transactions. In order to achieve this, a feature called “anonymizer” would be implemented at some point.
SYNC donations are welcome to SauTmm3eZnWkp3mRL4TxNiQc7zW6XAXzhx