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:
(1) moving forward right away to Ring Confidential Transactions (RingCT)
(2) setting minimum transaction mixins to 12 that would make it high resistance to blockchain analysis attacks.
What make Sumokoin different from its brother, Monero?
We believe that most good coins were created with great missions. Sumokoin has a simple mission, to provide uncompromised privacy on a solid cryptographic basis. With unbreakable ringsize of 12+1, Sumokoin can claim itself truly fungible that no other of the above mentioned coins have yet with such characteristics without some flaws one way or another. It means, in plain English, using SUMO for a transaction? One can always be sure that no one can find any detail about it. It can not be blacklisted based on coin transaction history: you are in a TRUE secured channel.
Monero is a respectable cryptocurrency, packed with a lot of innovative ideas and you can see it as a testing platform for cryptographers to achieve better privacy from time to time. The project follows periodical hardforks to implement new features (that often resulted in many troubles for exchanges, related services and users to cope up with these changes). Sumokoin devs always keep away from direct comparison to any coin (all comparison charts/sheets around were created by community ) but here are some advantages you may find only in Sumokoin now:
Unique, miner-friendly emission scheme aiming for long-term existence (20 years)
Robust difficulty adjustment algorithm against opportunistic mining practice
(Very) high privacy from day one. No optional or lower privacy settings allowed
Stable blockchain, no historical “weak” transactions, not clustered by endless hardforks
Competent devs, helpful community Sumokoin. As a fork of Monero, fortunately we were able to fix many potential flaws from its inception. This is all possible thanks to the inheritance of great cryptographic foundation from its predecessor and wise decisions by the Sumokoin team. However, we feel strongly that gradually users will find out there are huge differences among the rest of privacy coins from their experiences, not because of our boasts for our own coin.
Anonymity:
Anonymity to most may not seem very important today. However, as Governments around the world pass new regulations with some seemingly virtually impossible to comply with? Crypto users will be seeking safe havens for privacy. Today Bitcoin is absolutely an open book. Even if someone only has basic skills in navigating the blockchain, it’s pretty easy to identify users and their addresses. Once your name or IP Address has been associated to a transaction? Everything you do from there forward is traceable. Satoshi’s plan with Bitcoin was to give the world a trust less currency which was free from the constraints, fees and oversight of Big Banks and Governments. Where Bitcoin and others fell short? Sumokoin delivers.
Following is a comparison between Sumokoin and Monero
Distribution:
The distribution is quite different from other traditional coins distributions. Its based on a Camel Hump graph. Meaning there are less coins being mined at first. As miners come on board and more people participate? More coins become available. This should have a leveling effect on the prices. Not growing super fast but also reducing unsustainable price spikes we see in BTC and other coins today. The most important part of increasing block rewards at the beginning is it safeguards against massive drops in hashing power as has been seen during the Bitcoin Halving in the past. The reason it’s a problem is when a coin rewards are reduced very quickly it takes time for the market prices to adjust. This leaves miners forced to seek other platforms or even turn off their equipment until mining returns to profitability. During these times the hashing power is reduced leaving the network is susceptible to 51% attacks.
Another advantage to the Camel Hump distribution model is probably the most important. We all know that people involved in Bitcoin from the beginning have become extremely wealthy. Of course there is nothing wrong with people making lots of money. The problem is this also gives this select few an unspoken authority as well. This is true with all coins that simply rely on reducing block rewards. The Camel distribution on the other hand allows for everyone to earn similar rewards for a longer period of time. No matter when they choose to participate over the next few years. They could potentially achieve a similar stake in Sumokoin as the Miners from day one. Rather than creating a virtual Royalty or Super Elite class of early adopters? Camel spreads the wealth across a wide spectrum of participants. Making for a much broader democracy and provide a greater opportunity for the masses. Sometime in 2020, after Sumokoin has time to become widely distributed? The mining rewards will start dropping off which will allow for significant expanding value.