You have heard me mention before about Bitcoin, the first "mainstream" cryptocurrency on the market. It is certainly on the rise even with several damaging incidents from viral attacks, accidental wallet theft to outright con scams. In general the community is very good, but one thing is certain Bitcoin seems to be fairly set in stone as it is. This is leading to the developments of new cryptocurrencies in an effort to solve perceived problems with Bitcoin or to apply very different economic models. One thing is for certain, fiat currency as the primary currency has its days numbered.
Enter Solidcoin, this currency seeks to address some of the flaws to adoption of cryptocurrency including some native enhanced security features, faster coin processing time and faster growth rate to the maximum currency total. This currency will be very interesting to watch grow and to see how the economic model they have envisioned is realized.
Faster processing time seems to be the greatest benefit of Solidcoin over Bitcoin, in that with Bitcoin you could see situations where it may take several minutes and even hours to receive enough network confirmations for a transaction to be processed, this is clearly not ideal for point of sale systems or typical retail outlets. To develop the general cryptocurrency economy retail operations must be brought on board. Solidcoin can see confirmations start within three minutes (as opposed to Bitcoin's 10 minute processing time) and to receive the recommended 6 or more it can be done easily within half an hour. A retail store with some processing power to back their operation could easily shorten the time, as well as the possibility of adding features being developed by Bitcoin users such as "Green Addresses" which are representative of client systems (Think Banks, Credit Card Companies, etc.) the transaction times in Solidcoin could be literally instantaneous.
The other advantage relating to processing time is that Solidcoin has done away with optional and variable transaction fees that Bitcoin allowed for. The Solidcoin model instead opted for a mandatory minimal transaction fee, the reason this is an advantage is two fold. First, the network does not prioritize your transaction based on the fee you attached, in some cases Bitcoin users had seen their transactions with insufficient confirmation even after many hours when they entered very low or no fee. Secondly, many Bitcoin clients had built in mechanisms to enforce a variable transaction fee based on the details of your particular transaction, this is never ideal for a retail-consumer relationship because either party does not know what they are going to get. In the Solidcoin system you will always know what transaction fee you will pay so there will be no mystery. P.S. Transaction fees are good, they are what will keep decentralized cryptocurrrencies in operation by supporting the people donating their electricity and computing power to process and verify your transaction 24x7 365 days a year.
I will be talking more on Solidcoin in the future as we see it mature and gain stability but for now go check it out for yourself, it is easy to setup and who knows, you might see the value of this and jump on board early... it would pay off in the long run!