Samcoin is the result of our joint efforts to develop a new better coin that can serve as a good alternative to the gold standard Bitcoin. Various alternative currencies have come and gone. Some brought innovation, but they all had problems. Samcoin is a peer-to-peer internet currency that allows instant, nearly free payments to anyone in the world. Samcoin is a global payment network that is fully decentralized and has no central authorities. No one can counterfeit transactions, initiate chargebacks, or seize funds. Not even a state. While this makes it harder to retrieve lost money, it also makes it harder to lose your money. With enough care, this coin is a far more practical alternative to FIAT money. The math secures the network and empowers individuals to control their own finances. Samcoin offers faster transaction confirmation times and better storage efficiency than the leading math-based currency. With significant industry support, trading volume, and liquidity, Samcoin is a proven trading medium to complement Bitcoin.
The Samcoin blockchain is capable of handling a much higher volume of transactions than its Bitcoin counterpart. Due to more frequent block generation, the network supports more transactions without having to change the software in the future. As a result, merchants get faster confirmation times while still having the option to wait for more confirmations when selling larger items. While Bitcoin fails massively in practicality, while high transaction fees limit trading to large goods, while long transaction times take the wind out of Bitcoin’s sails, Samcoin steps in and solves these problems. It would be nonsensical to have to wait an hour to buy a coffee or pay a higher fee than the coffee is worth. And therefore, it would also be nonsensical to buy coffee with Bitcoin. With Samcoin, on the other hand, with a split-second transfer across the world, that would be no problem at all.
Wallet encryption allows you to secure your wallet so that you can view transactions and your balance, but you must enter your password before spending samcoins. This provides protection against viruses and Trojans that steal the wallet, as well as a security check before sending payments.
Miners are currently rewarded with 150 new Samcoins per block, an amount that decreases over time. Considering our faster blocks, in order to properly mimic Bitcoin’s generation process, we had to change the blocks where coin generation is halved. Bitcoin generation is halved every 210,000 blocks. Samcoin generation is halved every 8,400,000 blocks. For those of you doing the math, Samcoin is scheduled to produce about 14 times as many coins as Bitcoin, about 290 million Samcoin.
Samcoin uses Tenebrix’s Scrypt Proof of Work. With Scrypt, you can mine Samcoin and mine Bitcoin at the same time. These and many other technical details are so because this coin is based on Litecoin, which has a similar vision.
Although we know that fast confirmations are not necessarily as secure as Bitcoin’s slower confirmations, they are very convenient for small merchants who do not need super secure transactions. The average duration of a Samcoin block is much faster than Bitcoin, allowing for better usage in normal daily transactions. So if merchants want to be as secure as Bitcoin, they can simply wait longer for a larger number of Samcoin confirmations like they do with Bitcoin. But most merchants can easily accept 1-confirmed transactions for small Samcoin amounts.
Samcoin uses a much faster retarget time, as the old one was ridiculously slow. The combination of fast retarget times and scrypt proof of work means that we don’t expect to see the kind of problem that Namecoin encountered; hashing power that leaves more suddenly than it arrived, creating a high difficulty slog for anyone who stayed.