SecureCoin Introduction
Technical specifications and design philosophy for SecureCoin (SRC), launched August 2013.
SecureCoin is a fast and secure cryptographic digital currency based on Bitcoin. The specifications have been carefully chosen to maintain Bitcoin's economic model.
A single hashing algorithm poses a security risk because if it is compromised, the whole network is forever compromised. Multiple hashing algorithms enhance the security of the network by not only mitigating that risk, but also by adding an additional layer of complexity for any attacker to penetrate.
The aim of SecureCoin is to provide a secure, fast, and reliable network that is supported by active and involved developers. The coin was launched fairly with a staggered system and no coins mined before public launch.
Specifications
| Parameter | Value |
|---|---|
| Launch date | Aug 27, 2013 |
| Type of mining | Proof of Work (POW) |
| Reward per block | 5 |
| Time between blocks | Every 1 minute |
| Difficulty retarget | 500 blocks. Difficulty can only move a maximum of 100% up, or 50% down. |
| Reward halves | Every 2.1 million blocks |
| Block confirmations | 40 |
| Transaction confirmations | 1 (~1 minute to fully confirm) |
| Total coin supply | 21 million |
| Pre-mine | None |
Hashing algorithms
Grøstl, Skein, BLAKE, BLUE MIDNIGHT WISH, JH, SHA-3
Fair launch rewards
The rewards scale up as a certain block is reached to prevent an unfair advantage.
| Up to block | Block reward |
|---|---|
| 500 | 0.05 |
| 1000 | 0.1 |
| 1500 | 0.25 |
| 2000 | 0.5 |
| 2500 | 1 |
| 3000 | 2 |
| 3500 | 3 |
| 4000 | 3.75 |
| 4500 | 4.5 |
After block 4500, the regular block reward of 5 becomes effective.
Algorithm notes
Grøstl
Grøstl is an iterated hash function, where the compression function is built from two fixed, large, different permutations. The design of Grøstl is transparent and based on principles very different from those used in the SHA-family.
Skein
Skein is based on the Threefish tweakable block cipher compressed using Unique Block Iteration (UBI) chaining mode while leveraging an optional low-overhead argument-system for flexibility.
BLAKE
BLAKE is a cryptographic hash function that is based on Dan Bernstein's ChaCha stream cipher, with a permuted copy of the input block XORed with round constants before each ChaCha round.
BLUE MIDNIGHT WISH
BLUE MIDNIGHT WISH is a cryptographic hash function with output size of n bits where n = 224, 256, 384 or 512.
JH
JH is a cryptographic hash function submitted to the NIST hash function competition by Hongjun Wu. JH has a 1024-bit state, and works on 512-bit output blocks.
SHA-3
SHA-3 uses the sponge construction in which message blocks are XORed into the initial bits of the state, which is then invertibly permuted.
Influences
- BTC — SecureCoin's inflation rate matches Bitcoin's. Both produce an identical number of coins at the same rate.
- YAC — One of the first coins to advance CPU mining; contributed to SRC's functionality.
- SIF — First to implement multiple hashing algorithms and prove the concept can work.
- DGC — Digitalcoin's fair launch policy and community-funded efforts helped form the concept for SRC.
Community history
SecureCoin was originally announced on Bitcointalk in August 2013 by baritus. The earliest public website was securecoin.org.
The Bitcointalk thread has been edited since the original 2013 post (baritus last edited it in August 2018). Names or domains shown in the live announcement — including any "Current Developers" list or links to securechain.com — reflect post-launch updates, not the original 2013 launch team.
Maintainer and domain timeline
| Period | Milestone |
|---|---|
| 2013 | Fair launch; original public site securecoin.org. |
| 2015 | Securechain maintainers take over legacy wallet and block-explorer software. baritus moves the linked project site to securechain.info. |
| ~2018 | securechain.com is acquired; baritus updates public links (including the Bitcointalk post) to securechain.com. |
| Today | securecoin.org is the sole official archive for SecureCoin (SRC). securechain.com is the official Securechain domain. securechain.info redirects to the official block explorer at explorer.securecoin.org. |
Legacy software and this official archive are maintained by the Securechain maintainers.
Legacy notice
This page describes the original 2013 SecureCoin (SRC) design. For current network status, see Network Status.