Sumcoin is a cryptographic blockchain using scrypt proof-of-work algorithm. Sumcoin tracks all coins in real time and its price is an aggregate or “SUM” of all top 100 coins most valuable coins by market capitalization. It is for those who want to gain maximum exposure to the crypto space but may only want to hold one coin for simplicity, which can reduce risk factors.
The Sumcoin Index Algorithm
The Sumcoin Blockchain
The Sumcoin blockchain is a decentralized ledger of all transactions across Sumcoins peer-to-peer network. Sumcoins Protocol is Identical in method to Bitcoins. Bitcoin is the first blockchain to be introduced to the world in 2009 and is a commodity. Using this technology, participants can confirm transactions without a need for a central clearing authority.
Identical to the Bitcoin Network, Sumcoin’s payment network (also called the sumcoin blockchain) is what makes it possible for us to transact with one another. The network uses distributed consensus to verify and confirm transactions, and consensus is reached via a large global network of high-performance computers (called miners) running the Sumcoin software.
Whenever someone sends a transaction it is broadcast instantly to the network and verified by the miners. Miners are constantly working to confirm individual transactions and include them in the next block of transactions in the chain. Once a new block is verified, all the transactions within it are permanently recorded on the blockchain. Rewards are paid out in Sumcoin to miners who confirm transactions and verify the next block as a way to incentivize productivity on the network.
Each party who participates in the mining process has an identical up-to-date copy of the blockchain or public ledger, which is a record of all the transactions in Sumcoin history. Each party’s copy of the ledger is updated every time a new block is found.