It is with great excitement that developers provide an update on the Sumcoin project. Since its inception in 2017, Sumcoin has been organically adopted in nearly every country in the world and has established itself as a peer to peer currency. The pricing methodology of Sumcoin is based on “a sum” value of the top 100 cryptocurrencies by their market cap, making it a unique and innovative solution in the digital currency space where people seek exposure to crypto without extreme volatility and risk.
Recently, the Sumcoin chain successfully transitioned to Proof of Stake, offering users a much higher level of security and efficiency. The transition to Proof of Stake eliminates the need for energy-intensive ASIC miners, GPU and more. This cuts power consumption to validate the network by over 99% while increasing the security of the blockchain by several orders of magnitude. The change is a direct response to the challenge made by Elon Musk. Most notably the challenge in May 2021. These changes will allow the focus to shift to the development of decentralized exchanges and the promotion of the Sumcoin project.
In addition to its recent transition to Proof of Stake, the significance of Sumcoin lies in its ability to provide a decentralized alternative to traditional financial systems. With government CBDCs (central bank digital currencies) on the horizon, Sumcoin has the unique ability to index the value of these fiat blockchains and offer users a level of control and privacy in their financial transactions that may not be available through
traditional financial systems. This positions Sumcoin at the forefront of the digital currency revolution and offers users a secure, efficient, and decentralized alternative to traditional financial systems.
The next steps for the Sumcoin project include seeking out exchanges who can understand and implement Sumcoin, as well as the deployment of wallets for desktop and mobile devices. The Sumcoin community and developers have a strong preference for non-custodial means of exchange, ensuring maximum privacy and security for users. For users who have wallets that have not been able to sync or have synced fine, details will follow once a mechanism to migrate to the Proof of Stake chain has been discovered.
The Sumcoin project has been ongoing for over five years, offering users a level of stability and security that is not often found in the digital currency space. The speed of transactions, price stability, and simplicity of owning Sumcoin make it an attractive and must-have asset for anyone who believes in the potential of blockchain technology.
In conclusion, the Sumcoin project has made tremendous progress in its transition to Proof of Stake and its ability to index the value of not only crypto chains, but soon fiat blockchains as well. This positions Sumcoin at the forefront of the digital currency revolution. Ahead of anyone else by years. Sumcoin offers users a secure, efficient, and decentralized alternative to traditional financial systems.
Disclaimer: This is not a buy of sell recommendation and you should do your own research and not rely solely on this document to make any decisions
How did it move to PoS? Where is the new wallet and code?
Please read the letter as it explains everything there is to know at this time. More information will follow when it becomes available.