What Is Shield Cryptocurrency?
The blockchain has seen exponential growth in the past couple of years, and as a result, various crypto services are now being employed within diverse fields such as medicine, healthcare, and social media. However, the blockchain still faces serious security issues which will need to be addressed before it can be adopted into the mainstream.
Shield is a new cryptocurrency that is designed to be completely secure, anonymous and peer-to-peer-based. Not only is it resistant to 51% attacks, but it is also insulated from challenges that may be posed due to advancements made in quantum computing. In addition to all this, Shield delivers fast transaction speeds and charges some of the lowest processing fees on the market today.
This currency employs five mineable algorithms that allow for a high level of efficiency. In addition, Shield makes use of functional modules that increase its overall efficacy. These include:
- Proof of Stake Mechanism
- RSK Smart Contracts
Overview of Shield
- Provides users with a high level of anonymity
- All transactions are processed using secure nodes that help increase users’ privacy and overall security
- Makes use of Lamport Signatures to help eliminate potential threats posted by quantum computer attacks
- Boasts some of the fastest transaction times on the market
To start off with, one should recognize the highly scalable nature of this platform. Shield has a blockchain that utilizes “project sharding” to remain scalable as the market demand for this currency increases.
Key features of the platform
In addition, the system makes use of a multi-algorithmic safety shield that provides users with a high level of asset and data security. Not only that, multi-algorithm coins are also known to possess greater resistance to 51% attacks, as well as to be more accessible to third-party miners.
To create “quantum-proof” peer-to-peer addresses, Shield implements a native protocol which replaces ECDS with Lamport, Winternitz or BLISS signatures. The platform is subject to an automated development cycle which further increases the transparency of internal transactions.
Other important features of this currency include:
- PoS Boo: Through the deployment of a custom PoS scheme, the system is able to make optimal use of masternodes, thereby facilitating faster transactions as well as allowing for services such as PrivateSend and InstantSend to be incorporated within the system.
- Environmentally Safe: through the use of a unique staking system, this project is able to remain environmentally sustainable as well as optimize its overall carbon footprint.
How Shield works
To execute all internal transactions, Shield makes use of multi-algorithmic protocols that have been found to allow various processing units to mine for data-blocks in a completely streamlined and automated fashion.
As a consequence, users can harvest the power of the platform’s GPUs and ASICs to mine together within the native blockchain. As far as incentives go, rewards are allocated proportionally in accordance with the total block reward over a defined period of time.
Gain-loss distribution model employed by the system (courtesy of the official whitepaper)
Conventional alt-assets employ ECDS protocols and thus are not resistant to quantum attacks. ECDS transactions are known to reveal participant addresses and can even leak out secure ECDS signatures in the process. This is quite dangerous and can potentially allow miscreants to gain access to a person’s entire crypto portfolio.
Instead, Shield uses Lamport signatures or similar schemes so as to quantum-proof all internal transactions and addresses within its core network. To be more specific, Lamport digital signatures are designed using hash functions, leaving them to act as independent entities that provide the system with an added layer of security.
Overview of the blockchain’s core specifications
Lastly, the Shield platform facilitates coin staking using a specialized PoS scheme designed to emulate Ethereum’s PoS Casper. The adaptive nature of this protocol allows it to become insulated and resistant to dDos and other third-party attacks.
Not only that, this PoS is also capable of solving issues related to transaction censoring since block creators are chosen at random and the validators are of global origin.
Due to the fact that Shield (XSH) tokens have only been in the crypto space since last November, it can be hard to judge and assess its future investment potential.
XSH token lifetime performance data (courtesy of CoinMarketCap)
When introduced into the alt-asset domain, the price of a single XSH was a meager US$0.0005. The currency quickly gained traction and, by early December 2017, had touched value highs of around US$0.114. However, its peak value was achieved on the 9th of January, when the price of a single XSH coin touched an impressive US$0.366.
In recent weeks, the currency has been experiencing some value lulls since the entire crypto market as a whole seems to be going through a bear run.
With Shield promising to replace outdated technologies such as Elliptic Curve Digital Signatures with newer protocols like Lamport, Winternitz and BLISS, it might truly live up to its hype of being a completely “Quantum Proof” currency.
Through the implementation of a custom PoS scheme— PoS BOO— the platform’s masternodes are able to deliver a high level of anonymity and privacy to network participants while also allowing for faster payments and data transfers.
As safety continues to be given more and more importance within the crypto sector, it will be interesting to see how investors view this asset in the coming few months.
If you would like to start investing in Shield, XSH trading pairs are currently being offered by a wide range of online exchanges including Coin Exchange, Stocks Exchange, Crypto Bridge and Trade Satoshi.
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