Satcoin aims to become a pioneer in combining Defi and traditional finance to build a smart bank that guarantees users' privacy and financial security. Also, it strives to extend the application of cryptocurrency to daily life.
Melbourne, Australia - March 2, 2022 —
SATCOIN is the smallest divided unit of Bitcoin. SAT can be called "the son of Bitcoin," It is optimized with the blockchain generation speed to meet daily life transaction requirements. The SAT network is open to everyone. Regardless of where you are in the world, you are welcome to join us in building a blooming and genuinely digital economy.
Taking the importance of DeFi into consideration, SAT has developed features that allow anyone in the world to directly conduct financial activities anytime and anywhere without relying on any centralized entity to provide credit intermediary or endorsement. DeFi (Decentralized Finance) is familiar to veterans of cryptocurrencies.
SAT understands the DeFi efficacy. Thus, it works towards the imaginary boundary of blockchain technology and finance that continues to expand.
Compared with traditional finance, DeFi is more fair, open, and inclusive for the following reasons:
1. DeFi does not need to rely on any centralized entity to provide credit intermediary or endorsement.
2. There are no barriers to entry, and it's open to anyone with an Internet connection.
3. Any centralized entity does not control it, meaning that no one can block or reverse any transaction.
In terms of the current development milestone, it can be said that DeFi and traditional finance come from two different fields. Traditional finance serves the real economy in today's financial industry, accompanied by risk transfer, resource allocation, and value discovery. While DeFi has nothing to do with the real economy and fiat currencies, it's mainly dealing with things in the cryptocurrency space.
Blockchain design structured by SAT is all about these three elements - decentralization, security, and scalability; the blockchain design can't meet these three requirements perfectly. All blockchain designs are based on the balance of their respective priority. However, many old and new DeFi users seem to be more interested in the scalability of the network, which can attract a more extensive user base, than in expanding the decentralized web and enhancing security. It brings us a lot of novel projects, tokens, and protocols but hides the weakness that lacks strength. Security and decentralization have been sacrificed in the name of programmability and transaction speed.
Satcoin aims to be a pioneer in combining Defi and traditional finance, build a smart bank that guarantees users' privacy and financial security, and extend cryptocurrency's application to daily life. Therefore, the design of the Satcoin blockchain considers the field and application requirements, thus significantly enhancing its security. After all, payment is all about the safety of users' money and the speed of transactions. In terms of security, Satcoin is a cryptocurrency based on SHA256.
The feature of SHA-256 is that the output value under the same input information encrypted with SHA256 is unique. The results will be completely different when there are changes, even minor changes, in the data encrypted with SHA256. The SHA-256 algorithm used by Satoshi is part of the SHA-2, which was recognized as one of the most secure and advanced algorithms when Satoshi Nakamoto invented bitcoin (2009).
At present, no algorithm has not been proposed to crack SHA256, SHA384, and SHA512; The ciphertext of SHA256, SHA384, and SHA512 is 64 bits, 96 bits, and 128 bits, respectively. Some websites with high-security requirements may have used the SHA256 algorithm to encrypt passwords, while SHA384 and SHA512 are rarely used at present due to the long ciphertext, encryption time, and low efficiency. From this point of view, the SHA256 used by Satcoin is the most secure and appropriate. While security is guaranteed, Satcoin is not far behind in transaction speed. Compared with Bitcoin, the block generation speed of its blockchain has been increased by four times. It takes 2.5 minutes to generate a block, which can fully meet the needs of retail transactions and consumer payment & transfer.
Satcoin may not have an incredible breakthrough and bring new technologies and applications to cryptocurrency. Still, it perfectly combines the essence of Defi and the most secure & reliable cryptocurrency technology, maintains fast transaction speed, and matches the most practical and widely used application scenarios.
In short, Satcoin absorbed all the edges, bringing the technical advantages of cryptocurrency and blockchain into people's daily life. In the future, in addition to aspiring to become a "smart bank" in the cryptocurrency industry, Satcoin will also create multiple networks and physical malls using Satcoin as a transaction and payment currency to expand the application of Satcoin further.
The team of experts behind the SAT believes that in the future, Satcoin will set off a revolutionary tsunami in traditional finance, facilitating real-time cross-border transfer and transactions. It will also be significant for the history of cryptocurrency. Cryptocurrency is no longer a hype, a string of words or numbers on the exchange, but a significant technological advance that comes into people's lives and brings practical applications.
Release ID: 89066315