Shield Currency: Private Quantum Proof Crypto Coin Protocol?

With more than 1,300 different cryptos on the market today, many market observers find themselves asking the question whether there is any need to add yet another altcoin to this ever-growing roster.

While it’s true that many of the most popular altcoins provide solutions to some of the problems that plague higher market cap cryptos, it’s rare for newer altcoins to present truly innovative or groundbreaking solutions.

In this article, we’ll take a look at a SHIELD coin– a new crypto that hit the market on the 8th of July 2017. We’ll assess the specifics of the SHIELD solution and find out what it does differently to see if it stands out from the altcoin crowd.

What Is Shield?

SHIELD is a new cryptocurrency that promises extremely fast transaction times, complete user anonymity, and offers a unique combination algorithm. SHIELD is limited to a total amount of 660 million tokens, and boasts a blocktime of just 15 seconds, which virtually eliminates the long confirmation times associated with other cryptos.

One of the most interesting aspects of the SHIELD cryptocurrency is that it incorporates Lamport signature that can eliminate the growing threat of quantum computing, which makes SHIELD a viable future-proof option.

With an upcoming sharding project, SHIELD offers a high degree of scalability, and uses multiple algorithms to prevent 51% attacks, which at the same time makes it easier to mine. At this point in time, SHIELD operates on a Proof of Work consensus method, but is aiming to introduce Proof of Stake in the future.

The staking system used in this upcoming shift will integrate a custom staking method similar to Ethereum’s PoS BOO method, which makes it harder to attack the SHIELD blockchain.

Shield Wallets

SHIELD offers users a range of different wallets that can be used to store SHIELD. It’s possible to purchase and store SHIELD on exchanges such as Tradesatoshi and Stocks.Exchange, but many crypto investors prefer locally hosted wallets to minimize the threat of hacking.

SHIELD offers users an Electrum wallet solution that focuses on speed and low resource usage. Based on Simple Payment Verification, or SPV, SHIELD Electrum wallets make it possible to verify transactions without downloading the entire SHIELD blockchain.

SHIELD also offers QT wallets, which allow users to download the entire SHIELD blockchain in order to confirm transactions. While QT wallets are more reliable, users are required to update the entire blockchain every time a transaction is verified.

Shield Verdict

The SHIELD solution is a fairly standard offering when compared to the features of most other altcoins, but the integration of Lamport signatures and PoS BOO algo features make it an interesting crypto that is definitely worth keeping an eye on.