This whole altcoin ‘staking‘ gimmick has really spiraled out of control lately. Suddenly cryptocurrency enthusiasts have gone back in time to the 1970s, when savings accounts and interest rates were really popular. Now everyone and their uncle and even their nieces are releasing new copy altclones that ‘stake.’
Sovereign is one such coin that launches on May 10, 2014, even though the ANN thread is dated February 17, 2014.
Sovereign is the brainchild of Russell Gray Sneddon, AKA ‘raskul.’ A brief review of his posting history shows he’s an outspoken opponent of shitcoins, yet here he is, making his very own altcoin clone!
What strange force has possessed raskul to create this new cryptocurrency? Unfortunately the purpose of the coin remains unknown. The ANN thread tells us almost nothing about the coin other than it will have no premine.
A Reason For Existence
The thing is, there are already a lot of altcoins out there. There are dead coins, shitcoins, scam coins, and a few growing alternative cryptocurrencies that are making progress gaining acceptance. What need must be present in order for another person (or group of persons) to create a new altcoin? Obviously, they don’t really need one. No one can stop anyone from making a new coin. I certainly won’t crush the dreams of aspiring master coin creators. Still, this project shows very little progress since it was first announced in February. Even the logo is a complete farce.
Let’s Take A Look At All The Good Points About Sovereign
Sovereign can be mined using outdated Bitcoin mining equipment. There is no pre-mine.
Okay, That’s Out Of The Way Now
Okay, now that we’ve touched on the good points, let summarize the launch. Sovereign is a SHA256 clone coin with a total supply of 6.79 billion coins and the promise of 100% staking. Whether you’ll actually ‘double your money’ remains to be seen.
The future cannot be predicted but it seems likely that Sovereign will be fighting an uphill battle to attract miners, exchanges, supporters, and merchants.
We’ll be keeping our eyes open for any developments.