FAQ

What is a Blockchain?

The word Blockchain comes from English and literally means simply block chain. The blockchain is first a database software in the transactions and data stored and summarized into blocks. The “Genesisblock” starts, all other blocks are first checked and then added chronologically behind. The special feature of Blockchain is that it does not need a central location, without a central server. So there is not one company or one institution that operates this transactional directory, instead it is distributed in the network and at the same time kept multiple times by so-called nodes.

What is an Ethereum Blockchain?

Ethereum is a distributed system in the field of financial technology, which offers the creation, management and execution of decentralized programs or contracts (Smart Contracts) in its own blockchain.

What is SWISSCOIN CLASSIC?

The new SWISSCOIN-CLASSIC is the logical further development of the SWISSCOIN IDEA. Two years ago, it was still sufficient to position a coin on the market that only fulfilled its functionality as a means of payment. But today the demands on crypto currencies have grown and we want to set a new standard in many respects with the SWISSCOIN-CLASSIC. As a stock exchange agent Coin, the price will only rise if it also offers the possibility for Smart Contract applications beyond the mere function as a means of payment. The new SWISSCOIN-CLASSIC (SICC) will therefore run on the Ethereum Blockchain and as a hybrid system support both the Proof of Work (POW) and the Proof of Stake (POS, energy-saving mining) protocol. The own mining of the SWISSCOIN-CLASSICs can be done by interested users via a licensed mining platform. In addition, the SWISSCOIN-CLASSIC course on the stock exchange is supported and supported by innovative projects (see roadmap) in the secondary market around SWISSCOIN-CLASSIC.

What is Proof of Stake (POS)?

Unlike Proof of Work, Proof of Stake does not create cryptocurrency through complicated computational tasks. Simplified, instead, small portions of the cryptocurrency are kept in a wallet (account) and unlocked by the process. One speaks of the so-called Staking, which is English for stacking. With the totality of shares, each participating user validates the transactions made through the block chain, maximizing the security of the network. In return, each investor receives an amount for the amount of coins held.

What is Proof of Work (POW)?

With proof of work, arithmetic tasks have to be solved that can only be solved by frequent trial and error. This ensures that sufficient work is invested in the calculation and hedging of the transactions. The proof-of-work approach is extremely energy intensive, so the power and hardware costs would make a scam senseless.

What are smart contracts?

There are now applications for blockchain that go far beyond the function of a financial transaction book. For example, so-called smart contracts (contracts that are embedded in a program code) can be stored on a block chain with which a wide variety of management and process applications can be handled. The execution of these smart contracts can be tracked in real time – as a logical further development of the open-source concept, the blockchain thus makes an open execution possible.

What is a blockchain with hybrid system?

Over the last 5 years, enough bitcoins have been consumed to generate bitcoins, which could illuminate the Eiffel Tower for 260 years. Therefore, newer cryptocurrencies (such as SWISSCOIN CLASSIC) use a hybrid system of proof of work and proof of stake, not least to minimize energy costs in the generation process.

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