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What is Spectrecoin?

Spectrecoin (XSPEC) is an innovative privacy focused cryptocurrency, featuring an energy-efficient proof-of-stake algorithm that provides rapid transaction confirmations, ring signatures for privacy and anonymity, and a fully integrated Tor+OBFS4 layer for IP obfuscation within the wallet.

Spectrecoin is actively developed, with an ambitious roadmap that prioritises privacy, security, and true decentralisation with features such as default stealth addresses and stealth staking, and low-power mobile wallet staking in our upcoming Android wallet.

The goal of Spectrecoin is to combine a blockchain with a tokenized ring-signature scheme to build a system of anonymous digital cash. The ring-signature scheme used here was first introduced by ShadowCash, and is now being improved on by the Spectrecoin developers. For network-level privacy, all nodes communicate exclusively within the Tor network via hidden services.

The priorities of the Spectrecoin project are on privacy, technical soundness and simplicity. The Proof-of-Stake consensus method is used to provide environmental friendliness, decentralization and transaction speed.

The project is built by a professional team and around open participation of its community members, development is funded through an innovative staking-reward donation system and voluntary direct funding.

Spectrecoin Key Features

Ring Signatures

Ring Signatures

Instead of using the sender’s key to sign private transactions, each transaction appears to be signed by one person out of a randomly selected group of people, whereby there is no possibility to determine who exactly provided the signature.

Stealth Addresses

Stealth Addresses

Dual-Key Stealth Addresses allow and require the sender to create random one-time addresses for every transaction on behalf of the recipient.
By using stealth addresses, the unlinkability of transactions is guaranteed.

Dual Coin System

Dual Coin System

The anonymous coin ‘subsystem’ can be summarised as ‘Anonymity by destruction / creation of basecoins’, i.e. destroy / consume one base unit, create an anonymous token and create a proof that the user owns it and the system later agrees to re-create one basecoin from that proof when requested.

Stealth Staking

Stealth Staking

Spectrecoin's own Proof-of-Anonymous-Stake (AKA Stealth Staking) is an innovative consensus algorithm using ring signatures to allow for anonymous staking rewards in SPECTRE with no public record of your balance and no ability to link a user to any staking transactions.

Proof-of-Stake V3

Proof-of-Stake V3

Proof-of-Stake version 3 is a blockchain consensus algorithm, where the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e., the stake), making transactions approval fast and a network more scalable. Public XSPEC staking uses this algorithm.

Integrated Tor + OBFS4

Integrated Tor + OBFS4

TOR (The Onion Router) hides your IP by routing traffic through several hops on the TOR network. SpectreCoin client runs as a Tor hidden service using a .onion address to connect to other clients in the network. Your real IP address is therefore protected at all times.
Furthermore, OBFS4 disguises TOR usage to appear as normal internet traffic which helps users in TOR blocked countries.

Declining Inflation

Declining Inflation

The inflation rate will decrease as the stake rewards of XSPEC and SPECTRE are fixed. Since both (XSPEC/SPECTRE) offer different fixed staking rewards, the inflation will vary, depending on how many users will stake XSPEC and how many will stake SPECTRE.

Spectrecoin Tech Specs

Technical Specs

Ticker XSPEC
Announcement Date October 20, 2016
Consensus Method Proof-of-Anonymous-Stake
& Proof-of-Stake 3.0
Initial Supply 20,000,000
Max Supply None, with
Declining inflation over time
Block Time 96 Seconds
Block Size 1MB
Ring Signature Size 10
Block Reward 3 SPECTRE for PoAS
2 XSPEC for PoSv3
+ Generated Fees
Staking Interest Variable
Maturity 450 Blocks
Minimum Stake Age ~12 Hours
Initial Distribution ICO
Average ICO Price ~83 Satoshis

Trade Spectrecoin

United Kingdom Based Exchange
XSPEC/BTC
Cyprus Based Exchange
XSPEC/BTC
Hong Kong Based Exchange
XSPEC/BTC, XSPEC/ETH, XSPEC/XQR
Australia Based Exchange
XSPEC/BTC, XSPEC/ETH, XSPEC/LTC, XSPEC/DOGE
P2P Decentralized Exchange over Tor Network
XSPEC/BTC
Community OTC Trading
Trade XSPEC or SPECTRE for various cryptocurrencies

Client Downloads

Spectrecoin Guides

How to Buy Spectrecoins

You can buy Spectrecoins on various exchanges. Currently the exchange with the highest Spectrecoin (XSPEC) volume is Livecoin.

1. You need to access the chosen exchange's offical website and register there. Take precaution to avoid phishing scams.

2. When you enter the exchange's front page after registration, use the search function to find XSPEC among the listed coins and choose a suitable trading pair, i.e. XSPEC/BTC (traded for Bitcoins) XSPEC/LTC (traded for Litecoins).

3. After choosing a trading pair for Spectrecoin you will need to transfer chosen trading pair coins (LTC or BTC) to your account. Find the 'Deposit' option in the Wallets, Account, Portfolio, or Profile section, depending on the exchange.

4. Take BTC for example as your coin to trade for Spectrecoin (XSPEC). You select BTC among the list of coins and tokens and the exchange will generate for you an address (wallet) to transfer your trading coins from your own wallet address or exchange account that you already control.

5. Once you have deposited funds in your wallet, go back to the 'Markets' or 'Exchange' section to find XSPEC and choose the suitable proposition among ‘Sell Orders’ prices as well as amount you want to buy.

6. After you have agreed to a certain price and amount you press ‘Buy XSPEC’ and wait for the trading operation to complete. If you offer a bid below the current price, you will have to wait to see if your order gets filled. If you choose a price from the 'Sell' or 'Asks' orders, that XSPEC would appear in your ‘Balances’ immediately.

7. After that it is highly recommended to transfer your new coins off the exchange to your Spectrecoin Wallet to secure them and receive additional XSPEC staking rewards.

How to Transact Anonymously with Spectrecoin

4 Types of Transactions

The Spectre software allows 4 different types of transactions and it is important to understand the difference between those. We need to remind you that the network has two coins, ‘normal‘ XSPEC, much like Bitcoin and associated with ‘normal‘ UTXOs and where transactions can be linked to each other. Then we have the anonymous SPECTRE, a different type of coin that can only be spent using ring signatures and where transactions cannot be linked and where the sender / receiver cannot be determined. We are in the process of updating the graphics in the wallet to make this clearer.

XSPEC > XSPEC : These are ‘normal‘ transactions, much like Bitcoin, where the transaction is visible on the blockchain and can be traced from sender to receiver by the public keys but not to your real life identify or IP address. You can send XSPEC to a ‘normal‘ address or a stealth address. The stealth address in this case will act to generate a new ‘normal‘ address every-time.

XSPEC > SPECTRE : These transactions create anonymous SPECTRE coins that can subsequently be used for anonymous transactions. The balance of SPECTRE coins will show in your ‘PRIVATE’ balance.

SPECTRE > SPECTRE : These are fully anonymous transactions using ring signatures and these transactions sends SPECTRE from a ‘PRIVATE’ balance to another ‘PRIVATE’ balance using a stealth address only! The minimum ring size for all transactions can now be set at 8 and that ensures very good privacy.

SPECTRE > XSPEC : These transactions generate XSPEC from SPECTRE and spends anonymous outputs to generate new coins. These newly generated XSPEC has no transaction history.

How to conduct an anonymous transaction

As mentioned above, an anonymous transaction is created when you send an amount of SPECTRE from your ‘PRIVATE’ balance to another ‘PRIVATE’ balance using a Stealth Address. In these types of transactions anonymous coins are sent using ring signatures and there is no way to link the sender to the receiver or what exact amount is being sent (in most cases). This guide has been written for the most recent version of the wallet available from GitHub.

To initiate an anonymous transaction you need to select your ‘PRIVATE’ balance & click ‘Advanced Options‘. Note your private balance available for anonymous transactions.

Firstly, go to you ‘Send‘ tab and select ‘PRIVATE‘ as the source of your funds (if you don’t have any coins in your private balance then use the ‘BALANCE TRANSFER‘ tab to transfer some coins into your private balance.) You then need to select ‘Advanced Options‘ to open additional options and make sure that you send to another ‘PRIVATE‘ account. See below:

Select ‘PRIVATE’ to ‘PRIVATE’, select ring size (16 is the default and fine in most cases), enter the receiver stealth address and the amount to send. Click send payment and enter password when asked to confirm.

How do you choose your ring size? The default is set to 16 which will make transactions very secure and un-linkable. The higher the ring size the more secure your transaction will be, but we have set the maximum to 32. The first way to determine the possible ring size for a transaction input is to have a look at the ‘Chain Data‘ tab in your wallet. On the left you will find all the different denominations of anonymous SPECTRE on the blockchain. The first column shows the denomination, and you can see how many of that particular denomination you own (that you can spend) in the second column. The third column shows how many SPECTRE of that particular denomination exists on the blockchain and the value in parenthesis, for value “0.05” this is 183, is what is known as ‘mature‘ inputs. That basically means that there are 183 value “0.05” SPECTRE that can be used in the ring signature. You can also obtain this information by using the ‘anoninfo‘ function in the console. If you are trying to spend an anonymous output with less ‘mature’ coins than the ring size you will get an error. Most denominations will support a minimum ring size of 16.

Once you you then click ‘Send Payment‘ you get a dialog to confirm the payment

Confirm the transaction

Here you can see the transaction above on the Spectre blockchain explorer:

50 SPECTRE anonymous transaction

The ‘picking algorithm‘ chose an input of value “400” and split it down into smaller denominations:

In this case an observer can not determine which output is actually being spent and does not know therefore that 50 SPECTRE was sent to the receiver.

Stealth addresses protect the recipient’s privacy.

Ring Signatures protect the sender’s privacy.

Getting Started with the Desktop Wallet

VIDEO: Starting the wallet for the first time / Encrypting and Backup

Step 1: Download and Install the Wallet Client

First, download the Spectrecoin Desktop Wallet client. The client has install packages for Windows (32 \& 64) and Mac. You can also find a Linux build with instructions on their GitHub.

Step 2: Sync your Client to the Spectrecoin Network

Next, you’ll want to ensure that your client is fully synced to the Spectrecoin network. The sync process should begin automatically, however in some cases you will need to manually connect your wallet to the network. This is a known bug that will be fixed in the next release.

The icons in the upper-right hand corner of the wallet client will indicate the status of your wallet. Compare the icons below to your wallet’s icons in the upper-right corner to determine if your wallet is syncing properly. You can also hover over the icons in your client to reveal more status information.

If your wallet is syncing properly, you can proceed to Step 3. Otherwise, follow the steps below to manually update your wallet to begin the sync process.

If you have “0 Connections” to the Spectrecoin Network

If you are showing zero connections you will need to manually add a few node addresses to your wallet.

First, visit this website and click on the node list button for v1.3.3.

You will want to copy 5–6 of these node addresses and add them to your Spectrecoin wallet. Before we add them to the wallet, we need to make a slight modification to each line of code.

addnode=2uyfzdmv4aqyzzoz.onion

should become

addnode 2uyfzdmv4aqyzzoz.onion add

All we did was replace the = with a space, and append the word add after the address. Now you’re ready to add this to your Spectrecoin wallet! To do this, follow the steps in the image below.

Entering a node address manually.

Once you have successfully added 5–6 new node addresses, your wallet should connect and begin syncing to the Spectrecoin network. After your wallet is fully synced, proceed to Step 3.

Step 3: Send Your Spectrecoins to Your New Wallet

Now you will send your Spectrecoins to your new wallet. Navigate to the Receive screen to view your wallet addresses. By default, you will have two addresses: one normal address and one stealth address. For now, we are going to use the normal, Default Address.

Note: Never send your coins from an exchange to a stealth address. This may be supported in the future, but for now always use a normal address.

Send your Spectrecoins from the exchange to your Default Address. Once they appear in your wallet, proceed to Step 4.

Step 4: Encrypt Your Wallet

This step isn’t necessary to stake coins, however, you should do this to add a layer of protection to your investment.

Navigate to the Encrypt Wallet feature and type in a passphrase. Remember to store your passphrase in a safe place.

Step 5: Backup Your Wallet File

Again, not necessary to stake coins, but absolutely critical to ensure that you do not lose your coins. Make sure you save the backup file on multiple devices such as PC, USB, external drive, etc.

Step 6: Unlock Your Wallet and Begin Staking!

You’re now ready to begin staking! Now that we have everything set up, the last step is to unlock your wallet for staking only. The quickest way to do this is to click on the lock icon in the upper-right corner. This will prompt you to enter your passphrase. Once you have confirmed your passphrase, the lock will turn orange. If you hover your mouse over the lock icon, you will see a popup that informs you that your wallet is encrypted and unlocked for staking only.

Now, if you hover over the Spectre icon that is to the right of the lock, you will see a popup to let you know that you are staking your coins, along with other information such as estimated time to earn reward.

Note: If you see a message that says “you are not staking because you do not have mature coins,” do not worry. This message will go away in roughly 1 to 2 hours, at which point your wallet will begin staking your Spectrecoins.

That’s it! You should be all set.

How to Secure Your Funds

To avoid losing your funds, the general rules for dealing with cryptocurrencies apply. The most important of them being:

  1. Do not store large amounts of money on exchanges, but in your local wallet
  2. Encrypt your wallet, either by encrypting the wallet file itself, or by storing it in an encrypted container of some sort
  3. Do not forget your encryption password!
  4. Back up your encrypted wallet to multiple places (see "How to back up your wallet").
  5. Keep your system secure. Use a dedicated system for running your crypto wallets if possible

To encrypt your wallet using the inbuilt functionality, go to "Wallet Encryption" -> "Encrypt Wallet" and type in your password.

How to Back Up Your Wallet

You should back up your wallet to multiple places, to avoid accidental loss.

Go to "Tools" -> "Backup Wallet" to back up your wallet.

The .dat file that you are getting contains your address book, change addresses and all the corresponding private keys in a BerkeleyDB database format.

It is a good practice to add the date of your backup to the file name, e.g. "spectre-2018-05-01.dat". If you have encrypted your wallet before, the backup will be encrypted as well.

How to Restore Your Wallet

First, close the Spectrecoin program.
To restore your wallet backup, you must put the backed up .dat file inside the Spectrecoin "data directory".

The location of this data directory for the different operating systems is:

* Windows: C:\Users\Username\AppData\Roaming\Spectrecoin

* Linux: ~/.spectrecoin

* Mac OS: ~/Library/Application Support/Spectrecoin

You must rename your backup to "wallet.dat" and place it inside this directory.
If there is an existing "wallet.dat" file, rename that file first, e.g. to "wallet-old.dat".
After you have installed your wallet.dat file here, start the program. You should now see your addresses and funds.

How Staking Works in Spectrecoin

Proof of stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies, the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e., the stake).

In contrast, the algorithm of proof-of-work-based cryptocurrencies such as bitcoin uses mining; that is, the solving of computationally intensive puzzles to validate transactions and create new blocks.

Spectrecoin operates on a Proof-of-Stake version 3 protocol (PoSv3), and the differences are described below.

Proof of Stake has a fairly long history. Not to cover every detail, but cover broadly what was changed between each version to arrive at PoSv3 for historical purposes:

PoSv1 - This version is implemented in Peercoin. It relied heavily on the notion of "coin age", or how long a UTXO has not been spent on the blockchain. It's implementation would basically make it so that the higher the coin age, the more the difficulty is reduced. This had the bad side-effect however of encouraging people to only open their wallet every month or longer for staking. Assuming the coins were all relatively old, they would almost instantaneously produce new staking blocks. This however makes double-spend attacks extremely easy to execute. Peercoin itself is not affected by this because it is a hybrid PoW and PoS blockchain, so the PoW blocks mitigated this effect.

PoSv2 - This version removes coin age completely from consensus, as well as using a completely different stake modifier mechanism from v1. The number of changes are too numerous to list here. All of this was done to remove coin age from consensus and make it a safe consensus mechanism without requiring a PoW/PoS hybrid blockchain to mitigate various attacks.

PoSv3 - PoSv3 is really more of an incremental improvement over PoSv2. In PoSv2 the stake modifier also included the previous block time. This was removed to prevent a "short-range" attack where it was possible to iteratively mine an alternative blockchain by iterating through previous block times. PoSv2 used block and transaction times to determine the age of a UTXO; this is not the same as coin age, but rather is the "minimum confirmations required" before a UTXO can be used for staking. This was changed to a much simpler mechanism where the age of a UTXO is determined by it's depth in the blockchain. This thus doesn't incentivize inaccurate timestamps to be used on the blockchain, and is also more immune to "timewarp" attacks. PoSv3 also added support for OP_RETURN coinstake transactions which allows for a vout to contain the public key for signing the block without requiring a full pay-to-pubkey script.

Basically, ‘staking’ algorithm awards nodes (wallets with synchronized blockchain that are online for keeping the peer-to-peer network operational.

A node/online wallet (and user in the end) receives 5% annually on the amounts of coins it has in the wallet being online at all times (or 24/7).

5% is the rate you receive if all the Coin Supply of the network(around ~21 mil currently) are being on the synchronized wallets and online (or ‘staking’).

Bonuses are being distributed every time a new block of transactions being accepted to the block chain (or every 60 seconds).

Reward for generating accepted block is around ~2 XSPEC.

Sometimes you generate a block, but someone was faster and got their block accepted first, then your block would be called ‘orphaned’ and you won’t receive reward for that block

As in practice the amount of wallets ‘staking’ online is much lesser in the moment (e.g 7 mil instead of 21 mil Coin Supply), 5% rewards of the whole Coin Supply (around 1 mil of XSPEC) would be distributed between fewer amount of people.

And as in our example given, XSPEC owners that hold 30% of coins being staked will receive benefits as if 100% of coin supply would have been ‘staked’, effectively increasing their bonus rewards rate from staking from 5% to 15%

Spectrecoin Staking Calculator

How to Donate Funds

Spectrecoin was created in 2016 to improve on the concept of ShadowCash (SDC). The ICO took place starting Nov 20, 2016, until Jan 8, 2017. The goal was to add Tor integration to the ShadowCash codebase, and further extend the concept of an anonymous currency to target remittances via a mobile application. To release the ICO funds through an escrow, the Tor integration part was completed and submitted a few days after the ICO had ended.

Unfortunately, only few funds could be acquired during ICO, totaling to ~17 BTC (~16,000 USD at that time), which was a non-existent sum to support a serious project like this. Since then the project was almost exclusively founded by direct donations of community members that still were somewhat not enough to continue future development.

Donations are accepted in XSPEC or BTC and will be used to fund ongoing development. If you would like to fund the development of a particular feature or bugfix, please contact the developers on the Spectrecoin Discord Server before making your donation.

Team Direct Donations Addresses:

Spectrecoin (XSPEC): SdrdWNtjD7V6BSt3EyQZKCnZDkeE28cZhr

Bitcoin (BTC): 3QVSE3hiimHrq6HcKtfQejYeK1Zax9fWsQ

Bitcoin Cash (BCH): 188NniMchAoSTiXhXnb4BqfRSjmiDxoBm5

Bitcoin Gold (BTG): ALDRyNRgmFqsW1RfkRzA5BiRHs3WndYoev

Litecoin (LTC): MUVATA3Rpuwq3L2u8wAxYgW8LXXbwrCoxs

DASH: Xq82jaBUse6fqx1vd9q6i4z1rPLJtGp2ig

Zcash: t1U5PA7KMFRmnv6dEVtJ85Bof8qAsaukC6U

In order to run a stable project professionally (multiple devs, cryptography, outsource, maintenance, and marketing) it requires a stable flow of funding.

In-Client Donations Slider

You can use in-client mechanism to donate a percentage of gained staking rewards in addition to DCB's (Development Contribution Blocks) to development of the project by setting up the percentage value using slider interface (setting percentage and pressing accept at the bottom).

Spectrecoin Team

Mandica - Project Founder
Mandica
Project Founder

Network consultant/admin, database design and programming

Eirick Korsell - Project Founder
Eirik Korsell

“I have been interested in cryptocurrencies since I first came across Bitcoin around 2011. I decided that I wanted to create a privacy focused crypto as I believe in my right to online privacy. This culminated in the creation of Spectrecoin in 2016. I live and work in London, UK”

Eirick Korsell - Project Founder
Eirik Korsell

“I have been interested in cryptocurrencies since I first came across Bitcoin around 2011. I decided that I wanted to create a privacy focused crypto as I believe in my right to online privacy. This culminated in the creation of Spectrecoin in 2016. I live and work in London, UK”

Tek - Lead Developer
Tek
Lead Developer

20+ years XP as passionate Software Engineer and Architect

Philip Mueller - Lead Developer
Philip Mueller

“I am a professional software architect and developer with over 20 years of experience. Cryptocurrencies are fascinating in general, but Spectrecoin with the combination of Proof-of-Stake and privacy tech is truly unique. I live and work in Switzerland.”

Philip Mueller - Lead Developer
Philip Mueller

“I am a professional software architect and developer with over 20 years of experience. Cryptocurrencies are fascinating in general, but Spectrecoin with the combination of Proof-of-Stake and privacy tech is truly unique. I live and work in Switzerland.”

Helix - Software Engineer
Helix
Software Engineer

12+ years XP as a Software and Continuous Integration Engineer

Yves Schumann - Software Engineer
Yves Schumann

“As a professional software engineer I’m working with focus on every kind of automation, version control and developer tooling. The interest in blockchain technology and some fortunate circumstances pointed me to Spectrecoin, where my interests and knowledge fit perfectly. I also live and work in Switzerland.”

Yves Schumann - Software Engineer
Yves Schumann

“As a professional software engineer I’m working with focus on every kind of automation, version control and developer tooling. The interest in blockchain technology and some fortunate circumstances pointed me to Spectrecoin, where my interests and knowledge fit perfectly. I also live and work in Switzerland.”

Beachguy - Community Manager
Beachguy
Community Manager

22 years XP as sales/GM of a consumer products wholesale distributor

Neil Borum - Community Manager
Neil Borum

“Crypto miner, trader, and occasional investor since 2013. Small business owner and now retired. Enjoy the beach, travel, fishing and music. I live and work in the US.”

Neil Borum - Community Manager
Neil Borum

“Crypto miner, trader, and occasional investor since 2013. Small business owner and now retired. Enjoy the beach, travel, fishing and music. I live and work in the US.”

RKh - Marketing Manager
RKh
Marketing Manager

8+ years experience in business administration

Rando - Graphics & Website
Rando
Graphics & Website

20+ years XP in graphics & web design

Cata de Cruz - Team Member
Cata de Cruz
Team Member

Project Consulting, Community Support, Blog Writer

SpectreCat - Team Member
SpectreCat
Team Member

Project Consulting, Community Support, Blog Writer

Kirilale - Social Media Manager
kirilale
Social Media Manager

Twitter Posts, News, and Contests

Project Roadmap

November 2016
ICO + Desktop Client V1.0
  • ICO was held from 20 Nov 2016 - 08 Jan 2017
  • Desktop Client Win32 final beta release
January 2017
Desktop Client V1.1 Release
  • Features full Tor (The Onion Router) integration in the wallet
April 2017
Desktop Client V1.2 Release
  • Fixing Windows issues regarding stability of the work
August 2017
Desktop Client V1.3 Release
  • OBFS4 bridge added to native in-client TOR integration
  • Code stability improvement
December 2017
Desktop Client V1.3.5 Release
  • In-client staking donations
  • Nodelist update - no more "0 connections
  • Tor upgrade - latest Tor release for the best network privacy possible
  • build system overhaul
June 2018
Desktop Client V1.4 Release
  • Flexible GUI that can easily be updated in the future with new functionality
  • The main major upgrade is from Qt Web Kit to Qt Web Engine, making it easier and more consistent with future GUI updates and builds
August 2018
Spectrecoin Net V2 + Client V2.0
  • Development Contribution Blocks: Every 6th block reward is directed to a development fund
  • Increased wallet UI stability and compatibility
  • TESTNET support
  • Enhancements around ATXO creation and transactions
  • Replay protection after the fork
May 2019
Spectrecoin Stealth Net v3.0
  • Proof-of-Stealth (Staking of ATXO / SPECTRE)
  • Ring set size set fixed to 10
  • Major systems distribution packages
  • ATXO balancer
  • Mixin picking algorithm improvements

Frequently Asked Questions

What is Spectrecoin?

Spectrecoin (XSPEC) is an innovative privacy focused cryptocurrency, featuring an energy-efficient proof-of-stake algorithm that provides rapid transaction confirmations, ring signatures for privacy and anonymity, and a fully integrated Tor+OBFS4 layer for IP obfuscation within the wallet.

Spectrecoin is actively developed, with an ambitious roadmap that prioritises privacy, security, and true decentralisation with features such as default stealth addresses and stealth staking, and low-power mobile wallet staking in our upcoming Android wallet.

How does Spectrecoin work?

Many cryptocurrency wallets can connect to other nodes on the network through Tor, yet the other nodes can still be identified by their IP address as the user routes the traffic through several relays on the Tor network, including one entry and one exit node.

In Spectrecoin however, all nodes on the network are operating as Tor hidden services; they are not addressed by their IP address, but by their onion address which encodes a public key used for traffic encryption along with a way to find a route to that node. No exit nodes are involved, and at any point in time, the communication between two nodes is fully encrypted.

Spectrecoin comes bundled with the latest Tor software that has been included without any functional changes. It is not possible to connect to the Spectrecoin network without using Tor, as all nodes are only reachable via their hidden service address. No real IP addresses are known to any network participant except for their own, and it is infeasible for an attacker to analyse the network structure or censor the network.

Spectrecoin has inbuilt support for OBFS4, an obfuscation protocol that hides the nature of the traffic that goes through it. By incorporating OBFS4, it is possible to use Spectrecoin even in countries where access to the Tor network is censored, like China or Iran. In short, the integration of OBFS4 effectively ‘wraps’ the Tor traffic in another layer making it appear as normal internet traffic.

Why is Spectrecoin needed?

Privacy, security and anonymity are a basic human right; these rights are being eroded by increasingly draconian laws which seek to criminalise privacy.

Furthermore, people all over the globe use centralised remittance (money transfer) services on a daily basis by sending billions of dollars across international borders. Remittance services such as banks, Western Union, PayPal or other mainstream services are highly controlled and centralised. However, many people, especially immigrants in western countries, do not have a bank account or they lack the funds to pay the sometimes exorbitant fees.

Spectrecoin thus provides a secure, decentralised, low cost and private option to send funds to anyone, anywhere in the world.

Where can I buy Spectrecoin?

You can use exchanges to buy and sell Spectrecoin (XSPEC) for Bitcoin (BTC). Once you register an account on an exchange and deposit some Bitcoin, you can buy and sell Spectrecoin for a small brokerage fee.

After you have purchased XSPEC from one of the exchanges you should transfer the coins to your wallet. Sending coins to someone else directly from an exchange does NOT give you the same anonymity guarantees as using the standalone wallet.

(Additionally, exchanges can undermine your anonymity or even freeze your assets if you store them on the exchange; BISQ is a decentralised exchange that operates on the Tor network and consequently avoids these issues.)

Why does Spectrecoin have a rich list?

With the use of a block explorer it is possible to view the transactions that have occurred on the public blockchain; this data can be used to compile a rich list. However, any such list is inaccurate, as Spectrecoin has both public and stealth addresses, and the stealth addresses are not visible on the public blockchain.

Once stealth addresses and transactions become default with the planned 2.0 update, the already inaccurate rich list information will become obsolete.

According to the public blockchain, a large amount of coins appear to be held by only a few wallets; is this an issue?

Some people express concern that a large amount of Spectrecoin is concentrated in a few wallets and that the individuals who own the wallets may sell a large quantity of Spectrecoin at once, thus causing the price to drop drastically.

If this were to occur it would simply be a natural process of supply and demand, and under most conditions the price would correct in a reasonable amount of time as buyers purchase the Spectrecoin for a cheaper price. Additionally as the daily traded volume of Spectrecoin increases, the chance of a significant price drop due to a large amount of Spectrecoin for sale on the market decreases.

Furthermore if it were to happen multiple times, the chance of it happening again would exponentially decrease as the Spectrecoins would be distributed more evenly throughout the network, further reducing the risk of a sudden massive sell-off of Spectrecoin by any single individual.

It would also be unwise for any single individual to sell a large amount of Spectrecoins at once because they would not receive a desirable price. It would make sense for the individual to sell them over time.

Similarly, there are large holders of Bitcoin, and although the price has changed dramatically at times due to supply and demand and market corrections, it has increased steadily over time as most large holders know it would be unwise to sell all at once.

Why isn't Spectrecoin on more exchanges?

The Spectrecoin developers and community leaders aim to have it listed on more exchanges, and are in discussions with several exchanges; however the decision to list a coin is up to the exchange and is often based upon the volume that the coin generates in a given day.

Please do NOT spam the Spectrecoin communication channels by asking the question “When are you getting Spectrecoin listed on Poloniex/Bittrex etc.?”

How do I set up my Spectrecoin wallet?

Download the latest version of the Spectrecoin Desktop Wallet from the download section.

The client has install packages for Windows (32 & 64), Mac, and you can also find a Linux build with instructions on our GitHub.

The Desktop Wallet must be fully synced to the Spectrecoin network; the sync process should begin automatically with an internet connection, however in some cases you will need to manually connect your wallet to the network. (This is a known bug that will be fixed in the next release.)

If you wish to send Spectrecoin to your wallet, navigate to the Receive screen to view your wallet addresses. You will have two addresses listed here: one is a public address and one is a stealth address (presently you can only withdraw funds from an exchange to a Public address).

For added security it is recommended that you encrypt your wallet with a password or passphrase. Navigate to the Encrypt Wallet feature and type in your desired password or phrase; remember to store it in a safe place (not on your computer).

To ensure that you do not lose your coins, navigate to the Backup Feature and save the backup file on multiple devices such as your PC, USB, external drive, etc.

What is staking?

Staking is a method to reward people in a decentralised fashion for supporting the Spectrecoin network; in order to stake, your wallet needs to be open, unlocked, and connected to the Internet.

XSPEC utilises Proof-of-Stake (PoSv3) with an inflation rate of 5% annually; this is a fair and secure way to maintain network consensus and to reward users who support the network by keeping their wallets open. PoSv3 is an energy efficient consensus mechanism that does not utilise large energy consuming mining hubs as is the case with Bitcoin and other Proof of Work coins.

Everyone has an equal chance of getting a staking reward based upon the amount of XSPEC they hold in their wallet.

Note that staking rewards are currently not anonymous; it’s possible for someone to view which wallets receive which rewards. This will be changed in a future update.

How do I stake?

To stake, your wallet needs to be open and connected to the Internet (you also need to unlock your wallet “for staking only” if you have set up a password or phrase for it). The quickest way to do this is to click on the lock icon in the upper-right corner of the wallet, this will prompt you to enter your password or phrase. Once you have entered your password or phrase, the lock will turn orange. If you hover your mouse over the lock icon, you will see a popup that informs you that your wallet is encrypted and unlocked for staking only.

The staking reward is probabilistic and averages about 5% per year. There is no "minimum" amount needed to stake.

Once you have received a staking reward, after 288 blocks the newly minted coins will contribute to your stake weight on the network, and in turn increase your staking probability. (Note that not everyone is staking, so if only 50% of the total coins in existence are staking, you will forge blocks twice as often, and your total reward will increase accordingly.)

Is it necessary to download the Tor Browser to use the Spectrecoin wallet?

No, all you need to download is the wallet. It comes with Tor natively integrated and is intuitive and easy to use.

How is Spectrecoin going to scale transactions?

Without any changes, Spectrecoin will easily process 15-30 times the transaction rate of Bitcoin due to the faster block time. If we started to head in that direction, which we are very far from, then we would look at block efficiency improvements such as SegWit. We could potentially have a block size increase combined with improved pruning of the wallet, or more blocks, it’s actually quite simple and easily implemented.

The scaling problems that Bitcoin is experiencing are actually governance problems. Spectrecoin is much easier in that respect because of the much smaller team size. This means that as we continue to grow we’ll need to ensure that we can still make decisions in an efficient way. As long as we can, making changes to scale the number of transactions we can handle is easy. Of course, it’s premature to make such decisions now when our blocks are mostly empty.

My wallet has stopped syncing.

  1. Go to the debug console (Tools -> Debug, then the "Console" tab)
  2. Type "rewindchain 1000" and hit Enter.
  3. Wait for your wallet to sync
  4. Spectrecoin - Wallet stopped syncing | Corrupted Blockchain download | Rewindchain

My balance disappeared from my wallet.

That's because it is displayed incorrectly, your coins are still there. It's a visual glitch that has existed in this wallet since the beginning of the project. Future wallet versions will hopefully make these problems a thing of the past. You can still stake and send/receive coins, it will simply not be displayed. Sometimes restarting the wallet might help, and you can also check your balance on the block explorer here: Spectrecoin Blockchain Explorer

I'm getting "Timed out waiting for onion host name".

Please try restarting your wallet. This issue will be fixed in future wallet versions

Connectivity Bar does not show in Qt wallet.

The following video would show you how to fix issue with a wallet connectivity bar not showing up when the wallet is launched

Press Coverage

May 2019

Brian D. Colwell

Brian Colwell

Spectrecoin's Ring-Signature Stealth Staking

With a serious zerocoin flaw recently coming to light and impacting many popular privacy tech projects, I thought it pertinent to chat with Spectrecoin, which introduced a first-of-its-kind ring-signature-based stealth staking protocol last month.

May 2019

Altcoin Buzz

Dan

Spectrecoin has Developed what They Call 'Proof-of-Anonymous-Stake'

Spectrecoin has developed what they call 'Proof-of-Anonymous-Stake’, which is a new staking protocol for the anonymous SPECTRE token.

July 2018

CoinDesk

Brady Dale

A Small Crypto Coin Is Making Big Claims About a Private Proof-of-Stake

Even though it's yet to gain much notoriety, token project Spectre is innovating in a trending area—private staking for proof-of-stake blockchains.

August 2018

Brian D. Colwell

Brian Colwell

Spectrecoin: Privacy Tech Innovation

I recently started the Equal-Weight Privacy Coin Index, focused on privacy tech innovation, and it was suggested that Spectrecoin be included as a component. Not knowing much about the project, I had LOTS of questions.

March 2018

Invest In Blockchain

PVK

How Spectrecoin keeps Transactions Private: An Illustrated Guide

The privacy features in XSPEC makes this coin one of the most advanced, well-rounded privacy cryptocurrencies available. Learn exactly how Spectrecoin keeps transactions private and secure in this illustrated guide.