What is Sumokoin (SUMO)? Sumokoin is a Monero-based altcoin project that offers a high level of privacy to its users. cryptocoin.com We will review Sumokoin in this article. We will also answer questions such as what is Sumokoin, what is SUMO, and how to buy it, which is a curiosity among investors. Now let’s examine this cryptocurrency, which is a Monero fork, together.
What is Sumokoin?
Sumokoin (SUMO) is a privacy-focused, untraceable, censorship-proof and decentralized cryptocurrency. This digital asset was launched in 2017 as a result of a hard fork in the Monero ecosystem. So basically it’s a Monero fork. A fork refers to the emergence of a new network and cryptocurrency as a result of a major disagreement among network participants. Sumokoin’s ecosystem is exactly such a cryptocurrency. Similar to other privacy altcoins, the asset uses RingCT technology. However, it has reduced the minimum mixin size to 12, unlike the others.
However, Sumokoin was created with the utmost secrecy in mind. All kinds of details are hidden in transactions made with crypto money. This is largely against the transparency principle of Blockchain. However, this is exactly the purpose of existence of privacy-oriented cryptocurrencies. However, privacy altcoins like SUMO are often seen as threats by governments. For example, the European Union and the USA have banned some assets in this area. The altcoin also adopts the Proof-of-Work consensus mechanism, which has been criticized for not being environmentally friendly.
What is SUMO? what does it do?
Currently, there are many privacy-conscious altcoins on the market such as ZCash, Monero, and Dash. So what are the features that make Sumokoin stand out? The founder of the project, Sumoshi Tanata, has published a blog post addressing this issue. Accordingly, SUMO offers uncompromised privacy with a solid cryptographic foundation. Having an unbreakable ring size of 12, the ecosystem does not have the flaws of other privacy altcoins. According to the founder, cryptocurrency offers complete privacy, untraceability, and modifiability. Transactions made with SUMO cannot be monitored by any institution or organization.
In every transaction made with the altcoin, no one except the person who made the transaction can find any details. However, the asset aims to be miner friendly with its own PoW algorithm. Accordingly, users can become miners by contributing to the network with their computers with high processing power. Miners are rewarded with high rates of SUMO.
What is Sumokoin? How to take SUMO?
Sumokoin is currently traded on cryptocurrency exchanges such as Indodax and TradeOgre. Therefore, investors who want to buy SUMO should access one of these exchanges. After that, it is possible for them to create an account and buy the altcoin by adding money to their wallets.
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