- What principle defines the value of Vincoin Cash?
Vincoin Cash is a currency that changes its value based on the demand. For instance, if the demand exceeds the supply, Vincoin Cash will automatically gain value, thus increasing its selling price. Vice-versa also applies in this case. If the demand drops below the supply, Vincoin Cash will lose value and the selling price will drop.
- How can I obtain Vincoin Cash?
Vincoin Cash can be acquired in more than one way. You can eighter receive it through an exchange, or simply purchase it from an individual. Another way of gaining this currency is by mining Vincoin Cash from the Block Reward.
- What is a mnemonic seed?
Think of the mnemonic seed as a password that helps you restore your account if something goes wrong (computer crash, faulty internet connection, etc). The mnemonic seed is a series of 25 random words than need to be put in the right order to restore access to the wallet. After creating the mnemonic seed, we recommend writing it down on a piece of paper rather than using computer-based solutions, for safety reasons.
- What are the privacy benefits of Vincoin Cash?
Unlike other privacy systems for different coins, Vincoin Cash uses three different privacy technologies, reassuring the fact that the Vincoin Cash transactions are safe and most important, the transactions are anonimous. 1.Ring Signature – The ring is formed out of two pieces. The actual signer which is a one-time spend key that corressponds with an output being sent from the sender’s wallet and non-signers that resemble the past transaction outputs that are drawn from the Vincoin Cash BlockChain. The main benefit of the ring signature technology is the fact that it helps the sender to mask the origin of the transaction. 2. Ring CT – The purpose of the Ring CT is to hide the ammount of each transaction. Besides this, Ring CT will also make the payments unlinkable. 3.Stealth Addresses - Using a stealth address, the receiver of the income will generate a unique address in such a way that he will be the only one able to deduce the corresponding private key, thus resulting in an address that cannot be directly traced. Today, all Vincoin Cash transactions can only be performed using the privacy technologies mentioned above, therefore there is no risk of sending a transparent transaction.
- What are the differences between Vincoin Cash and Bitcoin?
Unlike Bitcoin, Vincoin Cash offers more protection by using its CryptoNote protocol to hide information related to transactions. Vincoin Cash hides this information as its purpose is to protect user transaction privacy. Bitcoin system is transparent to all users and all made transactions are public to everyone. Bitcoin does not use stealth addresses and payments can be traced directly to the sender's address. Some of the features that Vincoin Cash comes with include dynamic block sizes, tail coin emission and ASIC-resistant environment. Bitcoin on the other hand offers advantages to people who are willing to invest into ASIC custom made CPUs for mining.
- Is Vincoin Cash block size limited?
Vincoin Cash block size fluctuates over time as the currency changes its value according to demand. Vincoin Cash growth can be capped at certain intervals in oder to prevent ridiculous increases in amount.
- What does a Blockchain represent?
A Blockchain represents a system that stores a copy of all transaction history on the Vincoin Cash network. Every two minutes, a new block with the latest transaction information is created and added to the Blockchain. This chain allows the network to verify the available balance in accounts and make it resilient to attacks and centralization attempts.
- What does fungibility represent and why is it important?
Fungibility refers to a good or asset that is equivalent with another individual good or asset as long as they are identical in specification, therefore have the same value. An example would be currency, where two persons can exchange a 10 for two 5's and would still have the same value. However, supposedly that the 10's were previously used in a ransomware attack. This could make the trading seem shady for the other person and the trade could not take place anymore. Vincoin Cash is fungible, which means people do not need to go through this struggle.
- How can I be sure that Vincoin Cash is not created out of thin air?
With Vincoin Cash, there is a unique key image asociated to every transaction output that can be generated only by the holder of that output and used once. Attempting to use a key image more than once will be rejected by the miners as "double-spends" and will not be added to a valid block. For every new transaction, miners verify that the key image has not already been used in a previous transaction, to ensure it's not a double-spend. The value of the inputs spent and the value of the outputs that are sent are encrypted and can only be seen by the recipient. However, the transaction amounts can be verified as valid through the Pedersem commitments, which are cryptographic algorythms. This means that even though the Vincoin Cash value of each inputs and outputs cannot be determined, the encrypted output amounts you create (includind the output for the recipient and a charge output back to the sender along with the unencrypted transaction fee) is equal to the value of the inputs that are being spent, therefore their sums can be verified as being equal and a legitimate transaction can be confirmed. No observers can reveal the amount of the inputs or outputs but they can use mathematical calculations on the Pedersen commitments to determine that no Vincoin Cash was created out of thin air.
- Why is my wallet taking so long to sync?
Slow internet connections or faulty hard drives are the most common reasons for long lasting synchronizing processes. Nonetheless, the entire synchronizing process itself is quite time consuming due to the fact that: a. when running a full node locally, the computer requires a copy of the entire blockchain; b. when running a remote node, the computer still requires a copy of all outputs; Faster synchronizing times can be achieved by using a Lightweight Wallet, however, please have in mind that this type of wallet implies sacrificing some privacy for better sync performance.
- How does a Lightweight Wallet differ from a Normal Wallet?
A Lightweight Wallet enables sending view keys to nodes, scanning the blockchain for incoming transactions to your account and on your behalf. The information that the node receives is the time of the transaction, however, information related to either the ammount, the sender, or the recipient will not be exposed. A Normal Wallet on the other hand, can be used with a controlled node to avoid all privacy leaks, including the time of the transaction. Different types of wallet softwares allow users to control nodes therefore avoiding possible information leaks.