Stay safe. If installing wallet software on your computer always run it thru a virus scanner first. Make sure to encrypt all your wallets with a password and use a different password for each wallet. Be extra careful and vigilant with newer coin wallets. If the virus scanner returns any potential detections, do not install and delete the install file immediately. Online virus scanner tool
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Design Of Ferrite
Common metal intended to be used as "bad money" under Gresham's Law.
- Low value allows for cheap entry
Ferrite is to Litecoin's silver and Bitcoin's gold.
- Plentiful yet rare supply
Total supply is 60.22m which is ~3x larger than Bitcoin's 21m but smaller than Litecoin's 84m.
Block time of 60 seconds where block latency is negligible yet transactions are confirmed fast.
Why create another altcoin?
- Most coins have overly inflated prices and therefore a high barrier to entry.
- A desire to create a faster, better coin which addresses the challenges brought about by low confirmation times.
- To learn and experiment with cryptocurrency without worrying about the finances.
- To create another coin with a fair start and zero premine.
Ferrite is a new proposal to optimize the transaction speed and cost of Bitcoin and Litecoin, with a block time of 60 seconds and larger block size of 4MB. (10x faster than Bitcoin, near zero fees) Similarly, it is an electronic cash system that operates on a peer-to-peer network and eliminates the need for a trusted third party. These systems aim to solve the problem of double-spending through the use of digital signatures and a proof-of-work mechanism using hashing algorithms such as SHA-256 and Scrypt that creates an ongoing chain of timestamped transactions that cannot be altered as a secure evidence of the sequence of events generated by the hashing work of miners in mining pool nodes. Ferrite is designed to have a low barrier to entry to allow for mass adoption and seeks to be the ferrous base metal digital equivalent of Litecoin's silver and Bitcoin's gold.
Reserves Verification (Beta - we are still building automated signatures)