SpectroCoin provides easy, safe and quick access to Bitcoin for people and businesses. Firstly, SpectroCoin is a Bitcoin wallet which helps easily and safely send, receive and store bitcoins by providing easy to use interface to Bitcoin network.
SpectroCoin and its community is eagerly awaiting the Ethereum’s Constantinople hard fork. The ultimate goal of this improvement is to move from a Proof-of-Work to a Proof-of-Stake protocol, which will help to solve scalability and mining issues on the Ethereum network. The hard fork must be unilaterally implemented across all nodes in the Ethereum blockchain to function as intended. We would like to walk you through the upcoming changes and updates.
Blockchain rules: forks
Usually, people associate the term “fork” with releasing new coins to the network, but in the crypto-dictionary “fork” should be defined as a split of the original chain into two new chains that exist independently. Most of the crypto market participants are used to Contentious Forks – a democratic approach which allows users to choose to either stay with the original chain (if they do not agree with the software changes) or implement the new updates.
The Ethereum network has already gone through multiple planned and unplanned hard forks, and you can learn more about them here. The constant improvements of the Ethereum blockchain allowed Ether to gain a warm spot among top cryptocurrencies. Now, the Constantinople hard fork is the next one being implemented and it seems to be the most awaited upgrade by the crypto community so far.
The Ethereum Constantinople hard fork is unanimously supported by major players within the ETH ecosystem, which means that developers, miners and Ether holders are swiftly switching to the updated blockchain version.
Proof-of-Work vs. Proof-of-Stake
In the crypto world, the Proof-of-Work (PoW) and Proof-of-Stake (PoS) concepts are consensus mechanisms which are important for validating transactions on a block. In order to confirm Ether, bitcoin or other altcoin transactions on the blockchain, the consensus must be reached without participation of a third party or central authorities. Decentralised consensus across the network is reached through a process called mining.
Currently, Proof-of-Work is used as the main validator to prove the authenticity of the work. Although Proof-of-Work benefits miners by rewarding them with coins for their work, it has its downsides. The biggest issue is that mining requires a lot of electric power and expensive computing hardware. Also, more limitations apply to the amount of transactions that can be processed at the same time.
As a result, some of the popular cryptocurrencies, Ethereum included, is determined to shift to the Proof-of-Stake model. This model applies randomized-consensus algorithms to reach consensus and validate transactions on a block.
Basically, the PoS system requires validators to show ownership of a certain number of cryptocurrency units (stakes) in order to vouch for a block. Consequently, expensive hardwares are eliminated from the picture, electricity consumption is decreased and validations are faster.
The Ethereum Constantinople hard fork
The upgrade consists of 5 unique Ethereum Improvement Proposals (EIPs). Each of them will have a huge impact on the Ethereum code and will improve processing times, scaling, cost and the overall experience for Ether holders. The following section will explore the upcoming improvements in the Ethereum ecosystem.
Ethereum improvement proposals
The implementation of Ethereum improvement proposals into the Ethereum blockchain brings the ecosystem one step closer to the Serenity hard fork, a transition from a Proof-of-Work model to a Proof-of-Stake distributed consensus.
EIP 145: Efficiency & Speed – The modification of the Ethereum Virtual Machine will improve the speed of operations and will allow them to be executed more efficiently. This means that some of the activities on the chain will be accomplished faster, cheaper and easier than before.
EIP 1014: Scalability – This EIP will offer a scaling solution based on off-chain transactions. 4 stack arguments – endowment, memory_start, memory_length, salt – will be added to the code, which will enable transactions to be sent to the addresses that currently do not exist on-chain but, due to a particular piece of code, can be relied on, and transactions will be credited when a specific address is created.
EIP 1052: Speed & Energy – this EPI focuses on smart contract’s code verification improvement. In other words, the Constantinople hard fork allows the optimization of large-scale smart contract execution on the Ethereum blockchain. Now, in order to complete smart contract verification, you will need to pull the hash of a contract’s bytecode, not the entire code itself. Verification will be quicker, as less processing power will be used.
EIP 1283: Cost – This implementation upgrades smart contracts’ storage and reduces excessive gas cost. The proposal cuts off gas costs depending on net gas metering changes and mismachtes of the implementation works.
EIP 1234: Bomb Delay and Block Rewards – This EPI solves two current issues: firstly, it will reduce the block reward from 3 Ethers per block to 2 Ethers. This, in turn, will result in a reduction of the total supply of new ETH and decrease the inflation rate.
Secondly, it will delay the difficulty bomb for approximately one year and allow the Ethereum community to prepare for the Proof-of-Stake model. The term “Bomb” is known as Ethereum mining difficulty, a process that leads to higher consumption of resources when mining a new block and makes the process itself unprofitable.
Taking into account previous forks, SpectroCoin recommends you to be extra careful about the buzz around them. This is the perfect opportunity for fraudsters to fish for people’s private keys and personal information, steal their funds or trick them with an offer too good to be true.
We just want to warn our customers that there will be no free airdrops or free tokens due to the Constantinople Hard Fork. If you see sites or notifications that claim otherwise, you can be sure that they are trying to exploit uninformed ETH holders.
As a SpectroCoin Ethereum wallet holder, you should note that no preparation from your side is needed for the new fork. The Constantinople update will affect Ethereum blockchain, but should not be noticeable to Ether holders.
The upgrade will not affect daily ETH operations such as selling, buying, and exchanging on SpectroCoin’s platform or Android and iOS apps. Nethertheless, we kindly recommend that you do not move (deposit/withdraw) your funds until the Constantinople update is completed.
What are your thoughts on the Constantinople hard fork? Leave your comments on SpectroCoin’s social channels, we would love to hear them!
Most companies recognize the fact that the crypto market is constantly implementing the latest technologies, creating new opportunities to enhance the quality of its products and services – this includes looking at daily problems from different angles in order to implement changes that will lead to improvements in our everyday lives. As a financial company, SpectroCoin works towards innovation and always looks for favorable conditions and new jurisdictions for both businesses and individuals. We are delighted and proud to announce that SpectroCoin now officially holds so called crypto licences for “Providing services of exchanging a virtual currency against a fiat currency” and “Providing a virtual currency wallet service” in Estonia.
Estonia is well-known for supporting FinTech companies and for its liberal laws of governance, which in turn offer a high level of freedom and a vastly competitive, transparent environment for businesses. We see the Estonian market as a place where both local and foreign businesses are embraced. The government’s focus on smart economy, which includes effective usage of information and communication technologies, as well as digitalisation of the financial industry, represents the perfect opportunity for business expansion, for offering new products and attracting new customers. Estonia’s economy is stable and open for innovations, so that as well brings more certainty for crypto businesses.
Register of Economic Activities (REA)
SpectroCoin is officially listed on the Register of Economic Activities (REA) or Majandustegevuse Register (MTR), which is an official database developed and backed-up by the Estonian Ministry of Economic Affairs and Communications, providing a list of Forex brokers and other registered financial institutions. This database contains information about licences, economic activities and makes it easier to determine the authenticity of a company, working as a background check for a specific entrepreneur.
Being listed among national and international traders strengthens SpectroCoin’s recognition among possible new clients and partners, as well as ensures that the company works according to the highest standards and will provide first-rate services and products for its customers and partners.
Safe-Hub for Crypto
Estonia has build a reputation as the most tech-savvy and crypto friendly country in Europe, especially in comparison with other EAA members. Estonian Money Laundering and Terrorist Financing Prevention Act came into force in 2017 and the data speaks for itself – in 2018, the Government of Estonia issued more than 900 licences for crypto and blockchain businesses. Having in mind that the AML5 is coming into force on 2020, it is important to have a safety hub where lawmakers are adopting crypto-friendly regulations.
Clarity in the regulatory field is equivalent to stability on the business side.
Cryptocurrency exchanges in Estonia operate with two licences: the Virtual Currency Exchange Service Licence and the Virtual Currency Wallet Service Licence. The first one allows business to initiate exchange operations: fiat to crypto, crypto to fiat, crypto to crypto. The second one covers the legal grounds of keeping, storing and transferring virtual currencies. These two licences help SpectroCoin to avoid possible deterrents to crypto innovation, since compliance is constantly changing in this field. Now, we have ensured that SpectroCoin cryptocurrency exchange has a favorable environment supported and promoted by governmental bodies in which to operate in the future, if needed.
SpectroCoin has always valued the importance of crypto regulation, which was expressed by following strict KYC and AML policies since the day one of its operations. Besides that, it has actively initiated debates regarding crypto regulation on multiple occasions and it is constantly seeking to be one step ahead of regulation by participating in conferences, events and discussions on the matter. These licences represent a small part of the commendable effort done by of our Legal Team and Advisors, who continue to work on our expansion: expect more licences to be obtained in the near future.
Follow us on social media so you will stay up to date with the licences obtained in Estonia and our work in other crypto-friendly countries!
SpectroCoin focuses on the constant development of its platform so that users can enjoy an even more convenient interface and services. For that reason, we decided to spread the word and inform our clients about the changes that have been done or that are yet to come to the platform. To turn this idea into reality, starting today, we will share SpectroCoin development updates with you.
How will it work?
We carefully plan and run numerous tests before implementing any updates. Therefore, we will announce our development as soon as the modifications are settled. The updates may include user interface, products, services, and other platform functionalities, which we will inform you about in this and upcoming posts.
What is new for December?
In recent months, SpectroCoin users have noticed several changes in the platform. We have renewed the Deposit page, updated the Fees and Limits section and brought back international bank transfers. Each of them is listed below with a detailed description.
We have changed the interface of the deposit section by transforming it into a list of SpectroCoin supported wallets. To ensure smooth navigation, the page has been divided into two sections – Cryptocurrency wallets and Fiat currency wallets:
It now provides quick access to making deposits, as it reduces the steps needed to enable payment methods, e.g., linked cards: you may fill the linking form straight from the deposit page instead of going to your account settings, choosing linked cards and only then filling the form.
This update helps you to swiftly find the right deposit option – select a currency and all payment methods will be displayed in one place:
The main deposit page was also updated with the inclusion of the view history button. It facilitates the search for payments, as it separates the records of deposits from withdrawals.
You can still find the history button in each of your wallets, just like before. The new button can be found on the top-right corner, as shown below:
Please note that account verification is required for operations with fiat currencies. If you haven’t verified your account yet and feel uncertain about how to do that, check our blog post for more detailed information.
Fees and limits
We have customized the Fees and Limits page to make it load more promptly and, therefore, instant to use. From now on, users can readily navigate through the list of countries in order to find all information about the limits and fees applied to their country. This update enables users to quickly search for relevant information, instead of having to sort out through a list of multiple methods.
Once a country is selected, you will be redirected to a page showing two sections – Deposit Fees and Limits and Withdrawal Fees and Limits:
Click on either to find information regarding providers, available currencies, fees, and limitations:
International Wire Transfer
Deposits and withdrawals through international transfers are again available at SpectroCoin. This service works for banks outside and inside the European Union, which enables non-EU citizens to make money transfers from and to their bank accounts. For more detailed information on which countries support this deposit and withdrawal method, check the list of Supported Countries.
At the moment, SpectroCoin facilitates only EUR transactions via international wire; however, clients may use their bank services for currency exchange. Please have in mind that your bank may apply additional exchange fees not visible at the SpectroCoin website. While filling in the deposit or withdrawal form, please make sure to fill out all the mandatory fields, which are marked with an asterisk. To learn more about the international wire transfer at SpectroCoin, check our blog post here.
SpectroCoin development shall facilitate the adoption of the platform and make it even more user-friendly. To keep our users aware of all changes, we will announce the updates in a new series of blog posts.
Let us know how we can improve
To maintain service quality, SpectroCoin modernizes its user interface to try to eliminate any possible errors. We do, however, encourage our clients to notify us about difficulties experienced while using our service and we also offer a Bug Bounty for eligible bugs reported.
Follow our next blog posts and be the first to know all the newest SpectroCoin developments!
Should you have any questions regarding the implementations done, contact us via the LiveChat available on SpectroCoin website or email us at email@example.com.
SpectroCoin is more than happy to witness the rising number of customers who trust our platform. In exchange, we continue working to provide our users with the highest security performance. We believe that the basis of every great business is the collaboration between the company and its clients. For this reason, SpectroCoin is launching a Bug Bounty Program.
The program may also be named as a vulnerability rewards program – a crowdsourced bug hunting activity that rewards individuals for tracking, reporting, and helping to eliminate bugs in a website, product or service. Companies open their bug hunting seasons in order to secure their ecosystem from possible threats. A lawful bug hunt includes ethical actions and the non-disclosure of information to the black market or competitors.
Our team is working towards preventing any vulnerability in the system, yet to guarantee the usage of the platform without a single possibility to find a bug is challenging. Therefore, we value your contribution in regards to improving our services. If you encounter a significant eligible bug, report it and receive a reward!
Discover the benefits of SpectroCoin Bug Bounty
Every crypto user is looking for a secure, quick and operative digital currency exchange. Although a platform which holds all the features above looks ideal, the idea of excellence relies on the constant improvement of services and security. Therefore, increase the credibility of our system and receive your gain by helping us to locate a possible bug.
One of the priorities at SpectroCoin is to keep our users protected. An undiscovered vulnerability might enable unauthorized actions on the platform and put users at risk of losing valuable data and assets. In case you detect possible violations, prevent yourself and others from future attackers by reporting it.
SpectroCoin encourages you to notify our team about errors found on the platform. In accordance, we will reward each user who reports an eligible bug unknown to us. The reward depends on the severity of the reported vulnerabilities and varies from 100.00 USD to 10,000.00 USD.
Working as a team
SpectroCoin navigates through the cryptomarket by embracing the fundamental values of cooperation, trust, and leadership. We implement the bug report tool so that our users could make a positive impact on our system. We believe that working hand-in-hand with the community will result in the excellence of our digital currency exchange.
Read more about SpectroCoin bug bounty program and participate in the hunt!
We are delighted to announce that on the 2nd of July of 2018, SpectroCoin became a full member of Infobalt. The Infobalt Association is recognized as the biggest and the main contact point between Lithuanian business associations and government organizations dealing with Blockchain initiatives. At the moment, the Infobalt Association unites more than 160 members from the Information and Communication (ICT) industry.
Infobalt – Voice of the Lithuanian ICT sector
Infobalt was founded in 1994. During the years, it became a well-known and respected voice, representing the Lithuanian ICT sector among national and global businesses, government institutions, universities, research centres and education platforms. Currently, Infobalt unites ICT companies – more than 10,000 employees in total, and is a member of two major international organizations:
DIGITALEUROPE – representative of the European information and digital technology industry, uniting the world’s largest IT, Telecom and Consumer Electronics companies, and national associations from all around Europe. DIGITALEUROPE proactively engages in trade, technical, digital economy and regulatory areas.
WITSA (the World Information Technology and Services Alliance) – leading consortium of the ICT industry, representing more than 90% of the world’s ICT market. WITSA is actively promoting and advocating international policies which help to advance the industry’s growth and development.
On a local basis, Infobalt facilitates a variety of events, seminars, business projects, and initiatives in order to provide information about the ICT sector to the society. The Association covers activities that range from solving strategic issues, developing the market for ICT products and services, to offering consultancy to legislators and lawmakers on a national scale.
Viva the FinTech
In the past few years, Infobalt has recognized FinTech as a driving force of the Lithuanian economic growth. Thus, it brought the major Lithuanian FinTech players into one place – FINTECH Lithuania. The members of FINTECH Lithuania are engaged in public dialogues with relevant government institutions, such as the Ministry of Finance and the Bank of Lithuania, as well as various international organizations, in order to represent the Lithuanian FinTech industry, create favorable financial regulations and appealing opportunities for FinTech businesses. SpectroCoin, among other members, will take part in initiating the development of regulations, in solving FinTech industry issues, and in providing the latest information and ideas for the blockchain technology implementation in Lithuania.
As a member of the ecosystem, SpectroCoin gains the opportunity to expand its network by establishing new value-adding partnerships or even by creating joint projects with other members of the FinTech community. This also opens SpectroCoin’s access to consultations on EU and Lithuanian legal regulations, as well as provides a chance to participate in conferences and events, organize researches and promote its brand on a bigger scale.
Experience the advantages of FinTech at SpectroCoin!