Draft:Splendor (Cryptocurrency)

Submission declined on 27 January 2024 by 64andtim (talk).

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Declined by 64andtim 9 months ago. Last edited by Auric 5 months ago. Reviewer: Inform author.

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Overview

As of late a new cryptocurrency has a emerged tied to the name Satoshi Nakamoto. This new cryptocurrency bolsters true decentralization and anonymity, "an evolved version of bitcoin"[1]. It's birth marks the reincarnation of bitcoin's purpose with resolved transactional speed for a fraction of the cost. Splendor, the revolutionary token has made its way into the spotlight at a time where the crypto world is looking for solutions to an imploding free financial world. It is also referred to as SPL.

Technical Analysis

The Splendor token is unlike many of the more well-known cryptocurrencies in circulation today as it has been created on its own blockchain called the Splendor Network. The network uses smart contract functionality, zero knowledge proofs, and compatibility with the Ethereum Virtual Machine (EVM). This enables developers to build decentralized applications (DApps) on the Splendor blockchain. .

Privacy

The Splendor Blockchain is a non-public blockchain. Only users involved in their own transaction can see the status, confirmation, and information regarding their transaction. This is done by using the sender's wallet address, receiver's wallet address, and the hash associated with the transaction.

Crypto Mining Redefined

From a simple laptop or desktop computer, the mining of SDR is possible. The massive and costly equipment needed to mine other cryptocurrencies like bitcoin are not needed. Downloading the Splendor node and docker simply gives you the ability to earn reward daily at a rate determined by your CPU and storage capacity offered to the Splendor Network.

Splendor Drawing Rights (SDR)

The Splendor Network has two native tokens. These are Splendor (SPL) and Splendor Drawing Rights (SDR). The only way to transact in Splendor is by swaping it with SDR. Everytime SDR and SPL are swapped, they are burned or put into the reserve pool respectively preserving Splendor's value. SDR can be bought with other tokens brought onto the Splendor network like Ethereum by way of a blockchain bridge. This enables a cryptocurrency like ethereum to be transferred and used on Splendor's Network with the technological improvements of the new blockchain. Octaocean is Splendor associated Dex and bridge for transacting with Splendor and SDR. The other way to aquire SDR is through the mining process.

The name SDR always mirrors a well known economic term and tool, Special Drawing Rights. Also known as XDR, the International monetary Fund creates a live value using a basket of 5 world currencies. On any given the day the IMF sets the value of XDR at an average using the US Dollar, Euro, Japanese Yen, and Chinese Yuan, and British Pound. This stable value is then given to XDR. The value of SDR is tied to the value of XDR paralleling its daily movement and price. This is the world's first completely decentralized stablecoin.