Sumokoin Price (SUMO)

Sumokoin (SUMO) is a digital currency created by mining and aims to be a highly secure asset used for value storage. The currency was forked for implementing a new ASIC-resistant hashing algorithm, a mechanism used to compare large data easily. A hash function converts input (such as text) into byte strings of fixed length and structure.

Sumokoin is a type of fork that originated from Monero, a highly respectable cryptocurrency known for privacy, active development, security, and untraceability. Monero (XMR) is a privacy-oriented, open-source cryptocurrency that uses a public distributed ledger. A public distributed ledger refers to a series of blocks on which details of transactions are recorded after suitable authentication and verification by the designated participants of the network.

As mentioned in the whitepaper, the developers started Sumokoin as an educational project. Later, it was identified that there is a need to create a new digital currency by moving toward Monero Ring confidential transactions (RingCT). Monero Ring confidential transactions (RingCT) is a feature designed for privacy that aims to be implemented into the Monero protocol. Furthermore, developers are seeking to set minimum transaction mixins to make SUMO highly resistant to blockchain analysis attacks. Mixins refer to the chaff coins included by the users to obscure their transactions.

Sumokoin (SUMO) is developed with a high level of privacy vision in mind, setting RingCT with a minimum ring size of 49 (48 mixings). The setting seeks to conceal amounts or sources transferred and enhance resistance to blockchain analysis. Sumokoin aims to be untraceable, and encrypted transacted amounts seek to be obfuscated by default. Every transaction on the Sumokoin blockchain aims to be not linked to a specific real-world or user identity.

Moreover, the whitepaper states that Sumokoin follows the vision of Satoshi Nakamoto of decentralized and trustless cryptocurrency, for instance, well-secured digital currency operated by a network of random users. The transaction is further confirmed by distributed consensus and later immutably recorded upon the blockchain. There aims to be absolutely no need to rely on third parties to keep the user's Sumokoin safe. Sumokoin is also highly fungible due to the built-in features seeking to ensure privacy. All Sumokoins are changeable and equal, just like currency.

Sumokoin (SUMO) was officially launched by a team of developers working in Japan on May 7, 2017. In July 2017, Sumokoin wallet was released which was created in python. In January and February 2020, Web and Android wallet for SUMO was launched.