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SUMO Price 0.038341 Change (24H) 0.52% Volume (24H) $1.48K Market Cap $387K

Sumokoin (SUMO) Price, News, & Wallet

Overview

Sumokoin’s motto, “Privacy Without Compromise” really says it all. While all cryptocurrencies are often touted for being highly secure and even anonymous (which isn’t actually true), Sumokoin has gone the extra mile to build a blockchain network that is, in fact, as secure and anonymous as possible.

The purpose of Sumokoin is to allow cryptocurrency users the opportunity to use a coin that truly does keep their identity and privacy protected from prying eyes.

The digital cash is focused on those confidential transactions that people may be completed, and it’s aimed at users who simply don’t want every purchase they make to be known to the world.

While this pitch has led some to question to true motivation of why a person would feel the need to use Sumokoin, with privacy being such a big topic of debate in the days of the internet and social media, Sumokoin is inspiring new users to regain control of their information.

Why Sumokoin Was Created

Not much information is currently available about Sumokoin or its developers. In fact, the amount of mystery surrounding the project is perhaps reflective of the amount of intense privacy they hope to achieve for their users one day.

The website does lay out a development path, which they note is subject to change regarding both the dates and the goals written on the timeline. However, what is known is that Sumokoin was released around May 2017.

On the coin’s Medium blog, they wrote about the release a couple months later that explained a little bit of the coin’s founding story. In the piece, Sumoshi Tanaka wrote that two guys got together at the end of 2016.

Living in a strict country with an industrialized economy and strict culture, these two men realized that the typical path ahead of them involved a very routine life doing the same job day in and day out. And, in September 2016, they were inspired to chase after something different.

This led to Sumokoin’s initial planning phase. Admittedly, these two founders said they were naive when it came to cryptocurrency. They had just an idea and decided to publish a fork to The Bitcoin Talk forum where they made the announcement.

Having just joined the forum, Sumoshi explained that his account on the forum held only a “newbie” ranking since he had never published anything to the forum prior to that. As a result, his posts could not include any images.

After publishing the announcement post, they looked at it live on the forum and realize it was simply a text-based description with all of the images they had placed being replaced with "ugly links".

They explained that the entire thing looked like a casual explanation from some random strangers on the internet, and suddenly they realized they needed to up their game if they wanted to gain the trust and investments of others so that they could build a real community around Sumokoin.

The two men agreed that they would need to face and overcome certain challenges in order to prove their concept and worth in the competitive crypto market.

How Sumokoin Formed

Sumokoin resulted from a fork of Monero, which was a fork of Cryptonote, and therefore the network had quite a few hurdles that the team was yet to face.

One of the early on challenges that they had to overcome involved SUMO coin mining where some people figured out that it was easy to mine SUMO tokens so long as they used a high hash rate. Doing so allowed them to mine quickly without getting caught in the proportional rise of difficult for too long.

The flawed algorithm ignored the first 30 blocks and would adjust the difficulty level only after hundreds had been mined. That algorithm works well for a more established crypto coin that has a greater total hash power, but with SUMO being so small, miners could go for hours at relatively low difficulty.

Once a higher level of difficulty was reached, these miners would disappear, making things very hard for everyone else to get involved it. It didn’t take long for that to become a serious problem, and the small team behind Sumokoin recognized it. The network stalled for days and they were forced to locate a new algorithm with improved responsiveness.

This required a hard fork in order to implement, and the team had previously agreed to avoid using hard forks frequently since it would force exchanges, users, and any person running a node to upgrade and because it would also contribute to uncertainty across the small Sumokoin community.

Regardless, they were really left with no choice, so they began implementing the new algorithm.

How Sumokoin Has Developed

Although the team admits that things initially seemed easy, Sumokoin has faced a variety of hurdles along the way as it continues to be adopted by more and more users.

Implementing the new algorithm in and of itself proved to be a challenge. The development received excellent help from a number of established blockchain contributors, and through that, the team learned a substantial amount of information about how an algorithm needs to be managed and stabilized.

They rushed the development through a long week and then released their new algorithm that adjusted the difficulty appropriately. Following that, the community began speaking out more and more about what they wanted to see Sumokoin evolve into.

One of the primary things that early adopters asked for was the implementation of a GUI wallet. They got to work on that immediately, releasing a rather basic version just to get it out there quickly in a functioning manner so they could begin getting more feedback.

Since the two founders didn’t know anything about development, they have added four professional developers to the team to fuel the back-end infrastructure of the Sumokoin network, directing the developers on the various features and extreme privacy levels they expect to achieve.

While still in its infancy, Sumokoin continues to be a popular coin to mine and trade for those hopeful about its important future with the growing trend and need for heightened digital privacy.

Market Value

The SUMO coin is gaining more traction as time goes by and as the platform continues to grow and develop. Presently, a SUMO token is worth $0.131326 USD, but things peaked in January 2018 when a single token was worth $10.13 USD.

As of October 2018, the market cap is $990,549 USD (or about 158 BTC) with a circulating supply of 7,542,646 SUMO. The founders and developers have continued to be active, mostly on their Medium blog and social networks, as they continuously ask for feedback to help improve the value and usage of Sumokoin.

Technical Stats

Supply 88.9 Million
Genesis Date April 18, 2017 (11 months)
Hashing Algoritm -
Block Time -
Hashrate N/A

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