Flash Coin (FLASH): Connecting the World in a Flash!
FLASH QUICK STATS
|CREATION DATE:||September, 2016|
|DEVELOPMENT STAGE:||Full Release|
|PROOF TYPE:||DPoS, DPoW|
|BLOCK TARGET:||5 seconds|
Flash is a reinvention of Litecoin, built to scale for worldwide commerce with the speed to handle every day transactions. While many other coins are slow in their processing speed, making them impractical for daily usage in purchasing goods and services, Flash coin has been built with speed and convenience in mind to allow for real life use by consumers. This speed does not come at a price, however, as it costs less than a penny to buy with Flash and send it to friends and family across the world. With speed and low fees in mind, CoinPayments is happy to support Flash coin (FLASH) payment processing for our merchants around the world.
How Does it Work?
The Flash coin infrastructure is built on a platform that emphasizes speed and low cost, both in monetary and energy regards. They have an easy to use app where users can sign up for a wallet and store their currencies. There are 900 million Flash coins in circulation and that’s it, so there is no coin inflation meaning there isn’t a need to mine new coins, thus saving energy. There is even a method to send currencies via email without needing to use the receiver’s key, thereby removing the need for storing long complicated key strings in favour of more memorable emails.
The system is built using a special algorithm that uses decentralized delegate nodes to govern and operate the platform. This Flash Consensus algorithm allows miners to take turns in creating and adding blocks to the chain. Blocks are fully confirmed after more than 50% of miners have reached agreement. The benefits of this system include removing the possibility of a 51% attack, eliminating hash races for miners, removing the limitations of PoW, PoS, DPoW, and DPoS to confirm transactions and inserting consensus mechanisms to secure the Flash ledger and blockchain.
The Flash community is made up of users, miners, and delegates. The delegates are elected in 30-day election cycles, with a total of 151 at any given moment. 50 of these delegates are permanent, and to become one you must stake 1 million Flash coins. Users then vote for delegates on these 30-day timeframes. These delegates then elect miners to secure the network and mine new blocks. A total of 25 miners are elected and receive a portion of transaction fees for their work in maintaining the system.
Finally, merchants can also use the platform to accept a range of cryptocurrencies in their store. Once a user creates their profile and opens a wallet, they can download merchant tools to integrate into their store.
Why Choose Flash Coin?
Flash coin is paving the way for crypto adoption at scale. With fast speeds and scalable technology, Flash is preparing for the next wave of crypto use. Their user-friendly system and robust technology will provide a solid platform for both consumers and merchants to jump into the world of cryptocurrencies. All of this for a low price and a reliable way to get in the crypto game, which is why we are happy to support Flash coin (FLASH) payments.