ZiftrCoin: the Future of Cryptocurrencies?

3 minute read

Posted by: Kyle Severance

April 13, 2015

Recently a new site (ziftrcoin.com) has emerged, claiming to fuel the market. They bring another cryptocurrency, the ziftrCoin, but promise it’s different from these virtual currencies you’ve used before. The promise is a “gateway coin to mainstream cryptocurrency adoption”. They are set out to revamp the way we spend cryptocurrency as a consumer. Their business model is known as the ziftrVerse. They integrate all the “tools” needed to acquire, hold, and spend virtual currencies on the internet. The aim is to get cryptocurrency in the hands of a wider spectrum of consumers and make the currency easy to spend. This is only part of the problem with virtual currencies; finding a retailers that accept virtual currencies is also somewhat scarce at the moment. All of the necessary services required are integrated into ziftr’s services.

Let’s start with ziftrWallet. This is their payment manager, holding everything you choose to put into it. You are allowed to deposit Bitcoins as well as your other Altcoins. You can also store your credit cards making it similar to PayPal. The wallet is cloud-based and has a mobile app launched to be used on your smartphone. The ziftrCart allows the user to add their desired items into a browser app acting as a shopping cart. The products can be found in the ziftrShop, a search engine similar to Google for shopping. There are tons of results, and they automatically find you the best price on items. You can set price alerts to be notified when an item hits a certain price as well as implement coupons to help you save money. They also have organization lists (similar to a wish list).

So why does this all seem so special? Their integration of their secure API ziftrPay allows them to accept many types of cryptocurrencies all in the same wallet. It also makes it possible for retailers to not have to view or store any credit card information. They already have a network of retailers in their system to offer a broad range of products. They promise to give both the retailer and consumer maximum value for their coins (locking ziftrCoins to a minimum value of $1).

The technology is nearing the end of the beta process; their presale offers higher exchange rates between currencies to give away “free” ziftrCoins. As time passes, the exchange rates depreciate until the sale is over. They also are giving away a free 100 ziftrCoins to the first million who subscribe for news. Giving away all this currency may seem like a shady maneuver, but the company assures that it’s to generate interest and they aren’t just forcing a quick “pump and dump scheme”. They realize Bitcoin has gained some notoriety in the news over time being a criminal currency and for the use of drug dealers and thieves. This is a safe alternative that still integrates those who use Bitcoin, making “regular” people able to use cryptocurrency services.

The logistics are of the currency are as follows: 10 billion coins will be mined over the next ten years. The reward for each mined block will be constant for the first two and a half years with blocks generating at about one per minute. The mining algorithm used is Keccak which is a 512-bit hashing algorithm. This will be in conjunction with their Sign to Mine™ protocol. This will discourage large mining pools; it’s set up to allow those who solve the block to be able to spend it. So trusting your fellow miners will a must, as anyone in your pool is able to spend the reward for solved blocks. Digishield is used for the difficulty retargeting algorithm.

Updated: 2015-04-13