The developers of blockchain technology for capital market, Equibit recently announced that they will be releasing their mainnet and the world’s first SHA-3 cryptocurrency. SHA is the new secure hashing standard and with the release of Equibit’s EQB, it becomes the first cryptocurrency to use the SHA-3. Everyone should care or at least take a second look at the SHA-3 because it is more efficient and it has a greater resistance against quantum-based computing attacks than its predecessor the SHA-2.
The SHA-2 was used by Bitcoin. The cryptocurrency block was mined on February 21, 2019, at 11:40 am EST. It allows users to run an Equibit node, validate and initiate transactions, set up a wallet and much more. The blockchain comes with a mining difficulty adjustment algorithm. It adapts to changes in network hash rate, keeps on changing and it keeps blocks times more consistently at 10 minutes. The fact that the hash rate changes frequently will make it less vulnerable to a large miner attack. Equibit is the same group who opened the “Crypto Valley” in Zug, Switzerland.
Miners can use their CPUs and GPUs to complete proof-of-work operations which then will enable them to secure the network and add blocks to the blockchain. The miners will get fresh units of the network’s native cryptocurrency, EQB as per the protocol. The protocol will produce a total of 22 million EQB over the course of about 55 years.
The native wallet leverages the full functionality of the Equibit blockchain and can execute cross-chain atomic swaps between EQB, Bitcoin, and any other cryptocurrency with similar scripting features. However, the production rates are similar to that of a coal mine or an oil well. The company aims at bringing the benefits of blockchain technology to capital markets. Interested users can download the EQB on their computers.