In 2016, Spectre created two tokens — the Spectre token and the xspec token –and since then nobody has talked about them. They are ranked in the 500s by CoinMarketCap and have a cap of $5.7 million. Small change compared with the Top 10 coins.
But, we may be hearing a lot more about Spectre, because it is working on a technology called ‘staking’. Others, such as EOS and Neo have been working on ‘proof-of-stake’ systems with varying degrees of success.
A Proof-of-stake system give the task of verifying blockchain transactions to a certain number of delegates, who are voted in by the token holders. While token holders don’t necessarily identify themselves, according to Spectre’s founder, Mandica, (a pseudonym) there’s a privacy problem within these systems.
Mandica said: “All the UTXOs [unspent transaction outputs] spent to generate staking transactions are traceable on the blockchain and all the staking transactions can be linked and your balances are visible to anyone who knows how to analyze the blockchain.”
So, Spectre has been working on privacy tools and the team appear to be pumped about their ambitions: “From a user point of view you will be able to keep your entire balance of anonymous coins safe from any observer and you will just need to stake your wallet to receive further anonymous coins that nobody can attribute to you.” Mandica says it is unique and “ no other cryptocurrency, as far as I know, has a system to stake anonymous coins and generate fresh anonymous coins.”
Since Spectre hasn’t issued a white paper yet, nobody is sure how it will work, although Coindesk suggests the concept is based on another privacy-oriented coin: monero. But we do know that Spectre has already built Tor browser into its systems and is also implementing Tor product, “OBSF4,” which allows users to get around the national firewalls, such as those in China and Iran.
One further note about Spectrre: the team working on it are anonymous as well, and none of them know each other’s real names. How’s that for privacy!!