HOW DOES SPEROCOIN WORK?

At first this is a question that always brings new questions, here we will be briefly describing some details that are essential for the new user.


Essentials for a new user

As a new user, you can get started with SperoCoin without understanding technical details. Once you install a SperoCoin wallet on your computer or cell phone, it will generate your first SperoCoin address and you can create more addresses whenever you need. You can show your address to your friends to receive payments or vice versa. In fact, it's very similar to how an email works, the only difference is that SperoCoin addresses should only be used once.


Balance - blockchain

The blockchain is a shared public ledger ledger that the entire SperoCoin network trusts. All confirmed transactions are included in the block chain. In this way, SperoCoin wallets can calculate your available balance and new transactions can be verified so that you can use bitcoins that are actually owned by the spender. The integrity and chronological order of the block chain are protected by encryption.


Transactions - private keys

A transaction is a transfer of value between SperoCoin wallets that is included in the blockchain. SperoCoin Wallets holds a secret piece of information called a private key or seed, which is used to sign transactions, providing mathematical proof that they came from the wallet owner. The signature also prevents the transaction from being altered by anyone after it is issued. All transactions are disseminated among users and typically begin to be confirmed over the network within the next minute, through a process called mining.


Processing - mining

Mining is a distributed consensus system that serves to confirm transactions and add them to the blockchain. This imposes a chronological order on the blockchain, protects net neutrality, and allows different computers to agree on the system state. To be confirmed, transactions must be included in a block and verified by the network using cryptographic rules. These rules prevent old blocks from being modified, which would invalidate later blocks. Mining also creates a lottery-like game, which prevents any individual from easily adding new blocks consecutively to the blockchain. This prevents people from being able to decide what to include in the blockchain or change parts of the blockchain and thus be able to reverse their own transactions.


How far are you willing to find out?

This is just a very brief and concise summary of the system. If you want to know more, you can read the original document describing the system design, read the documentation for programmers, and explore the SperoCoin Wiki.