This marks the first post by SludgeFeed on the new-age gold rush that is the cryptocurrency craze. While many people feel like they missed the boat by not investing in Bitcoin, Ethereum or Litecoin, there are still many undervalued coins that are poised for upward price movement.
So, what exactly do we look for when we are identifying undervalued coins? Our formula comes down to four main ingredients:
- Tech — Whether an innovative application or a promising “me too” coin, we want to see some real development progress and attractive roadmap.
- Team — Essential to any good value run is a strong development team, and the more public the better. We look for active, responsive teams across platforms (Reddit, Slack, etc.) that care
- Marketing — Active communities behind a strong marketing effort is a recipe for success.
- Supply — the sweet spot for us is 10-100M coins.
Sumokoin is an interesting coin out of Japan that fits many of the criteria we have for identifying undervalued coins. The Monero Fork with a few key additions is currently valued at a marketcap of ~$800,000 (compare that to Monero’s marketcap of $1,370,793,185). The coin is currently only listed on Cryptopia, but we anticipate more and more exchanges picking it up in the coming weeks.
Here is our breakdown of Sumokoin, much of which has been derived from materials generated from their website and other social platforms.
- TRUE FUNGIBILITY
- Sumokoin is one of a few rare cryptocurrencies with true fungibility – the feature makes digital currency act like physical cash i.e. no other people can find where the money comes from and how many have been transferred.
- GREAT PRIVACY
- Sumokoin is created with high level of privacy in mind, setting Ring Confidential Transactions (RingCT) with minimum ringsize of 12(+1) to conceal sources/amounts transferred and make it high resistance to blockchain-analysis attacks
- STRONG SECURITY
- Sumokoin utilizes the power of a distributed peer-to-peer consensus network, every transaction is cryptographically secured. Individual accounts have a 26 word mnemonic seed displayed when created, which can be written down to back up the account and account files are encrypted with a passphrase to ensure they are worthless if stolen.
- Additionally, this has been one of the more attractive coins to mine in the last few months:
A little bit lacking in terms of transparency on team members, but we know there is at least one fully dedicated developer that goes by the name Sumoshi Tanaka. He is active and responsive across platforms.
Sumokoin is currently undergoing a marketing makeover, starting with a new logo, roadmap and website. The logo was recently released, and we expect the new roadmap and website in the coming weeks. Here is the social list:
88,888,888 coins in 20 years, then 263,000 coins each year for inflation. About 10% (~8.8 million, 98% locked in escrowed wallets) was premined to reserve for future development, i.e. 80 million coins available for community mining in first 20 years. A very accountable arrangement.
Overall, we are excited by the potential of this coin given the analogies that have done quite well. The strong tech built on the foundation of Monero and incredibly low market cap make this a no-brainer in our books.
Disclaimer: The author of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.