Meet Sucrecoin, the cryptocurrency designed by Ecuadorian programmers

The digital currency is designed to address areas associated with sending remittances and financing projects. DiarioBitcoin interviewed Carlos Gamarra, CEO of Sucrecoin, who spoke about the development of the cryptocurrency and its status within the legal frameworks managed by the State.

The emergence of initiatives and new cryptocurrencies in Latin America supports the belief that the territory is a promising place for the growth and evolution of the ecosystem of digital currencies. In fact, more than 20 new digital currencies have sprung up across the continent.

Of the countries of the region, Bolivia and Ecuador have been the nations whose governments have spoken openly against the use and implementation of widely known digital currencies. However, just the case of Ecuador has been very interesting, since the country expressed its intention to create its own cryptocurrency for which it called different sectors with the intention of knowing their opinions, but the idea lost weight with the passage of time and finally it was discarded.

That is why Sucrecoin emerged, an initiative driven by enthusiasts and researchers in the ecosystem of digital currencies at the local level, designed to respond to the present needs of the population and address certain problems to which it offers solutions with block technology.

Sucrecoin (XSR) is a cryptocurrency that was originally launched in 2017 in an initial presale campaign (ICO), which was carried out during the month of September of that year.

According to official information outlined in the founding document of Sucrecoin (White Paper), cryptocurrency is defined as Hard Fork of the Bitcoin and Litecoin networks, which is why it is the application of a metaprotocol derived from the aforementioned digital currencies.

The digital currency is programmed to circulate a maximum total of 21,212,444 XSR units, of which a percentage can be mined while the other was put up for sale through ICO campaigns and sales on commercial platforms. For its consensus, the currency uses the protocol Proof-of-Work (PoW), which is also used by currencies such as Bitcoin, Litecoin and Ethereum, which involves the resolution of mathematical algorithms with processing power of computers willing to support to the network, managing an incentive system for the people who allocate their equipment for this work.

Although the cryptocurrency does not appear in the list managed by the CoinMarketCap platform, it can be commercialized in Cfinex and SouthXchange, services in which Bitcoin is managed as a digital exchange currency both for the purchase and sale of the asset in question.

According to information published by the aforementioned platforms, the price for each unit of XSR is 0.00000310 BTC, which is equivalent to USD $ 0.03.