I was looking through Decenternet's whitepaper and came across Spyce. Spyce is the backbone of the entire Decenternet platform. It is mined to support its search engine, Liberty and web browser, Osiris. The use of Spyce is envisioned by Decenternet as a way to pay miners and sellers of goods within Decenternet's ecosystem.
What was most intriguing about Spyce was that it is interchangeable with most of the current major Cryptocurrencies. With that, it makes Spyce rather versatile when it comes to exchanging it or using it for your needs. Such needs include the purchase of goods, apps and anything that can be purchased within Decenternet's umbrella of platforms. This caught my attention and spurred me to read on. As I dove deeper into what Spyce is and could be, I found many awesome aspects about it.
Spyce acts as somewhat of a universal currency on the new decentralized internet of Decenternet. With its many utilities, it will not be surprising if Spyce becomes extremely valuable in the future. With many different cryptocurrencies such as Omiesiego , Ethereum & Steem solving a problems and decentralizing certain industries, Spyce aims to do this but at a much larger scale. This is because Decenternet's reach is projected to be at a global scale. While Steem, Ethereum and Omiesiego have gained popularity, its reach will pale in comparison to Decenternet. Thus, the adoption of Spyce will likely be larger than these cryptocurrencies. Now, onto its utility.
The first use case of Spyce is on Decenternet’s Osiris Browser. Users of the Osiris browser are able to access the Decenternet’s sites and traditional sites at lightning speeds as the entire network is supported through Decenternet’s proof of reliability mining. Spyce is used to pay the miners for supporting the network. The same goes for the use of Decenternet’s Liberty search engine which is supported by miners who are compensated in Spyce.
Spyce's Mining & Monetary Potential
The best thing about Spyce is that its mining is aimed to be more environmentally friendly. Thus, that means less power bills. In my opinion, I would switch my miners over to mining Spyce. Not only do I get to potentially save a lot on my power bills, I won’t have to sell my kidney just to buy the newest and latest equipment just to keep up. You see, miners are paid Spyce not based on how good their equipment is, but how reliable.
This also makes it a great way for others to earn some income via mining. Especially in countries such as Venezuela, even an older computer can be used to mine Spyce and put food on the table.
In addition, Decenternet is also planning the use of its own proprietary debit card that can be used to buy basic goods such as food and water through the use of their own currency called Coineru. The value of Coineru which can be used for the purchase of goods is important and gives people reason to use it. In addition, Spyce is also backed by the value of Coineru. This means that as long as I have Spyce and Coineru, I will be able to support my family instead of relying on the currency of a particular country.
Aside from the monetary benefits, it is important to be part of supporting a free internet that is private, it is rather unethical to collect user’s preference and data. It is even more unethical to sell them to people who can use that data to manipulate the masses for events such as elections.
Bitcoin & Spyce
As I read up about Spyce, this reminds me of how spice became the most sought after resource during the 16th century. Spice at that time had the potential to make or break nations and empires, shifting the balance of power from one party to the other. Looking at Spyce, I see the balance of power being shifted from those who monopolize the internet back to the people.
In fact, what makes Spyce so intriguing is that it reminds me of the original cryptocurrency that started it all, Bitcoin. Looking through Satoshi Nakomoto’s work, 'Duality: an excerpt', it finally hit me as to why Bitcoin is so successful. The simple reason being that it was centered around money. However, I dare say that people do not care merely about money but what it can do. If someone were to give me a million dollars of the world’s least valued currency and I wouldn’t know what to do with it. That’s because it holds no buying power, no value.
Bitcoin however, contains a high value and could give you some massive buying power. Spyce is similar. Not only does it have the potential to become a highly valued Cryptocurrency in my opinion, it will be used within Decenternet with its own exchange and Debit cards. This helps it retain value and prevents the degradation of your buying power.
If you have traded Forex before, you know that the USD is the most dominant currency in the world. As such, when the USD tumbles, it affects economies around the globe. This potentially affects your ability to live the quality life that you have worked so hard for. Worse of all, you are not able to control it. As such, I believe Spyce is the answer to this. I always hoped that Bitcoin would be too, unfortunately, its value is subjected to much Fear Uncertainty and doubt.
The mining of Spyce is similar to how Bitcoin is mined seeing that it rewards its miners. However, high fees and charges can be an issue, While Satoshi Nakamoto envisioned the transaction fee to be kept at 1 cent, it just isn’t possible seeing how the currency has progressed thus far. Decenternet aims to mitigate that by only charging a fraction of transaction fees as to what Bitcoin charges.
I hope you are as excited as I am with Decenternet's vision and plan. I believe that Spyce could well be the next big cryptocurrency and project in the years to come. However, I would also be watching the process of their implementation. I have seen many great projects with great visions fail because they are unable to implement it well.
However, all great ideas stem from a solid plan and a vision. Decenternet has both and with its similarities to Bitcoin, I am sure the decentralized future is indeed bright with Decenternet. Do head on to Decenternet's site to find out more of this awesome project.
This is my view based on my own opinion and research. My findings may not be generalizable to your context and is subject to the economic and societal changes. As such, please do your own research. If you are planning to invest, I am not a financial adviser and this is but my own opinion.
Posted from my blog with SteemPress : http://alvinauh.vornix.blog/2018/07/19/spyce-a-potentially-valuable-cryptocurrency-a-better-bitcoin/