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SolidCoin is an open source digital currency, based on the cryptocurrency Bitcoin, which is distributed over a peer-to-peer network to offer irreversible, low-cost, anonymous and decentralized monetary transactions.

SolidCoin officially started on the 20th of August 2011.


How does SolidCoin differ from Bitcoin?

• Faster transaction processing
• Protection against pump-n-dump by large pools
• Twice daily difficulty retargets
• 3 minute blocks, 32 SolidCoins per block
• Maximum coin generation of 18.9 million (18900000) to be reached by ~2022
• Fixed transactions fees instead of unknown variable fees in BTC
• Interface improvements
• JSON API improvements
• Different address format

   

But do we need an alternative to Bitcoin?
The answer is simply YES! Bitcoin itself has shown that P2P cryptocurrencies can work and can be relatively secure when it comes to only owners of the coins using them. However it is far from perfect.

As Bitcoin itself and other similar chains have seen, there are numerous vulnerabilities and issues in the protocol, including :-

• Slow transaction speeds, often making waiting for confirmations unbearable
• Near complete shutdown of network due to pump-n-dumps by large operators
• Transaction fee nightmares, no way of knowing what a fee will be until you've tried to send funds
• Concentration of Bitcoins into elitist early adopters that have no interest or desire to help Bitcoins be used by "normal" people

Read more about SolidCoin here