As seen on Medium.com
tl;dr – I don’t see a lot of talk about legacy coins. It’s a bit odd that in such a new field legacy coins even exist, yet there seem to be many coins that have fallen by the wayside. I’m exploring how new communities are re-discovering some of these coins and giving them a new lease on life.
The Dimecoin project
Dimecoin was originally launched in 2013, forked from an earlier coin (Quark). Security has always been central to Dimecoin, this is evidenced in the way that hashing is treated. Dimecoin inherited and built upon the multiple rounds of hashing that originated with Quark.
Coins like Bitcoin and it’s more closely related offshoots use a single hashing algorithm (SHA256). Dimecoin takes a completely different approach, conducting 9 distinct rounds of hashing with 6 different hash functions.
After building an early enthusiastic user base, the Dimecoin project appeared to go offline around 2014. I think it had a long time in the wilderness after that. The github repository hasn’t seen any updates since about that time.
Redevelopment & Relaunch
In August 2017 a new grassroots community evolved around the legacy Dimecoin technology. One of the really interesting things about open source projects is the ebb and flow of community involvement. With a crypto project, there’s a very real possibility of creating some tangible value if you correctly tackle the challenges of resurrecting the coin. The new community has established well defined teams (Development, Operations, Promotions and Finance). I get the sense that there has been some solid planning here.
One advantage that exists with a legacy coin would have to be pre-existing exchange relationships. If the team is able to maintain those relationships it would allow them to get some early traction in the marketplace. I noticed that they are planning more listings, aiming for Bittrex & Binance in the short term. They appear to have some interesting longer term goals like a DimeStore, DimeDonations and broadened business relationships.
The technical work is focussed on a major Windows wallet upgrade for early 2018, with Mac, IOS and Android wallets planned for mid 2018. A detailed technical white paper is apparently nearing completion, I’m really keen to see what kind of tech stack the team have planned for the new coin. It would be great to see them leverage some of the more recent developments in the crypto tech space.
The Dimecoin project was officially re-launched on 18th January 2018, and their roadmap is available at the www.dimecoin.com.co. Should be interesting to see it unfold! I’d like to see a focus on them tracking towards the timelines in the roadmap, that would see confidence increasing in the ability of the new team’s delivery capability.
Disclaimer: The author is not affiliated with the Dimecoin project, although he did divert the funds destined for a big night out into the equivalent in DIMES. He is yet to retire to the Bahamas.