On the 5th of May 2017 the Insane Team released the brand new blockchain for InsaneCoin in order to implement the new features announced during the month of April 2017 and contained in the development plan.
The new tech being developed by Cryptocoderz is a platform that is capable of fluid adaptation of new features and uses that will be assisted by a blockchain to store and distribute data. This includes the obvious and current use of monetary transfer as well as, messaging, marketplaces, content distribution, biometric services, data checking and logistical tracking to name but a few. This step up required a coin swap that is currently taking place at Nova Exchange and will be open for a 3 month period. The old InsaneCoin (ticker INSANE) is being swapped for the new version (ticker INSN) at a 1:1 ratio, at no cost for the end user.
Nova Exchange was selected as exclusive coin exchange agent to ensure the swap is held in a transparent way. At the end of the process, the remaining coins will be destroyed by the exchange agent.
The new INSN comes with a big set of new features. In brief:
- PoS Version 3: The latest version of Proof of Stake;
- Master Nodes: 6% APR simplified interest scheme along with a share of transaction relay fees. The Master Node APR will halve to 3% after 4 years;
- Secure Messaging: secure user to user message system across the insane blockchain;
- Instant Transactions: instant transactions (InstantX) through master nodes;
- Darksend: allows to send your transactions anonymously;
- PoW turned back on: you can now mine Insane again. The block rewards system for Insane will be 1 Insane coin per block, plus an 8% chance at 2 Insane coins by finding a random Insane block;
- Adaptive Block Sizes: adaptive block sizes increase or decrease possible max block size depending on use of the chain, thus making the chain lighter when not being flooded with transactions and allowing the chain to not get bogged down by large amounts of use;
- 30 Million Coin Hard Cap: the future total amount of Insane will never go above this threshold;
- PoW/PoS INSANE Blocks: the “Insane” blocks are similar to super blocks and offer higher rewards. 8% chance of finding higher rate PoW/PoS blocks with a 2 Insane coin reward (instead of 1) for POW and 3% reward (instead of 1.5%) for PoS;
- VRX Retargeting: this retargeting system is a completely new method of block retargeting that was custom built by the CryptoCoderz team and is currently only found in INSANE and Espers blockchains, the system also offers PoW/PoS skewing to ensure balance mining of both the threads;
- Velocity Blockchain Security System: A prototype blockchain security system.
Velocity System is an almost exclusive technology and it is worth a special mention. The system is designed to secures the Insane blockchain through governance and restraint technology. The system acts as a “triple check” security feature against blockchain inconsistencies and possible exploits such as rapid block times, incorrect fees, insufficient balances and other issues that are widely used by programmers with malicious intent to cause damage to the blockchain. More details can be found in the Velocity Blue Paper.
To celebrate the launch of the new blockchain the Insane Coin is holding a contest where one lucky user will win a Master Node, 50 thousand Insane coins to run it and free node hosting for a year.