It’s hard to keep up with all the new technologies emerging in cryptoland and with more experience it gets easier to detect copycat ventures, but sometimes you stumble on something that really peaks your interest. SpectrumCash is the first platform that has implemented X-Telegram atomic swaps for a range of coins.
I don’t think there are many crypto users who have not heard of Telegram. Actually the user base is much wider then the crypto community, but it has now become super easy to send someone else a payment on Telegram with a simple command like:
/spepay @yourfriendTelegramAlias 2000
hit Enter and boom, it’s done, you have just transferred 2000 Spectrum coins to some other Telegram contact. Even if your friend has no deposit address for Spectrum, it is now created and your friend can check that he/she owns Spectrum by typing /spebalance. The bot on Telegram will reply with:
@yourfriendname your current balance is 2000 spectrum
Withdrawal fees are a minute 0.001%, payments or tipping are free.
/spepay means you are paying with Spectrum but first you must have some coins in a wallet address that can be accessed by the Telegram bot. The command /spedeposit will generate an address where you can deposit coins from you own wallet. Paste this address in your wallet addressbook and do the initial transaction. Within max 30 seconds you will see the coins appear when you type /spebalance. I am not recommending you use the Telegram wallets for any serious hodling, but for smaller routine payments, this is a very useful alternative. It’s a new technology and hackers will certainly try to move into this domain, so be careful here.
There is a growing list of coins where you can generate a wallet address for:
BTC => /btcdeposit
Dime => /dimedeposit
LTC => /ltcdeposit
Linc => /lincdeposit
Linda => /lindeposit
NavCoin => /navdeposit
SpectrumCash => /spedeposit
Vestx => /vestxdeposit
and some coins have even integrated the necessary commands in their own Telegram channel. You can test this by simply typing /commands in that channel. To keep the channel somewhat clean you can prevent the swapmessage clutter by doing a DM to @SpectrumCashBot and from there enter your commands.
A few commands were already covered in the examples above, but this is a full list of available commands: /commands, /deposit, /pay, /withdraw, /balance and /swap, preceded by the coin acronym. The /withdraw command allows you to move coins from your Telegram address back to your own cold wallet address:
/spewithdraw SdmesNXcZUc7K3MvQSvjHochDetcetcetc 1000
The /swap command is where it gets really interesting. This allows you to swap coins in a price you are offering for another coin. This offer can then be taken up by another user who has that coin and is also willing to swap, at that price ratio and in those amounts.
/swap_vestx_dime 1000000 2500000
This generates the following message:
You only need to click the acceptlink and the swap is done. Now let this sink in for a moment. This is not connected to an exchange where you had to register or upload your passport to do any trade, you did not have to understand the nitty-gritty of that particular exchange before you can trade one coin for another. No, just one instruction line on a chat program is all it takes.
Obviously you need to be very careful when you type the numbers here, it will be an easy mistake to swap at a 10x cheaper price when you’re just omitting a zero and your link will be scooped up quickly, but when your offer is hovering around the market price, there will be users to accept the swap. There is a CancelSwap link also available so when you see your mistake, cancel a.s.a.p.
With the recent addition of /xswap command (note the X), you are presented with a small menu where you can choose for Exchange > the coin you want to exchange > the trading pair combination. Next you will see a list of the top 10 best trading offers for that pair and you can take your pick.
These transactions remain internally on the XSwap platform until you withdraw coins back to your own wallet address again. Obviously, this will take a lot of people to be online in the Telegram channel to bring any sort of liquidity in the market and have some decent frequency of makers and takers, but we’ll see how /xswap develops. Possibly the (micro)payments will become its most popular feature.
The SpectrumCash Telegram channel runs bi-weekly voting contests to let users decide which will be the next coin that they will integrate into the SpectrumCash channel. A recent winner was DimeCoin, a coin with a long (on the Crypto timescale) history and a strong volunteer developer base. One day (!) after the contest was won, the integration was completed and atomic swaps could be executed on DimeCoin Telegram and of course Dimecoin was added to the list of XSwap coins on the SpectrumCash channel. A new contest just launched where users can select from 5 new options, all in the area of e-commerce & micro payments.
SpectrumCash is new, it started mining in July 2018, it’s a Proof-of-Work / Proof-or-Stake coin. Besides the multi coin X-Telegram capabilities, SpectrumCash also provides options for stealth transactions from private wallets. Transactions are instantly through Masternodes. Node operators (you need 10M XSM to start a Masternode) receive a substantial 50% return, but mining is no longer attractive and is now just used to secure the network. The project is open source.
The roadmap includes porting similar technologies to other social networks like Twitter, Reddit, Discord and web-based channels. If these milestones can indeed be reached, SpectrumCash has a bright future. They may well be “banking the un-banked“.
Team & Partners
Spectrum never launched an ICO and is run by volunteers. Eventually the 0.001% fee may bring in some income but for now they are dependent on donations. There is a die-hard group of developers, content managers and marketeers involved around a range of coins like PCN, PXN, VestX, DAPS, Dime, Nav and SpectrumCash. The common theme around these coins can be summarized as: Decentralized, Anonymous, Fast & Secure Digital Cash. Spectrum is building an alliance with a number of them that share the same vision and can be included in the XSwap protocol.
On Telegram and Discord you start to see familiar faces across all these coins. I haven’t followed them long enough to get all the historic ties and foes but they all stem from a similar code base and lookalike wallets. They are gradually all going their own path and both the looks & purpose are taking shape in different directions. The Spectrum team has Mat Lion as the most visible spokesman and there are 3 senior and 1 junior developer involved, plus a group of strategists, busdev and advisors.
Coin = SPECTRUM, ticker = XSM, Masternode-PoW-PoS-based cryptocurrency
Circulating supply 3.2 Billion
Top 25 wallets have 12%, top 100 wallets have 36%
Trading is still very thin in volumes, price currently hovers around 3 satoshi, but all PR has yet to begin. This is still very much under the radar.
Spectrum wallets are available for Linux, Mac, Windows and Raspberry Pi. Syncing the wallets is not yet a very smooth process (at least not on Mac and Pi) but that will be ironed out in future versions probably.