About StrongHands

StrongHands Review: Mining Guide, Price & Analysis of the StrongHands Cryptocurrency

StrongHands uses Proof-of-stake and Proof-of-work protocols in mining new coins. The POS system applies the principle of block validators being selected randomly. To increase their chances of selection, validators should have a large stake. The higher the stake, the higher the chances of block validation, and a consequent reward of transaction fees. This technique is environmentally friendly as it is not energy-intensive.

Proof-of-work protocol is based on challenge and response. The challenge is a cryptographically encrypted puzzle. The response (proof) is the decryption and solution of the puzzle by a miner's computer. When the puzzle is solved, the transaction is progressed. A miner has to submit his hardware for transaction validation. The mining of one block is dependent on the hash rate.

 

For efficiency and optimal results when mining, it is recommended that users use customized mining setups known as ASIC. Each ASIC mines a StrongHands block, although the block is usually subdivided amongst all miners.

To mine StrongHands on Android, all that is needed is an App known as MinerGate. After creating an account, mining is possible. It is not possible to mine StrongHands on some devices such as the iPhone. This is because the process generates an excess amount of heat, drains the battery, and can cause undue strain on the resources of the device.

Price and AMP

The current price of StrongHands coin is $0.000028 rising by 4.30% in the previous 24 hours.  An hourly rise in the price is 1.28%.  The all-time-high price is $0.004640 and was realized on 8 August 2019. The market cap is at $ 476,569.  The 7-day high /low of the coin is $0.00004701 USD/$ 0.00002299 USD, the 30-day high/low of the coin is $0.00004701 USD/$0.00001180 USD and the 90-day high/ low is USD 0.00024869/USD 00001082. About 16.88 billion SHND are circulating in the market and the total supply is 17.29 billion. SHND's 24-hours volume is $ 119 and the maximum supply is 29 billion.

The coin is listed in Poloniex, STEX, and Crex24 exchanges, and has a total of 4 operating markets. StrongHands is ranked #1186 amongst cryptocurrencies.

Analysis of StrongHands coin

StrongHands is an open-source cryptocurrency developed from Bitcoin to provide permanent and energy-efficient crypto. The developer team includes Jackson Briggs, Michael Larry, and, Valter Dias. The coin was released in 2014 with its ticker symbol as SHND.

StrongHands is built on POS protocol. POS protocol assigns minting rights to miners in proportion to the stakes held in cryptos. POW on the other hand requires miners to pay for equipment and acquire hash powers for solving cryptographic puzzles; the more the miners pay, the more the hash power and the higher the chance of getting rewards. The SHA256 is designed in a way that guarantees the uniqueness of every data block and ensures that encrypted messages have integrity.

POS protocol is cost-efficient and allows any computer that is connected to the network to partake in the SHND blockchain's processes. Rewards earned here are 2540 per block and are proportionate to the total value held in the wallet consecutively for 29 days. The POS inbuilt security enables a lengthy stake of 30 days.  StrongHands offers 100% annual price rewards to participants.

For security purposes, there are wallets there are desktop and paper wallets with a private key for safe storage of the coins. The desktop wallets are supported by Linux, Windows 32, macOS and Windows 64.

Several significant events have taken place since the coin's first release. On 31 May 2018, the coin burning began.  Later, a swap from SHND to SHMN took place on 4th July  2018. During this swap, the team adopted DASH, Zerocoin, and PIVX to create Kaizen, a hybrid technology.  The move was a deliberate strategy to control inflation and create a long-term passive income source. The swapping ratio was 500,000:1. The last swap of 1000:1 happened in 2018. The developer team launched the Whitepaper in October 2018 and the SHNDX exchange was launched a year later. On 31st August 2020, StrongHands launched a new identity, GUI, and Logo.

The return on investment (ROI) for StrongHands is +145.89% for 3 months, +5.23 for 6 months and -25.80% for 12 months. The volatility of the coin is 124 % for 3 months, 144.37% for 6 months, and 227.12% for 12 months.

The current StrongHands projects that are either completed or underway include;

StrongHands Masternode project has already reached completion. It has improved the blockchain in ways such as; increased transaction privacy, instant transactions, more participation of users indecision-makingg, and easier budgeting.

StrongHands Exchange (SHNDX), is a platform that provides an excellent user interface for crypto trading. The platform is a partnership with Broad Analytica and Birake Network. The then financially ailing StrongHands created this platform in May 2020.  The main features of this exchange are security and stability, connectivity with fiat payment access. The advantages that users will reap here include; on-demand and instantaneous settlement, liquidity, and trading network connectivity. This platform will in the future integrate Android and iOS mobile wallets.

StrongPay framework will be created to enable easy verification on funding, payment gateways, and faster transactions.

StrongHands Finance is geared to enable a shift from old centralized financial techniques to decentralized technologies – Decentralized Finance (DeFi). DeFi will improve the blockchain's transparency, programmability, access, interoperability, and immunity against tampering.

The profitability of the StrongHands coin is dependent on factors such as taxes, electricity cost, and the cost of the mining setup.

StrongHands coin has some inherent advantages such as energy efficiency, security, and accessibility. However, StrongHands has some limitations such as the initial amount of SHND needed to acquire 1 Masternode which is exorbitant. The high operation costs, though meant to tame switching over blockchains, curtails users' freedom of choice. Mining of the coin is also cost and energy-consuming due to ASIC mining.

StronghHands' current competitors include Aerium, UltraCoin, Dogecoin, Waves, Monero, Digibyte, Bitcoin SV, and Bitcoin.

 

Our take

StrongHands coin is arguably a unique coin going by the algorithm it deploys. The developers knew the pain point of miners, and security, and handled it by bundling two protocols.

StrongHands performance has been promising given the ROI figures for the users.

The coin is protected against security attacks by putting in place exorbitant collateral requirement that ensures only genuinely interested users are on the platform. This strategy works as the high cost will probably wad off jokers or those with malicious intents. Users here can also enjoy the fast, secure and instant transactions that the platform offers.

To reap maximum benefits from this platform, loyalty is crucial. Switching over blockchains could cost the user a substantial loss of seniority bonus. Regarding this, the platform does not seem to appreciate the importance of respecting customers' preferences and choices.

The coin has also not lived up to the decentralization standards. The continued use of ASIC mining implies that the mining of the coin is limited to a few people.

The developer team is working on the coin to improve its operability and efficiency. This is good news as it signifies an imminent, customized user interface, and a better experience. As the new developments unfold, how far the coin will get remains to be seen.

As you examine your investment options, StrongHands should be on your list of considerations as well. Like for all cryptocurrencies though, due diligence should be exercised.