Shield is one of the newest cryptocurrencies that have been introduced in recent years, and it has been designed to be completely secure, anonymous and peer-to-peer based. On top of this, it has very fast transaction speeds, and very low processing fees, making it very appealing indeed.
A problem that often sets other cryptocurrencies back is scalability; but, Shield has great potential to be highly scalable. This is because it has a blockchain that utilises ‘project sharding’, which will keep it scalable, even as the demand increases. The system also uses a multi-algorithmic safety shields, making it resistant to 51% of attacks, as well as making it more accessible to third party miners.
So, just how does Shield work? We have already mentioned the use of multi-algorithmic protocols, which means that users can harvest the power of the platforms GPUs and ASICs, to mine together within the blockchain. The rewards that you can gain are then allocated proportionally in accordance with the total block reward.
Does this all sound a little too good to be true? Well the fact of the matter is; it might well be. Shield tokens were only introduced last November, so they are still very new, which means that it can be incredibly difficult to assess how it will perform in the future. Since being introduced, the virtual currency has gained traction, but only saw one peak in value at the beginning of this year. In recent weeks, just like most other cryptocurrencies, it has seen a real dip in value.
Despite this, it does have a lot going for it. It has made promises to replace outdated technologies with much newer and better suited protocols, but really only time will tell whether it will be a complete success. But, if you are looking for a new virtual currency with great potential, Shield could be a really great one to watch.