Mission Statement Features Community Wallets Roadmap

Frequently Asked Questions

How is Wisp’s privacy different from other coins ?

Wisp uses three different privacy technologies: ring signatures, stealth address, and Tor networking. These hide the sender, receiver, and origin of the transaction, respectively. You do not need to trust anyone else with your privacy.

Why is Wisp needed ?

Privacy, security and anonymity are a basic human right; these rights are being eroded by increasingly draconian laws which seek to criminalise privacy.

Furthermore, people all over the globe use centralised remittance (money transfer) services on a daily basis by sending billions of dollars across international borders. Remittance services such as banks, Western Union, PayPal or other mainstream services are highly controlled and centralised. However, many people, especially immigrants in western countries, do not have a bank account or they lack the funds to pay the sometimes exorbitant fees.

Wisp thus provides a secure, decentralised, low cost and private option to send funds to anyone, anywhere in the world.

What is staking ?

Staking is a method to reward people in a decentralised fashion for supporting the Spectrecoin network; in order to stake, your wallet needs to be open, unlocked, and connected to the Internet.

Wisp utilises Proof-of-Stake (PoSv3) with an inflation rate of 5% annually; this is a fair and secure way to maintain network consensus and to reward users who support the network by keeping their wallets open. PoSv3 is an energy efficient consensus mechanism that does not utilise large energy consuming mining hubs as is the case with Bitcoin and other Proof of Work coins.

Everyone has an equal chance of getting a staking reward based upon the amount of Wisp they hold in their wallet.

Note that staking rewards are currently not anonymous; it’s possible for someone to view which wallets receive which rewards. This will be changed in a future update.

How do I stake ?

To stake, your wallet needs to be open and connected to the Internet (you also need to unlock your wallet “for staking only” if you have set up a password or phrase for it). The quickest way to do this is to click on the lock icon in the upper-right corner of the wallet, this will prompt you to enter your password or phrase. Once you have entered your password or phrase, the lock will turn orange. If you hover your mouse over the lock icon, you will see a popup that informs you that your wallet is encrypted and unlocked for staking only.

The staking reward is probabilistic and averages about 5% per year. There is no "minimum" amount needed to stake.

Once you have received a staking reward, after 288 blocks the newly minted coins will contribute to your stake weight on the network, and in turn increase your staking probability. (Note that not everyone is staking, so if only 50% of the total coins in existence are staking, you will forge blocks twice as often, and your total reward will increase accordingly.)

Why is my wallet taking so long to sync ?

1. Go to the debug console (Tools -> Debug, then the "Console" tab)

2. Type "rewindchain 1000" and hit Enter.

3. Wait for your wallet to sync

My wallet has stopped syncing

In order to stake your coins, you need to copy the entire blockchain to your computer. This can take a long time, especially on an old hard drive or slow internet connection.

Fork : What does it all mean?

New Spectrecoin = Spectrecoin 2.0 (With 17% development fees)
Old Spectrecoin (before 2.0) = Wisp (Without development fees)

If you have 1 XSPEC in your wallet before the fork, the same wallet.dat will work for the old Spectrecoin (Wisp) and for the new Spectrecoin (Spectrecoin 2.0), so you will have 1 XSPEC and 1 WISP.

How is Wisp funded ?

Wisp is an open-source project, so all of the development work is funded by the developers and community donations.

Can I mine Wisp ?

No, Wisp is a Proof of Stake coin only.