Cryptonite - XCN

Our Story

Cryptonite And The Innovative Mini-Blockchain:

Introduction

Cryptonite (also known as Crypton) was launched in 2014 and is the first crypto-currency to implement the mini-blockchain scheme along with many other innovative features. Our goal was to create a truly scalable cryptocurrency which combined many of the best ideas developed within the alt-coin community and some of our own innovative ideas. The basic philosophy of Cryptonite is to follow the ideals set by Bitcoin as closely as possible but improve upon everything that could be improved.

Cryptonite was developed by the Mini-blockchain Project over a period of almost four months. Cryptonite is a fork of the Bitcoin core but the code has been extensively modified and expanded upon. It seems that the altcoin community is experiencing a torrential flood of clone-coins right now and it is not our goal to add to that pile of useless altcoins. Our goal was to create something truly new, innovative, and useful to the cryptocurrency community.

The altcoin community should be about innovation, not a select few people making a quick buck. Our goal was to break out of that greed driven trend. Cryptonite had no pre-mine, no IPO, the difficulty adjustment algorithm is designed to adapt quickly and prevent instamines, the coins are distributed fairly over a long period of time (half mined after 10 years), we did over a month of public beta testing before release along with a week early pre-announcement.

Brief Overview

Mini-Blockchain

Cryptonite is the first implementation of the light weight mini-blockchain scheme. Nodes will never again spend days synchronizing with the network and the average user will not have to fear becoming a full node. This is possible because of our decentralized balance sheet approach.

Innovative Ideas

Cryptonite combines many great ideas developed by the altcoin community and also includes several novel features not seen in another cryptocurrency until now. Two innovative features which help improve security and trust are unmalleable transactions and withdrawal limits.

Smart Adaptation

Cryptonite achieves smart coin distribution by adjusting the difficulty and the block reward every block, adapting quickly to changes and providing smoother transitions. The dynamic max block size mechanism ensures that the transaction capacity of the network naturally grows over time.

Future Proofed

Cryptonite has an unparalleled potential for scalability and transaction capacity. The total coin supply has a full 64 bits of granularity, the nonce and the timestamp have also been increased to 64 bits. The M7 PoW algorithm uses multiple cryptographically secure hashing algorithms.

Micro-Transactions

Cryptonite has superior support for micro-transactions because we don't have to worry about keeping any so called "dust" in the blockchain forever. Since blockchain bloat is not a problem, blocks can be larger and we can encourage the use of custom transaction messages.

Multi-Sig Support

Cryptonite has full native support for multi-signature transactions, which require multiple parties to sign a transaction with different keys before it is considered valid. Multi-sig transactions are useful in many real world situations, especially for consumer protection and escrow schemes.

Specifications

- Block time: 1 per minute
- Block reward: changes every block (half life of 10 years)
- Max block size: changes every block (100 block average * 2)
- Difficulty adjustment: changes every block (1000 block filter)
- Coin supply: 2^64-1 units (1.84 billion coins, 10 dec places)
- Mining algorithm: M7 PoW
- Coin Maturity: instant
- Pre-mine: none

Community

Discord: Discord Cryptonite Server
Slack: Slack Cryptonite Team - auto-invite
Twitter: https://twitter.com/CryptoniteCoin

Youtube: https://www.youtube.com/channel/UCqbjAqVdIUk9Z_4jCoZQMbw/featured
QQ group number: 97155800
IRC: #cryptonite on freenode
Reddit: https://www.reddit.com/r/Cryptonite
Wiki: http://cryptonite.info/wiki/

Pool
Suprnova Pool: xcn.suprnova.cc

Block Explorer
Explorer: http://explorer.digicent.org/

Media
Meet xcn:https://www.youtube.com/watch?v=iPUiFpGtxnk
FTReporter article on XCN
letstalkbitcoin.com: Beyond Bitcoin Ep 18: Cryptonite
CoinsSource.com: Interview With The Founder of Cryptonite