Welcome to Monero Lite
New Crypto-Currency with anonymous transactions, secure and fast.
Alternative to Monero? Maybe (we do not have this pretencion), but a decentralized network with Big Blockchain ambitions: Yes, why not?
We are Monero Lite, a new crypto-currency that will not revolutionize, but bring more anonymity, security and fast transactions, all in a decentralized network without any owners, without governments dictating rules, much less abusive fees, the best part, everyone can join us, we are a Team.
Features:- Untraceable Payments
- Fully Decentralized
- Unlinkable transactions
- Algorithm CryptoNight
- No Pre-Mining
Monero Lite Specification:- Abbreviation: XMRL
- PoW algorithm: CryptoNight
- Max Supply: 4,752,000 coins
- Difficulty Target: 60 Seconds
- Fee:0.001
- P2P Port: 17000
- RPC Port: 17001
What is CryptoNight?
CryptoNote is the technology that allows creation of privacy-centric cryptocurrencies. You can visit their website here. The level of anonymity provided by CryptoNote isn't possible with Bitcoin code base by design. Bytecoin (BCN) was the CryptoNote reference implementation.
Two of the main features of CryptoNote are ring signatures that mask sender identities by mixing and one-time keys that make transactions unlinkable. Their combined effect gives a high degree of anonymity without any extra effort on the part of the user.
Unlike Bitcoin, your funds are not held in the address you give out to others. Instead, every time you receive a payment it goes to an unlinkable address generated with random numbers. When you decide to spend the funds in that one-time address, the amount will be broken down and the components will be indistinguishable from identical outputs in the blockchain.
For example if 556.44 XMRL are sent, the protocol will break it down into 500 + 50 + 6 + 0.4 + 0.04 and a ring signature will be performed with other 500's, 50's, 6's, 0.4's, and 0.04's in the blockchain. Unlike the "CoinJoin" mixing method, CryptoNote mixes outputs not transactions. This means no other senders need to be participating with you at the same time or with the same amounts. Any arbitrary amount sent at any time can always be rendered fundamentally indistinguishable (a mathematical proof is given in the white paper).
The degree of anonymity is also a choice rather than decided by the protocol: do you want to be hidden as one among five or one among fifty? The size of the signature grows linearly as O(n+1) with the ambiguity so greater anonymity is paid for with higher fees to miners.
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