Introduction There are many different cryptocurrencies on the market now. These cryptocurrencies have lots of advantages and disadvantages. To send private transactions, one could use Monero, for sending coins without fee one have to use another coin. We are aiming to connect advantages together to provide many features with a single coin: Mist. The name comes from one of it’s features, privacy. The design utilizes
DAG.
Technical Info:Mist aims to have the following features: No fee, instant, private transactions and hiding the coins of accounts. By providing these features, we aim to have single coin to use in many cases. For using a code base, we decided to fork RaiBlocks’ source code for fast start.
● No Fee Transactions:
Mist has no fee transactions. Only sender of the transaction uses processing power on transaction. We have inherited the Proof-of-Work algorithm from RaiBlocks. This is only to provide, security of the network, by using non replaceable transactions and to stop spammers from sending many transactions at once. At the beginning, we are planning to set a hard difficulty limit to prevent spammer spam the network with no fee transactions. There is a disadvantage of this approach: if specialized hardware steps in to handle this type of attack, a hard cap would not be able to stop these with a distributed attack system. Increasing proof-of-work target on spamming situations will make this attack not feasible for the attacker.
● Fast Transactions:
There is no block time with Mist approach. Senders mine their transactions by themselves and send the transactions to network for getting confirmations from nodes. Although Proof-of-Work is done by every transaction by sender, the difficulty is not high, so that without special hardware, a transaction can be mined within seconds. Every account has its own chain for saving the transactions. By providing this, nodes can confirm the transactions very fast and synchronization of accounts can be scheduled for high speed confirmation with priority.
● Private Transactions:
This is the problem of many coins, generation of rich list and tracing the transactions are possible for many coins. There are multiple solutions for this problem. We have chosen Monero approach to be able to solve this problem. Monero uses single usage RingCT Keys for signing the transactions. Sender uses receiver’s public key in order to hide the transaction from the others. Receiver can look over the transactions for unlocking the transaction itself. This brings one huge problem to network: Creating coin out of thin air. Monero have solved this problem by using Pedersen Commitment. Pedersen Commitment will verify the coins being sent to a receiver is not being generated over thin air. While the commitment proves the coins are really exists, the amount is not released to network or any nodes to provide privacy of the transaction.
Specifications
Name: Mist
Abbreviation: MST
Algorithm:Proof-of-Stake (For consensus)/Proof-of-Work (Sender mines his/her own transaction)
Mining reward: Free Transaction
Max Supply: 400,000,000
Block Time: None
Distribution There will be total 400,000,000 generated Mists total. Since the coin is not mineable, we are planning the distribute a significant amount to create more distributed and fair environment. %7.5 of the coins will be shared among the founders of this project. With another %7.5 we will be using for creating necessary technical infrastructure for distribution of the system. As there is no mining reward or proof-of-stake concept, we need to support the distribution of nodes and use these coins as an encouragement.
The rest
%85 of the coins will be distributed among all of the donators. %20 of the coins will be distributed as bonus for those who have donated before Testnet release. These people will get coins from both %20 and %65 part. We are not planning the set a price for this because this not a crowdsale, donations will be used for the project .Anyone who donates a sensible amount will get some shares and shares will be fair (who pays more will get more coins). We are going to calculate the shares of different coins with value against Bitcoin. Distribution will happen after the first stage of development is over.
You can find the donation addresses at the end of the post. Please send a PM before sending a transaction with information about the transaction. We will provide the list of the donations so you will able to see that we have confirmed your donation. Please PM us in case of any problems.
Trust Although privacy is a good advantage for using a coin it has a big issue: trust. To be transparent, all data of Genesis block will be public for investigation of anyone.
Roadmap● Development*
● Test-net Release
● White Paper
● Exchanges
○ Negotiate with exchanges in order to enable trading on our release date
● Release
○ Coin Distribution
○ PC and Mac wallet release
○ Publish Github repository
● More Exchanges
● Mobile Wallets
○ iOS and Android wallets
*Month by month we will update this thread in order to inform you about the progress on development.
TeamFor now, we are just 3 members. But we are trying to increase that number for this reason we don’t want to give any exact date for roadmap milestones. Our identities will be kept anonymous, we are strongly believing that all the identities behind the coin may be considered as centralizing force, in our opinion that's why Satoshi kept his identity secret .
As you know, this project is in the early stage. Informations that we provide may be change on development phase for community benefit. What we will not change is the idea of making feeless-private-secure transactions. Also, we are all open-minded people for better solutions/ideas, you can suggest anything.
Ideas don’t come fully formed; they only become clear when you work on them, you just have to get started -
Mark Zuckerberg FAQWTF PoW, PoS and we cannot mine coin? RaiBlocks uses Proof-of-Work for preventing spam to network and Proof-of-Stake like consensus mechanism for voting. These will be inherited from RaiBlocks, so we are not creating something new with mixing those Algorithms, they are already working together on Raiblocks. If you are still not sure, we strongly recommend you to read Raiblocks' Whitepaper. These are explained in detail there.
https://raiblocks.net/media/RaiBlocks_Whitepaper__English.pdf (If you do not want to read it all, look at
System Overview and
Attack Vectors sections.)
X Coin is already doing the same thing, what is your difference? This question has been answered in following question however a short high level explanation is this:
Our private transaction algorithm is different than the others. If you want to get more information, please continue reading.
There are several DAG-Private coin announcements that promises the usage of zk-SNARKs algorithms on DAG structure, why you're not using zk-SNARKs ?
We are not believing on zk-SNARKs algorithm for scalability issues (Large space and computational requirements). In our opinion, trusted setup does not provide fully decentralization and privacy. We are working on alternative solutions. Also, we are aware that alternative solution for trusted setup problem is represented* but not implemented yet, for this reason we don’t want to change our design for now.
*Doubly-efficient zkSNARKs without trusted setup - https://eprint.iacr.org/2017/1132.pdf
Why should i donate NOW ? You don't have to, but we want to increase our acceleration on development that why we want to hire new developers. Furthermore, our future plan contains marketing which might be costly.
Donation Addresses: Bitcoin: 19HNvWQLqwxoFFna4tsokdUYYscHwKuxm4
Ether: 0x747e70479876C0A1CBd6316E0090d80869Ad1BB5
Monero: 46do3AAk2dxVjMSjnVchsM9QLCmEpmcvUjSjrc7sjYRdRfLdJCJomdRhnGMtejadoN71MYgKHQzrUK5
FtXr2amJTFYKSpjc
Litecoin: LR9PwXFDuT41EtQJHAH5RqMHS3kRwjWu1f
Dash: XotkLb7BVHCwin2JjM6dn7mcHwTAq1uFhN
Raiblocks: xrb_3dr85itqn41k4g9e9sbwfxgbdbb4k6135nx4bp7gw68ebrett7m5oafcoqr6
Donation List:
