[PRE-ANN][XCN] Cryptonite | 1st mini-blockchain coin | M7 PoW | No Premine

[statdude]

@bitfreak so there is a CPU miner?

[bitfreak!]

@bitfreak so there is a CPU miner?

Well there's obviously CPU mining built into the client but it'll be solo mining only until we or someone else gets a pool online. It'll be a little be tricky to adapt existing pool software to Cryptonite since so much of the protocol is different.

[devanh]

Ok after carefully considering all your concerns about the total coin supply we decided to do something about it. We had several options but ultimately we decided not to lower the total coin supply, instead we decided to stretch out the time it takes for all the coins to be mined. So instead of having a 10 year half life, we have increased it to 100 years, meaning it will take 100 years before half of all the coins are mined. That should mean about 1 billion coins mined in the first year.

There are several reasons we decided to take this approach, first of all it's the easiest, and it mimics the same type of coin scarcity we would get simply by lowering the total coin supply. Secondly, this type of ultra long mining period will ensure a very fair distribution of coins over a very long period of time. Thirdly, a it's a more organic solution to the problem because we don't have to mess around with any constants and it comes with some advantages such as fairer distribution.

Thank you for doing this. Nice to see such a compliant dev in the midst of all these scams. The coin should do very well.

[WilderX]

Hey Dev! Good project. Few questions!

1. Why did you decide to go with pure PoW and no PoS? Don't you think PoW is dying and PoS is the way to go it's too expensive to keep the network up on the long run with PoW don't you think?

2. M7 where does this algo land in terms of heat and power consumption as compared to Scrypt / X11 ... X15 / Fresh and so on...

3. Do you think there will be constant BUY support for your coin and if so why? Will people actually want to use this coin instead of others and not only for holding and then dumping?

[wizzardTim]

Can we have a Digital Ocean mining guide to be ready to mine?

[bitfreak!]

1. Why did you decide to go with pure PoW and no PoS? Don't you think PoW is dying and PoS is the way to go it's too expensive to keep the network up on the long run with PoW don't you think?

Well there were time constraints but we also wanted to stick as close to Bitcoin as possible. Plus I don't exactly buy into the whole PoS thing. I recently read about one coin having to roll back their blockchain because someone owned too many coins. And the last reason is because we wanted to leave something for the clones to do. If we did include PoS then someone else would have made a pure PoW clone anyway.

2. M7 where does this algo land in terms of heat and power consumption as compared to Scrypt / X11 ... X15 / Fresh and so on...

Well the amount of power you burn up mining doesn't really depend on the PoW algorithm so much as it depends on the difficulty or how many people are mining. Memory hard algorithms might be a bit more energy efficient but M7 should use just as much energy as X11 if I'm not mistaken.

3. Do you think there will be constant BUY support for your coin and if so why? Will people actually want to use this coin instead of others and not only for holding and then dumping?

Well you can read the wiki and the features this coin has and make up your own mind. My opinion is that Cryptonite has many features which make it useful for actually conducting transactions instead of just holding. For a start we can handle more transactions and micro-transactions are feasible because of transaction prunability. And fundamentally Cryptonite is a more pure sort of currency, it's more like transferring money between bank accounts instead of treating the transactions like money by using scripts. And lets not forget that we've eliminated transaction malleability and have extra security features like withdrawal limits, which are both only possible in the mini-blockchain scheme. Cryptonite is purposely crafted to function as a powerful and pure form of P2P currency.

[catia]

Can we have a Digital Ocean mining guide to be ready to mine?

You can try to set it up now using the testnet binaries.

[WilderX]

1. Why did you decide to go with pure PoW and no PoS? Don't you think PoW is dying and PoS is the way to go it's too expensive to keep the network up on the long run with PoW don't you think?

Well there were time constraints but we also wanted to stick as close to Bitcoin as possible. Plus I don't exactly buy into the whole PoS thing. I recently read about one coin having to roll back their blockchain because someone owned too many coins. And the last reason is because we wanted to leave something for the clones to do. If we did include PoS then someone else would have made a pure PoW clone anyway.

2. M7 where does this algo land in terms of heat and power consumption as compared to Scrypt / X11 ... X15 / Fresh and so on...

Well the amount of power you burn up mining doesn't really depend on the PoW algorithm so much as it depends on the difficulty or how many people are mining. Memory hard algorithms might be a bit more energy efficient but M7 should use just as much energy as X11 if I'm not mistaken.

3. Do you think there will be constant BUY support for your coin and if so why? Will people actually want to use this coin instead of others and not only for holding and then dumping?

Well you can read the wiki and the features this coin has and make up your own mind. My opinion is that Cryptonite has many features which make it useful for actually conducting transactions instead of just holding. For a start we can handle more transactions and micro-transactions are feasible because of transaction prunability. And fundamentally Cryptonite is a more pure sort of currency, it's more like transferring money between bank accounts instead of treating the transactions like money by using scripts. And lets not forget that we've eliminated transaction malleability and have extra security features like withdrawal limits, which are both only possible in the mini-blockchain scheme. Cryptonite is purposely crafted to function as a powerful and pure form of P2P currency.

OK I think I will be mining this. You might have something here!

BUT PLEASE: Do some marketing and then some and then some more... OK? Don't forget that! You have to hit them social networks hard and we will help you! Good marketing and unique features you have you will fly straigh to top 15 on coinmarketcap is my estimate, BUT again.. Marketing and you should start on it immediately.

[bybitcoin]

Bitfreak, glad to see that you are finally releasing your mini-blockchain coin.
I have been watching the other two threads for over a year!

[statdude]

How do you mine within client?

[Gablez]

Ok after carefully considering all your concerns about the total coin supply we decided to do something about it. We had several options but ultimately we decided not to lower the total coin supply, instead we decided to stretch out the time it takes for all the coins to be mined. So instead of having a 10 year half life, we have increased it to 100 years, meaning it will take 100 years before half of all the coins are mined. That should mean about 1 billion coins mined in the first year.

There are several reasons we decided to take this approach, first of all it's the easiest, and it mimics the same type of coin scarcity we would get simply by lowering the total coin supply. Secondly, this type of ultra long mining period will ensure a very fair distribution of coins over a very long period of time. Thirdly, a it's a more organic solution to the problem because we don't have to mess around with any constants and it comes with some advantages such as fairer distribution.

While this solution makes sense, I think it would have been better to just lower the total supply.  On the surface level, a new trader who looks at the total supply might be turned away by the 186 billion total, even if it is going to be distributed over 100 years.

Realistically, this coin won't reach age 100, I'm doubtful any crypto will.  We will be playing with some other digital currency form by then.

So why not just cap it to 18 billion?

Either way, I'm excited for this launch.

[bitfreak!]

BUT PLEASE: Do some marketing and then some and then some more... OK? Don't forget that! You have to hit them social networks hard and we will help you! Good marketing and unique features you have you will fly straigh to top 15 on coinmarketcap is my estimate, BUT again.. Marketing and you should start on it immediately.

Honestly I'm so confident in the features of this coin that I think it will market its self. I will try to do some marketing but I don't like using social networks like Facebook for marketing. But most importantly, I don't want to generate a bunch of hype and then have the whole network explode. It's important to keep in mind how experimental Cryptonite is, I'd rather wait until we have some traction before doing any serious marketing. And by that time we will also have some services such as mining pools and blockchain explorers set up. It will take a while to adapt current bitcoin-based technology to Cryptonite because it really does work differently to all the current coins on a low level.

[bitfreak!]

How do you mine within client?

Same way you do with Bitcoin, use the setgenerate command.

On the surface level, a new trader who looks at the total supply might be turned away by the 186 billion total, even if it is going to be distributed over 100 years.

It's much longer than 100 years, half of all coins will be mined in 100 years. But if they choose to turn away based on a quick glance then it's their problem.

Realistically, this coin won't reach age 100, I'm doubtful any crypto will.  We will be playing with some other digital currency form by then.

Well then it doesn't really matter either way, the end result is the same, a smaller coin supply for the time we do use it.

[statdude]

How do you mine within client?

Same way you do with Bitcoin, use the setgenerate command.

On the surface level, a new trader who looks at the total supply might be turned away by the 186 billion total, even if it is going to be distributed over 100 years.

It's much longer than 100 years, half of all coins will be mined in 100 years. But if they choose to turn away based on a quick glance then it's their problem.

Realistically, this coin won't reach age 100, I'm doubtful any crypto will.  We will be playing with some other digital currency form by then.

Well then it doesn't really matter either way, the end result is the same, a smaller coin supply for the time we do use it.

Thanks BF.

Can you make a pros/cons list versus Cryptonote/XMR or does one exist?

[djm34]

is this related to cryptonight algo or wallet ? (I read what was the algo... but since some people are speaking about cryptonight... I just want to be sure...)

[bitfreak!]

is this related to cryptonight algo or wallet ?

No.

Can you make a pros/cons list versus Cryptonote/XMR or does one exist?

Well for a start we wont have a blockchain which is hundreds of gigabytes in size in a short period of time. In fact we have the exact opposite, a highly scalable mini-blockchain scheme. But the one thing Cryptonite doesn't have is improved anonymity, it's just about the same as the level of anonymity Bitcoin provides. But if improved anonymity requires a blockchain as large as the Monero blockchain then I say we're better off without it. If users really want more anonymity they can use Tor and be careful about how they make transactions.

[provenceday]

watch this.
nice coin.

[djm34]

did you change your mind regarding the m7 (I can't find that on the wiki page  ).

I think sha256/sha512 is a bit redundant
Why not replacing sha256 by skein512 (also it will be crypting only half of the hash, so placing it in the first position doesn't seem a good idea)

[tacee]

like it and i'll mine this coin

[robinf]

lol https://bitcointalk.org/index.php?topic=700039.0
Who will be the faster?

That's funny!!