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

[arielbit]

PLEASE READ:

Ok folks, it has become highly apparent to us that stretching out the mining period as a solution to the huge coin supply issue is not very satisfying for all parties. As a result of the concerns raised we are revising the specs one last time in an effort to please all parties. First of all we are reverting the half life of the block reward back to 10 years like it was it was originally, so that investors don't feel so worried about the long term inflation. Then to appease those people who don't like seeing huge unsightly numbers, we have shifted the decimal 2 places to the left, meaning there will be a total of 1.84 billion XCN, each with 10 decimal places of divisibility instead of 8. We didn't want to scrap the 64 bits of divisibility because we kind of tout that as a feature of the coin, and shifting the decimal place didn't require us to break the current protocol (although reverting back to a 10 year half life did). And before anyone says "but 10 decimal places is unseemly", the numbers can always be rounded down to something more presentable if necessary, and coins such as Monero already use 12 decimal places for each coin.

i think it is a good move...people are impatient and greedy, it is normal and will not destroy the coin.

[1714656684]

1714656684

[buddynuno]

@bitfreak, you really have a nice project here and I would like to support it but maybe you should consider the total amount of supply of coins to be produced. 1.84 billion coins is unsustainable imho. Why so many coins? How about 184 million or even 84 million?

[studio1one]

nice concept. Spoken to any exchanges yet?

[bitfreak!]

@bitfreak, you really have a nice project here and I would like to support it but maybe you should consider the total amount of supply of coins to be produced. 1.84 billion coins is unsustainable imho. Why so many coins? How about 184 million or even 84 million?

1.84 billion is perfectly fine, there is nothing "unstable" about it. We've done all we can to make people happy, the specs are now absolutely final and wont be changing. So lets move on to discussing other issues please.

nice concept. Spoken to any exchanges yet?

lazycoins.com has contacted us about adding Cryptonite onto their exchange. Hopefully that'll be setup shortly after release.

[uvt9]

I don't understand why there are so many people demanding to lower total supply. The only difference between 184 billion and 18 million is the decimal point. If 18 million, you can buy 1000 coins and if 184 billion, you can buy 10 million coins with the same amount of BTC. The value of you stash in BTC doesn't change. If you want such a low supply, go buy some shitcoin like 42coin or 365coin instead.

The only thing that matter is how block reward will be calculated over time, i.e. inflation.

I'm pretty sure that Cryptonite will be copied very soon once the code published. Those copy-cat devs probably will choose much lower total supply but much shorter mining period to attract more noob investors.

Please lower the total coins

We have a possible Monero killer here but total supply is too much, a balanced total is best

No too much nor too scarce, keep it within 1 billion

I garuntee you this can outrun Monero but only if the coins have a digestable total

Dont ruin this winner, please

Dude, Monero and Cryptonite are two different things, I don't think these two are direct competitors. Monero focus on improving privacy of users by unlinkable blockchain, while Cryptonite focus on reducing blockchain size of original Bitcoin code base.

[bybitcoin]

So it adjusts at each block dynamically, but what is the initial block reward value?
Couldn't  find it in the OP..

[bitfreak!]

So it adjusts at each block dynamically, but what is the initial block reward value?
Couldn't  find it in the OP..

I believe it will start at about 243 XCN per block.

[djm34]

by the way, which version of ripemd and tiger will you be using for this coin ?

[catia]

by the way, which version of ripemd and tiger will you be using for this coin ?

It's ripemd160 and tiger not 2 (1 maybe?)-192

[Primitive]

is there any hope for someone non-technical to mine this coin?

[tacee]

when will XCN be launched?

[Primitive]

when will XCN be launched?

did you read the OP?  your answer is in the first sentence.

[Uran0s]

I am preparing my money for launching ;]

[ObscureBean]

is there any hope for someone non-technical to mine this coin?

I think you should be able to manage. I'm assuming you've mined other coins before?
The M7 is a new algo but it shouldn't be that hard for you to set up your CPU to mine XCN.
Maybe the dev or someone else could include a mining guide for newbies in the wiki at some point 

[Primitive]

is there any hope for someone non-technical to mine this coin?

I think you should be able to manage. I'm assuming you've mined other coins before?
The M7 is a new algo but it shouldn't be that hard for you to set up your CPU to mine XCN.
Maybe the dev or someone else could include a mining guide for newbies in the wiki at some point 

i have only a very small amount of experience.  but i have time to set up, test etc. 

also, since XCN is cpu, doesn that mean it is vulnerable to botnets?  (which also will make it harder for a regular guy just mining with a cpu?)

i like this coin, but i think i probably will just have to buy from miners at high $$

[testadimerlo]

Hoping for a stratum algo.. Will it there be?

[billotronic]

is there any hope for someone non-technical to mine this coin?

I think you should be able to manage. I'm assuming you've mined other coins before?
The M7 is a new algo but it shouldn't be that hard for you to set up your CPU to mine XCN.
Maybe the dev or someone else could include a mining guide for newbies in the wiki at some point 

i have only a very small amount of experience.  but i have time to set up, test etc. 

also, since XCN is cpu, doesn that mean it is vulnerable to botnets?  (which also will make it harder for a regular guy just mining with a cpu?)

i like this coin, but i think i probably will just have to buy from miners at high $$

Well get over here and start playing with beta for practice

And I do not think botnet OPs choose coins on speculation. IE they would mine monero before this because there is a price and demand for the coin... otherwise known as profits.

[Altcoin4life]

Looks good, what was the reason behind this vast number though? "Coin supply: 2^64-1 units (1.84 billion coins, 10 dec places)"

[wenjiannin]

is there any hope for someone non-technical to mine this coin?

I think you should be able to manage. I'm assuming you've mined other coins before?
The M7 is a new algo but it shouldn't be that hard for you to set up your CPU to mine XCN.
Maybe the dev or someone else could include a mining guide for newbies in the wiki at some point 

i have only a very small amount of experience.  but i have time to set up, test etc. 

also, since XCN is cpu, doesn that mean it is vulnerable to botnets?  (which also will make it harder for a regular guy just mining with a cpu?)

i like this coin, but i think i probably will just have to buy from miners at high $$

Well get over here and start playing with beta for practice

And I do not think botnet OPs choose coins on speculation. IE they would mine monero before this because there is a price and demand for the coin... otherwise known as profits.

since XCN is cpu   i like this。

[djm34]

I have the feeling that half the people answering that thread still think it is some sort of cryptonight/wild keccak algo from what I read which not always makes a lot of sense in the context...