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

[twistelaar]

Where can I buy this coin? Thanks

[enerbyte]

Where can I buy this coin? Thanks

here!

Exchanges

Bter: www.bter.com
btc38: www.btc38.com
C-CEX: www.c-cex.com
Poloniex: www.poloniex.com
BX: www.bx.in.th

[e6ug]

A few interesting things worth noting about the block explorer:

Withdrawal limit update transactions are correctly displayed in the explorer. For example if you look at the transactions associated with this address you'll see that the withdrawal limit has been changed several times. When changing the withdrawal limit on an address you'll still need to pay a transaction fee (this is to help prevent DoS attacks).

The other interesting thing I wanted to point out was the genesis block. You'll notice that it contains a single transaction with no inputs and one output which sends the total coin supply to "the coinbase account" (aka CGTta3M4t3yXu8uRgkKvaWd2d8DQvDPnpL). If you take a look at the transactions associated with that address you'll notice it's a list of every block reward ever paid out to miners.

In 99% of other altcoins, the block reward is sort of "minted" when the block is solved, the coins aren't sourced from anywhere, there is no input. However, unlike all those other altcoins, Cryptonite has a concept of balances, that is what the trie.dat file is, it's a list of all non-empty addresses in the network and their balances. The inputs and outputs simply point to addresses in that balance sheet, instead of pointing to other transactions as they do in most other altcoins.

When a block is mined in Cryptonite, the block reward is actually subtracted from the balance of the coinbase account, and that is why the transaction in the genesis block sends the total coin supply to the coinbase account. The address for the coinbase account does not have a known private key because it's derived from a public key hash consisting of all 0's. But even if the private key was discovered it still couldn't be used because it's only allowed to make coinbase transactions.

Since transactions don't have inputs and outputs which link together like in other altcoins, there is no reason to store old Cryptonite transactions. ALL transactions can be forgotten after some period of time (it's a week in Cryptonite), there is no reason we'll ever need to go back and find unspent outputs, because in some sense all Cryptonite transactions instantly become "spent" after they are applied to the balance sheet / account tree.

LOVE IT   

[iCEBREAKER]

A few interesting things worth noting about the block explorer:

Withdrawal limit update transactions are correctly displayed in the explorer. For example if you look at the transactions associated with this address you'll see that the withdrawal limit has been changed several times. When changing the withdrawal limit on an address you'll still need to pay a transaction fee (this is to help prevent DoS attacks).

The other interesting thing I wanted to point out was the genesis block. You'll notice that it contains a single transaction with no inputs and one output which sends the total coin supply to "the coinbase account" (aka CGTta3M4t3yXu8uRgkKvaWd2d8DQvDPnpL). If you take a look at the transactions associated with that address you'll notice it's a list of every block reward ever paid out to miners.

In 99% of other altcoins, the block reward is sort of "minted" when the block is solved, the coins aren't sourced from anywhere, there is no input. However, unlike all those other altcoins, Cryptonite has a concept of balances, that is what the trie.dat file is, it's a list of all non-empty addresses in the network and their balances. The inputs and outputs simply point to addresses in that balance sheet, instead of pointing to other transactions as they do in most other altcoins.

When a block is mined in Cryptonite, the block reward is actually subtracted from the balance of the coinbase account, and that is why the transaction in the genesis block sends the total coin supply to the coinbase account. The address for the coinbase account does not have a known private key because it's derived from a public key hash consisting of all 0's. But even if the private key was discovered it still couldn't be used because it's only allowed to make coinbase transactions.

Since transactions don't have inputs and outputs which link together like in other altcoins, there is no reason to store old Cryptonite transactions. ALL transactions can be forgotten after some period of time (it's a week in Cryptonite), there is no reason we'll ever need to go back and find unspent outputs, because in some sense all Cryptonite transactions instantly become "spent" after they are applied to the balance sheet / account tree.

LOVE IT   

Yep, that's good stuff for sure!   

I told Coinmarketcap guy about the new site of blockchain exploring , so we should have a long-overdue market cap update Soon^TM.

[iCEBREAKER]

XCN's safe zero-confirmation transactions seem ideal for online poker.

How so? Quick deposits or something? What I really think Cryptonite may be good for is those dice games which generate a lot of micro-transactions, since we can handle such dust much better than a typical blockchain.

I'm guessing he's saying you could run the whole game on the blockchain. With no limit on transactions and/or problems with bloat I'd guess you can decentralize the whole thing.

But with a fee for every bet that might end up expensive? But probably much less so than regular rake.

Well the withdrawal limits need to be set up properly for secure 0-conf transactions to work, and like you said the fees may make it too expensive. A central poker server would still be faster and less expensive.

Jungian is reading my mind correctly.  Not just poker but the entire casino should be shoveled into a blockchain (or two).

BF is right about the relative expense, but I think there is a good chance the benefits of decentralizing outweigh the demonstrably massive cost/risk of central poker, etc. servers.

Too bad XCN was still in development when VIA/XCH launched; their smart contracts could benefit tremendously from safe zero trust/confirmation tx and cheap blockchain space.

Ah well, there's plenty of time in the future...

[teknohog]

Any ideas on a transaction that doesn't get through? No confirmations, and the block explorer shows nothing with the txid or address. I sent it several hours ago. The machine is behind NAT, but it's synced fine as I do receive payments.

Does your local machine have anything interesting to say about it via listtransactions or getrawtransaction txid 1

There was nothing out of the ordinary.

However, I then restarted the daemon, and it seems like things have been reset: listtransactions now shows it with -1 confirmations, getrawtransaction no longer finds the tx, and balance of the sending address is back to the pre-send level.

[ocminer]

Any ideas on a transaction that doesn't get through? No confirmations, and the block explorer shows nothing with the txid or address. I sent it several hours ago. The machine is behind NAT, but it's synced fine as I do receive payments.

Does your local machine have anything interesting to say about it via listtransactions or getrawtransaction txid 1

There was nothing out of the ordinary.

However, I then restarted the daemon, and it seems like things have been reset: listtransactions now shows it with -1 confirmations, getrawtransaction no longer finds the tx, and balance of the sending address is back to the pre-send level.

-1 means orphaned, you have the funds back, correct.

[teknohog]

-1 means orphaned, you have the funds back, correct.

Thanks, nice to know

BTW, the send happened around a time of network outages, my service was seriously laggy for several hours. However, other coins/miners did not seem to suffer.

[mczarnek]

What is the total supply of XCN going to be?  Interested in buying in but if only 1% of the coin has been released, meaning the price is basically actually 100 times higher.. may have to rethink that.

[enerbyte]

What is the total supply of XCN going to be?

http://explorer.cryptonite.info/?page=stats

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

[Amph]

diff still too high for the profit, probably only miners with super cheap electricity or no electricity(which mean stealing) at all are mining, the latter can mine forever if they roi'ed, lucky them

[joelao95]

diff still too high for the profit, probably only miners with super cheap electricity or no electricity(which mean stealing) at all are mining, the latter can mine forever if they roi'ed, lucky them

Sometimes things go towards the direction unexpected, likely reason could be that these miners put efforts into mining and consider it as a long term investment that turns out their faith in the coin. That's good anyway.

[pallas]

diff still too high for the profit, probably only miners with super cheap electricity or no electricity(which mean stealing) at all are mining, the latter can mine forever if they roi'ed, lucky them

Sometimes things go towards the direction unexpected, likely reason could be that these miners put efforts into mining and consider it as a long term investment that turns out their faith in the coin. That's good anyway.

it doesn't make sense to mine at a loss anyway: better use the money you'd pay on electricity for buying the coins on an exchange: you get more coins!

[iCEBREAKER]

it doesn't make sense to mine at a loss anyway: better use the money you'd pay on electricity for buying the coins on an exchange: you get more coins!

Sending money to exchanges risks

-your bank closing your account and maybe stealing your money
-the exchange being robbed, having technical difficulties, or stealing your money
-something going wrong with the transfers, and your money being lost

If you don't want to be Goxed or Weexed, paying for electricity to mine is a nice safe choice because the coins never leave your possession.

There are counterparty risks with pools not present with solo mining, but having frequent automatic payments and keeping a near zero balance minimizes them.

XCN is so undervalued and has so much upside potential that risking funds just to be a cheapskate and save a few % is like picking up pennies in front of a bulldozer.

Mining XCN also helps secure the network, which counters the risk of a successful attack.

[pallas]

it doesn't make sense to mine at a loss anyway: better use the money you'd pay on electricity for buying the coins on an exchange: you get more coins!

Sending money to exchanges risks

-your bank closing your account and maybe stealing your money
-the exchange being robbed, having technical difficulties, or stealing your money
-something going wrong with the transfers, and your money being lost

If you don't want to be Goxed or Weexed, paying for electricity to mine is a nice safe choice because the coins never leave your possession.

There are counterparty risks with pools not present with solo mining, but having frequent automatic payments and keeping a near zero balance minimizes them.

XCN is so undervalued and has so much upside potential that risking funds just to be a cheapskate and save a few % is like picking up pennies in front of a bulldozer.

Mining XCN also helps secure the network, which counters the risk of a successful attack.

you forgot to mention that buying on an exchange helps driving the price up, so it's good for the coin.
let's say there is need for both miners and buyers, but miners better pay very low electricity cost ;-)

[iCEBREAKER]

you forgot to mention that buying on an exchange helps driving the price up, so it's good for the coin.

Mining instead of buying increases difficulty, which raises the price point at which others sell, because their mining costs increase.

[robinwilliams]

you forgot to mention that buying on an exchange helps driving the price up, so it's good for the coin.

Mining instead of buying increases difficulty, which raises the price point at which others sell, because their mining costs increase.

ya just ask litecoin - they will confirm this  

[iCEBREAKER]

Mining instead of buying increases difficulty, which raises the price point at which others sell, because their mining costs increase.

ya just ask litecoin - they will confirm this  

  Yes they will.  Your smug sarcasm is entirely misplaced:   

Litecoin's market cap is 3x higher than it was a year ago, and second only to Bitcoin.

LTC enjoys far higher volume than any other altcoin and the security of a much higher network hashrate than any other scrypt coin.

If you want deep background on the price vs difficulty debate, check out cypherdoc's 'Gold down BTC up' thread.

[bathrobehero]

Crashing started again for me. Now it crashes every few hours, more and more frequently. Only thing that solves it for a while is to completely resync which takes a looong time as it is only using 1 CPU core...

[psychofractor]

Crashing started again for me. Now it crashes every few hours, more and more frequently. Only thing that solves it for a while is to completely resync which takes a looong time as it is only using 1 CPU core...

Same problem, can't sync at all, tried from scratch on two different computers.