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

[bitfreak!]

A basic question. When you back up a wallet you are only backing up addresses that have been used already, is that correct? In other words the wallet does not start out with any addresses and each time coins are received, if you generate a receiving address, you need to create a new backup?

I think the wallet starts with one address, obviously it has a zero balance, but the private key for that address will be backed up when you backup your wallet. You have to generate a new address each time you need a new receiving address, and in that case you should create a new backup. This applies to any cryptocurrency, because you need the private key for an address in order to spend from that address. You can re-use the same address over and over again, especially in the mini-blockchain scheme, since each address has a corresponding balance in the account tree. We actually discourage sending coins to an address which doesn't already exist in the account tree (aka an empty address) because it increases the size of the account tree.

[theprofileth]

Has anyone considered a p2pool approach to decentralizing the mining? Because it would seem that the vast majority of people are mining on 1gh

[ocminer]

Has anyone considered a p2pool approach to decentralizing the mining? Because it would seem that the vast majority of people are mining on 1gh

I doubt they'll move .. They don't even move yet with multiple pools available...

[bybitcoin]

@bitfreak: is there any new update about the lightweight browser-based wallet?
I mean the full encrypted version..

[catia]

Has anyone considered a p2pool approach to decentralizing the mining? Because it would seem that the vast majority of people are mining on 1gh

p2pool is much harder on miniblockchain. Allowing the txset to be modified requires that nodes have a copy of the account trie in order to find the master hash corresponding to the txset. I suppose it could be done. Probably easiest way is to require the miner to be running the daemon and develop some rpc for processing hypothetical txset.

[bitfreak!]

@bitfreak: is there any new update about the lightweight browser-based wallet?
I mean the full encrypted version..

Nah I wont get around to that for a while, got some other stuff I need to deal with first.

[AizenSou]

@bitfreak: is there any new update about the lightweight browser-based wallet?
I mean the full encrypted version..

Nah I wont get around to that for a while, got some other stuff I need to deal with first.

I just try to search #cryptonite @ twitter and to be honest I'm shocked with the result. No wonder one of the most innovative coins since Bitcoin is still very undervaluated now.
@bitfreak try it yourself

[darkota]

@bitfreak: is there any new update about the lightweight browser-based wallet?
I mean the full encrypted version..

Nah I wont get around to that for a while, got some other stuff I need to deal with first.

I just try to search #cryptonite @ twitter and to be honest I'm shocked with the result. No wonder one of the most innovative coins since Bitcoin is still very undervaluated now.
@bitfreak try it yourself

No, it's lack of marketable things. Most bitcoin/crypto users to much dismay, don't understand the features this coin provides via mini blockchain. They understand simpler things like anonymity, tor, speed, or even something new to compliment the mini blockchain this coin already has etc.

[AizenSou]

@bitfreak: is there any new update about the lightweight browser-based wallet?
I mean the full encrypted version..

Nah I wont get around to that for a while, got some other stuff I need to deal with first.

I just try to search #cryptonite @ twitter and to be honest I'm shocked with the result. No wonder one of the most innovative coins since Bitcoin is still very undervaluated now.
@bitfreak try it yourself

No, it's lack of marketable things. Most bitcoin/crypto users to much dismay, don't understand the features this coin provides via mini blockchain. They understand simpler things like anonymity, tor, speed, or even something new to compliment the mini blockchain this coin already has etc.

+1 exactly. DRK is the leader in anon hype, so when XCN will lead to a new trend ?

[darkota]

@bitfreak: is there any new update about the lightweight browser-based wallet?
I mean the full encrypted version..

Nah I wont get around to that for a while, got some other stuff I need to deal with first.

I just try to search #cryptonite @ twitter and to be honest I'm shocked with the result. No wonder one of the most innovative coins since Bitcoin is still very undervaluated now.
@bitfreak try it yourself

No, it's lack of marketable things. Most bitcoin/crypto users to much dismay, don't understand the features this coin provides via mini blockchain. They understand simpler things like anonymity, tor, speed, or even something new to compliment the mini blockchain this coin already has etc.

+1 exactly. DRK is the leader in anon hype, so when XCN will lead to a new trend ?

I was thinking cryptonite could become the "true" tipping currency. It doesn't have the rabid inflation and complete lack of features dogecoin has from being a bitcoin clone. It's mini blockchain would make it the perfect currency for micro transactions and tipping and such.

[theprofileth]

@bitfreak: is there any new update about the lightweight browser-based wallet?
I mean the full encrypted version..

Nah I wont get around to that for a while, got some other stuff I need to deal with first.

I just try to search #cryptonite @ twitter and to be honest I'm shocked with the result. No wonder one of the most innovative coins since Bitcoin is still very undervaluated now.
@bitfreak try it yourself

No, it's lack of marketable things. Most bitcoin/crypto users to much dismay, don't understand the features this coin provides via mini blockchain. They understand simpler things like anonymity, tor, speed, or even something new to compliment the mini blockchain this coin already has etc.

+1 exactly. DRK is the leader in anon hype, so when XCN will lead to a new trend ?

I was thinking cryptonite could become the "true" tipping currency. It doesn't have the rabid inflation and complete lack of features dogecoin has from being a bitcoin clone. It's mini blockchain would make it the perfect currency for micro transactions and tipping and such.

Hard to tip when the mining is controlled by a minority causing it to be very hard to get

[bitfreak!]

Hard to tip when the mining is controlled by a minority causing it to be very hard to get

What are you talking about, what is the "minority"? You can easily buy XCN on a number of different exchanges for what I believe is a very undervalued price. These miners with cheap energy are keeping the price low, so it's extremely easy to get.

[joelao95]

Maybe he is talking about mining or something else, anyway I loved much XCN.

[AizenSou]

What are you talking about, what is the "minority"? You can easily buy XCN on a number of different exchanges for what I believe is a very undervalued price. These miners with cheap energy are keeping the price low, so it's extremely easy to get.

bitfreak, but they are right about marketing. Not a lot people are aware of cryptonite right now, and the name of this coin makes people confused too.

[MaxDZ8]

bitfreak, but they are right about marketing. Not a lot people are aware of cryptonite right now, and the name of this coin makes people confused too.

Quoted for emphasis!

[bitfreak!]

What are you talking about, what is the "minority"? You can easily buy XCN on a number of different exchanges for what I believe is a very undervalued price. These miners with cheap energy are keeping the price low, so it's extremely easy to get.

bitfreak, but they are right about marketing. Not a lot people are aware of cryptonite right now, and the name of this coin makes people confused too.

Like I have said numerous times already, I simply don't have the funds necessary for a good marketing campaign, I've already spent a huge amount of money on development. Donate to the address at the bottom of the opening post if you want to help us change that. Or simply help spread the word yourself. This is a community open source project, don't expect us to do everything. We aren't a corporation trying to market a product, our focus is on innovation and development, not convincing you to buy our product. Even if I had thousands of dollars to spend on marketing I doubt it would make much difference, the altcoin scene is just so saturated right now, it's hard to tell the clone coins from the good stuff, 90% of the claims made by altcoins is exaggerated nonsense.

Having said that however, there may be some good exposure in the near future. I have recently been discussing a potential interview on the Beyond Bitcoin podcast (part of the Let's Talk Bitcoin Network). I believe that is quite a popular podcast and if I manage to get an interview it should help shine a bit more light on Cryptonite. But like I said there's only so much I can do, my personal funds are limited and my focus is not primarily on marketing. Keep in mind that community efforts can be very powerful, look how effectively all the DogeCoin fan boys spread the word of that stupid coin and some how made it popular. The world just isn't rational, society often likes stupid things but ignores things that are worth paying attention to.

[newbybtc]

bitfreak, but they are right about marketing. Not a lot people are aware of cryptonite right now, and the name of this coin makes people confused too.

Quotedfor emphasis!

bolded for double emphasis

The cryptonote algo raises suspicions among a lot of people. To give another coin almost the same name and ticker symbol seems like a mistake. Like naming a new sleep aid "Thalidomed". Probably not too many will buy based on the name until the distinction is clear and people know they are not both the same thing.

But the mini blockchain and willingness to take bigger innovative steps will overcome the handicap of a bad name. There only needs to be one positive article on a respected site that emphasizes the benefits of a small blockchain. Then blastoff.

Another point about marketing. If you are selling a car that looks like shit and gets two miles per gallon you must focus on marketing. But if you come out with a car that looks okay and gets fifty miles per gallon you need to focus on patience. Marketing will take care of itself. If someone sees an opportunity to emphasize that a coin exists now with a reasonably sized blockchain then mention it. No sensible person would ignore the first coin with a blockchain that can be downloaded in minutes instead of days.

[iCEBREAKER]

bitfreak, but they are right about marketing. Not a lot people are aware of cryptonite right now, and the name of this coin makes people confused too.

Quoted for emphasis!

Like pounding sand for whipping the ocean, there is no point to advertising when the name sounds mostly/exactly like a family/POW of much more well known coins.  BF has made sure that XCN will live or die based only on its technological merits, not marketing.

Speaking of tech, are mini-blockchains compatible with CoinShuffle?  In my limited understand of the two, they seem like an ideal match.

[bitfreak!]

Speaking of tech, are mini-blockchains compatible with CoinShuffle?  In my limited understand of the two, they seem like an ideal match.

Yes I believe the CoinShuffle protocol (with some slight changes) would be compatible with the mini-blockchain scheme. The only issue I see with CoinShuffle is that it requires the generation of fresh output addresses, which will bloat the account tree. CoinShuffle kind of just spits out your mixed coins into a fresh address, and if I'm not mistaken the level of anonymity achieved really depends on how many people participate in the mixing process. I don't think it's a perfect match for the mini-blockchain scheme but it may prove to be the best possible solution because I'm not sure something better exists.

[CasualSam]

What are you talking about, what is the "minority"? You can easily buy XCN on a number of different exchanges for what I believe is a very undervalued price. These miners with cheap energy are keeping the price low, so it's extremely easy to get.

bitfreak, but they are right about marketing. Not a lot people are aware of cryptonite right now, and the name of this coin makes people confused too.

Like I have said numerous times already, I simply don't have the funds necessary for a good marketing campaign, I've already spent a huge amount of money on development. Donate to the address at the bottom of the opening post if you want to help us change that.

But this is the free rider problem. I know you've rejected this before but this could be solved by you being the official sponsor of one of the existing (non-1gh) pools. You would not need to do anything but accept a percentage of pool revenue to go towards development/marketing. The pool would benefit by the publicity of helping the development of cryptonite. If you could get Wolf0 to agree then all nvidia miners would gain more than the ~2% it would cost to participate in the pool. In no way am I proposing that you team up with me, but one of the established pool operators that are supporting XCN. Just an idea and I won't bring it up again.

Edit: Actually this doesn't even need your agreement. Why doesn't one of the existing pools who are trying to get off the ground donate a percentage of revenue towards the cryptonite fund? I'm sure this would give any pool a considerable boost.