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

[smooth]

With respect to marketing there is only one brief point that has to be made clear.

Step 1) Make sure the audience understands the siignificance of a small blockchain and point out that only xcn has it.

Step 2) If necessary repeat step 1 but talk louder and wave your arms around.

Anything more than that or less than that is probably a mistake.

The small blockchain is a neat feature, but XCN's real killer innovation is enabling safe zero-confirmation transactions.

*waves arms*

I'd like to see peer review covering just how safe they are, and what assumptions underlie this. I really don't have time to analyze it carefully myself, and I haven't seen anyone else do so. It is certainly a claim of a valuable feature, but let's see some vetting.

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[bitfreak!]

I decided to create a new video explaining the MBC Scheme, it should be clearer and easier to understand than the last video.

Overview of the Mini-blockchain Scheme

[bitfreak!]

I'd like to see peer review covering just how safe they are, and what assumptions underlie this. I really don't have time to analyze it carefully myself, and I haven't seen anyone else do so. It is certainly a claim of a valuable feature, but let's see some vetting.

Well it's not that hard to understand really if you understand how withdrawal limits work. The basic idea is that when a transaction comes from an address which has a withdrawal limit preventing the address from being quickly emptied, then a merchant can have much more confidence in any transactions received from that address since the merchant knows how many blocks they have before the customers address can be emptied out. As long as the merchant can get the transaction they received from the customer into a block before that amount of time, the merchant is guaranteed to get paid.

The one issue with the idea is that an attacker may be able to prevent the merchant from getting their transaction into a block by flooding the network with high-fee transactions which may get priority status from miners. The general approach for solving this problem is to make sure that older transactions always get priority over new transactions, although I'm unsure exactly how well it's implemented in Cryptonite and how well it will work in practice because I haven't done a whole lot of testing with withdrawal limits. Another approach recently suggested involves contracts between merchants and pools, but I forget the details.

[darkota]

This coin should have really gone with btcd's supernet or have its own coinjoin anonymity or something to compliment its already existing mini blockchain(since doge apparently captured that market, and for xcn to take over the tipping niche from doge, it needs a large community as well).... In order to rise coin prices you have to add on news or updates(similar to evan duffields approach with darkcoin)

Damn.. well bye.

[bybitcoin]

This coin doesn't need a "pressure for pumping" approach, BUT it definitely needs some news coverage. That's simply because it needs a bigger user-base and economy to survive..
At least the mini-bloackchain concept and practice could be mentioned in one of coindesk or btcmagazine regular alts reports, but they are probably too busy with other stuffs like maidsafe, ethereum or swarm kind of  IPO adevertisements, or speculating the BTC price destiny. They treated Nxt the same way by ignoring it during the last 10 months or so.
Perhaps somebody closer should try to wake them up!?

[bitfreak!]

This coin should have really gone with btcd's supernet or have its own coinjoin anonymity

As I mentioned a page or two ago, the CoinShuffle protocol is compatible with the MBC Scheme, and at some point we will start focusing on anonymity features, but it's not a high priority for us right now. The anonymity scheme proposed by the supernet people just wasn't convincing to me and many other people felt the same way, so I'd rather play it safe until they have proven the supernet can work as they claim.

[iCEBREAKER]

CoinShuffle protocol is compatible with the MBC Scheme, and at some point we will start focusing on anonymity features

Woohoo!  That's great news.   

I don't mind the price staying low for a long time, as a good coin needs a substantial distribution phase to seed an ecosystem and create a broad base of stakeholders.

OTOH, a roadmap that includes CoinShuffle may help keep our spirits up on the journey.

[bitfreak!]

I don't mind the price staying low for a long time, as a good coin needs a substantial distribution phase to seed an ecosystem and create a broad base of stakeholders.

Yes I completely agree, although I'm uncertain why the price just started to fall, considering I just announced I'll be doing a Beyond Bitcoin interview and creating a booth at an upcoming virtual cryptocurrency conference. People are constantly saying we need more promotion and coverage, and as soon as I do something about it the price falls. So much for good news having a positive affect on the price.

[iCEBREAKER]

I'm uncertain why the price just started to fall, considering I just announced I'll be doing a Beyond Bitcoin interview and creating a booth at an upcoming virtual cryptocurrency conference. People are constantly saying we need more promotion and coverage, and as soon as I do something about it the price falls. So much for good news having a positive affect on the price.

The 30k BTC AskWhale took down a lot of coins, and ATM XCP/XMR are on the warpath sucking in what little brave alt capital remains.

The market hates uncertainties, which lack of regular XCN updates exacerbate.  That's why I suggested a roadmap (with bi/weekly updates to the perennial favorite question "Are we there yet?"). 

A white paper on the interaction of Minichains with CoinShuffle would be gold!  Everyone is going to ask you about it, so why not produce an exhaustive, definitive answer to which we can refer them?   

Any idea if the price has fallen below the cost to mine on Amazon, and if so by how much?

The price is down by a large percentage, but on light volume, suggesting almost all miners and speculators are still in accumulate/HLOD mode.   

[bitfreak!]

The market hates uncertainties, which lack of regular XCN updates exacerbate.  That's why I suggested a roadmap (with bi/weekly updates to the perennial favorite question "Are we there yet?").

Yes I agree, we could use more frequent updates. We just haven't done much on the core code lately, my focus has been on the web wallet and block explorer. Optimized "slice sharing" will be the next update and then after that I want to focus on fixing important bugs, especially that wallet corruption issue which seems to affect the Qt wallet on Windows machines. Catia thinks we should completely scrap Qt in favor of a web based rpc wallet but I'm not sure that's a good idea because that approach comes with its own set of problems. In any case it'll be a while before we start focusing on anonymity.

[iCEBREAKER]

{informative prose}

XCN Roadmap 10/6/2014

1- web wallet improvment
2- block explorer polishing
3- "slice sharing" optimization
4- bug squishing (esp. Windows Qt wallet corruption)
5- consider move to rpc wallet
6- TBD
7- anonymity

[bitfreak!]

XCN Roadmap 10/6/2014

Looks about right. More specific details about point 1 and 2:

WEB WALLET:

* create variant of wallet with client side encryption
* deal with tx fees in case of insufficient balance
* add more extensive multi-sig transaction tools

BLOCK EXPLORER:

* add public API to block explorer
* display list of pruned blocks
* add some charts

[fewcoins]

Im excited to still see this moving!! 

[iCEBREAKER]

Im excited to still see this moving!! 

[digitalindustry]

The market hates uncertainties, which lack of regular XCN updates exacerbate.  That's why I suggested a roadmap (with bi/weekly updates to the perennial favorite question "Are we there yet?").

Yes I agree, we could use more frequent updates. We just haven't done much on the core code lately, my focus has been on the web wallet and block explorer. Optimized "slice sharing" will be the next update and then after that I want to focus on fixing important bugs, especially that wallet corruption issue which seems to affect the Qt wallet on Windows machines. Catia thinks we should completely scrap Qt in favor of a web based rpc wallet but I'm not sure that's a good idea because that approach comes with its own set of problems. In any case it'll be a while before we start focusing on anonymity.

I think you in essence have to do both - re the wallet -

you have to have the "server side" this is your core for the blockchain, so your focus should be here first that is your base without it you don't have a crypto -

then you can pretty up a RPC wallet, otherwise you have no faith in security - it's is such a pity there are not more developers helping you guys.

very descriptive of how centralized the market is, Bitcoin is a meme that will soon collapse, this will be fortunate as it will bring "Developer diversity."

Summary:

1. Secure the server side, iron out bugs in the QT its C++ and open source this is the "crypto currency" without this you have no decentralization so without it write off the idea -  

2. Pretty up the web wallet but don't focus here this can all be done 3rd party - i.e if you get 1 right other people will build a "pretty frame" around your core code.

3. Block explore is important,


A. Core code
B. Explorer
C. Miner access
C everything else.
D. forget the price.

[digitalindustry]

{informative prose}

XCN Roadmap 10/6/2014

1- web wallet improvment
2- block explorer polishing
3- "slice sharing" optimization
4- bug squishing (esp. Windows Qt wallet corruption)
5- consider move to rpc wallet
6- TBD
7- anonymity

1- bug squishing (esp. Windows Qt wallet corruption)
2- block explorer polishing
3- "slice sharing" optimization

[bitfreak!]

I think you in essence have to do both - re the wallet -

you have to have the "server side" this is your core for the blockchain, so your focus should be here first that is your base without it you don't have a crypto -

I think you're misunderstanding what I meant. We could package up the rpc web wallet and distribute it as a binary, with the goal being to replace qt with our own rpc based wallet because it would be easier to manage and it would be much less prone to bugs. The qt wallet isn't just a simple rpc wallet and it's hard to make it sync and run smoothly because the synchronization process is so different from Bitcoin. Anyone running cryptonited instead of qt will notice that it's extremely stable, especially on Linux systems. We've had nodes running since launch without a hitch.

But ultimately I do agree with you, I would prefer to keep Qt and just fix those bugs because it has certain features I may not be able to properly replicate in a web wallet and it's nice to have a variety of wallet options available.

This is a post catia made a few pages back:

I think the ultimate goal should be to create an installer for all platforms allowing users to just not use QT. QT causes many problems in core code and is difficult to maintain. A web-standards based wallet allows real separation of the UI from the how it gets done. Just see how quickly bitfreak added features far beyond capabilities of the QT wallet. So much more possibilities open now, with so much less bugs. I will go so far as to say when this installer is done, QT should be completely abandoned as a legacy product of a deranged mind. Why exactly wallets don't use JSON-RPC as interface is unfathomable to me.

[smooth]

As long as the merchant can get the transaction they received from the customer into a block before that amount of time, the merchant is guaranteed to get paid.

This means that merchants are going to want to have an agreement with large miners (ideally 100% of hash rate) to ensure their transactions get into a block before the deadline. Scammers would want the opposite agreement, although I guess that's harder because almost-100% doesn't necessarily work for them.

[illodin]

If XCN follows your instructions, will it become a success story similar to quark?

[fewcoins]

If XCN follows your instructions, will it become a success story similar to quark?

Bigger than Quark!!!