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

[smooth]

Although Cryptonite can handle a larger number of transactions I don't think it would have a low enough latency to handle high frequency trading

So forget HF trading. Provide the ability for natural buyers and sellers to transact reasonably conveniently and without counterparty risk and let the gamers go play something else.

[fiatpete]

Any news on updated versions of the wallets as the coin could do with some positive news? There have been a lot of posts in this thread about syncing issues so a bug fixing release would be good. I'm sure it was on the roadmap a few weeks ago. Also I'm using the QT client on win7 and I've noticed that the GUI does not give options for withdrawal limits and purging the database, which is a shame as having these features in the GUI would show them off to new users. No point in hiding innovative features in the command line especially for us windows users :-)
Could we add a paper wallet generator to the roadmap? Some sort of bitaddress clone. It's not a big deal but a useful part of any coins ecosystem.
I was reading about account pruning and my understanding is that it isn't implemented yet and it's more of a long term project. I have an idea for how to make account pruning possible in the future for accounts which haven't been touched for along time to deal with coins in lost wallets.
'lasttransactionblock' would be a new variable for each account to record the last time the account sent or received a transaction. Miners would need to update the field for both sender and receiver for every transaction to the current block.
This can then be used later to prune addresses with no transactions for say 5 years to top up the coinbase account to pay miners rewards. So the inevitable lost coins can be used to pay for security without adding inflation or high transaction fees.
Obviously this new variable would need a hard fork as all the nodes would need to agree on it but this can be added to any future hard forks with important changes to address other issues such as mining pools.

[yeXIABC]

Yes exchanges are clearly the weakest link in the whole cryptocurrency ecosystem, so I can understand the desire for a decentralized trading platform. Over the last few years I've read about at least a dozen such platforms but I'm not sure how many of those actually manifested into a real solution. I'm fairly sure there is at least one P2P trading solution in existence right now but this is another topic I haven't been keeping an eye on lately. The main problem with any decentralized trading platform is the inherent latency which P2P networking brings with it. Although Cryptonite can handle a larger number of transactions I don't think it would have a low enough latency to handle high frequency trading and I still don't think it would be a great idea to cram all the HF trades into the blockchain. The best solution would probably be to create a specialized side chain to hold all the trading transactions because then you can easily solve the problem of how to create trading pairs between different altcoins, you just need the sidechain to be connected to multiple altcoins and the ability to track which type of assets exist in the side chain. Now that I start thinking about this topic more I'm getting all sorts of ideas about how to design such a side chain.

EDIT: actually I think the mini-blockchain scheme would probably be the ideal type of system to use in such a side chain because when you think about it, trading just boils down to balances. When you're trading on an exchange all you really care about is your coin balances. When you make a trade one of you balances will decrease and another will increase because you're selling one type of asset in return for another type. So when it comes to trading I don't think there is a need for advanced scripting capabilities. The mini-blockchain scheme uses a simple balance system instead of scripting so it seems like the ideal solution to this problem. We don't really need the withdrawal limit feature in this type of side chain, so we could just use the withdrawal limit field in the account tree to represent the type of asset. So for example a value of 0 might be BTC, a value of 1 might be LTC, a value of 3 XCN, etc. That way it would be super easy to know how much of each coin you are holding and it allows us to track which coins are being sent into and out of the side chain. To trade between different coins you'd just need to create a transaction with the appropriate outputs signed by all parties involved in the trade.

                 

Good stuff.  I understand block/propagation times are a constraint for on-chain HF trading.  Now that I think about it, tx fees would also add friction as the equivalent of a Tobin Tax!  Perhaps we will see the emergence of hyper-localized coins with extremely short block times.  NASDAQcoin, NYSEcoin, and COMEXcoin would be limited to NYC and Chicago based nodes and feature <1 second blocks, low (or zero) tx fees, etc.  The very low latency HFT networks already exist; we just need to provide the tools so they can create beneficial blockchain overlays which replace their current (problematic) centralized clearinghouse model.

Of course these specialized coins should be non-malleable sidechains of XCN...if we build it they will come!  

Another approach would be to metacast tx across several interoperable/compatible chains, so it's a safe bet at least one of them will pop a block very soon afterwards.  Maybe Supernet type schemes will provide such functionality.

      What was your longterm vision for XCN?

[iCEBREAKER]

What was your longterm vision for XCN?

XCN's MBC structure may be ideal for sidechains, but are they not necessary for its success.

XCN is well-positioned to complement BTC as another type of digital cash by specializing in smaller, instant casual transactions.

A BTC approximates the function of a 430oz LGD gold bar, while an XCN is more like a copper penny.  The monetary maths serve different segments of the market, as do the metals.

[bitfreak!]

Any news on updated versions of the wallets as the coin could do with some positive news? There have been a lot of posts in this thread about syncing issues so a bug fixing release would be good. I'm sure it was on the roadmap a few weeks ago.

I spoke to our core developer yesterday and he has been preoccupied with other stuff lately but he said that he'll have time to do some work in a few weeks. Slice sharing optimization is still at the top of the list. I will also try to release a web wallet with full client side encryption some time within the next few weeks.

Also I'm using the QT client on win7 and I've noticed that the GUI does not give options for withdrawal limits and purging the database, which is a shame as having these features in the GUI would show them off to new users. No point in hiding innovative features in the command line especially for us windows users :-)

It all really depends whether or not we keep supporting qt. Most of the sync problems are isolated to qt and it's very difficult to add new features and make changes to qt because it's not a simple rpc wallet. The web wallet supports withdrawal limits and many other things that qt does not support if you really want a GUI for all those advanced features.

Could we add a paper wallet generator to the roadmap? Some sort of bitaddress clone. It's not a big deal but a useful part of any coins ecosystem.

Yes I will probably do that after I finish the web wallet with full client side encryption because I'll have to write a lot of the same javascript for both projects.

I was reading about account pruning and my understanding is that it isn't implemented yet and it's more of a long term project. I have an idea for how to make account pruning possible in the future for accounts which haven't been touched for along time to deal with coins in lost wallets.
'lasttransactionblock' would be a new variable for each account to record the last time the account sent or received a transaction. Miners would need to update the field for both sender and receiver for every transaction to the current block.
This can then be used later to prune addresses with no transactions for say 5 years to top up the coinbase account to pay miners rewards. So the inevitable lost coins can be used to pay for security without adding inflation or high transaction fees.
Obviously this new variable would need a hard fork as all the nodes would need to agree on it but this can be added to any future hard forks with important changes to address other issues such as mining pools.

There is already a field like that which tells you when the address was last used. But it's much more complicated than you assume, we probably spent hours discussing this topic. For a start if you allow received coins to update that field then people could prevent old accounts from being pruned just by sending a small amount of coins to that address. 5 years is also much too short, someone with a long term savings account might not know how old addresses are pruned and lose all their money. 20 years is probably the minimum but I know from experience that people will demand to make it 50 or 100 years just to ease their fears. And if you have dust sitting around in the account tree for 50 years before it gets pruned it's kind of a dumb solution because we could be dead before it even starts working. That is one reason we started to think about a system where fees were periodically charged to all addresses in the account tree, that way small balance accounts wouldn't hang around a long time but large balance accounts would. However there are even more issues involved with that approach when you start thinking deeply about it.

[bybitcoin]

@bitfreak: does that " 7- block mixing, sidechains.."  part mean that you already have chosen/invented a scheme for mixing/anonymization to implement at the core level?
Did I miss that part??

[bitfreak!]

@bitfreak: does that " 7- block mixing, sidechains.."  part mean that you already have chosen/invented a scheme for mixing/anonymization to implement at the core level?
Did I miss that part??

We will probably use a variant of the coin shuffle protocol but that may change.

[heskey]

Is there any way I can help with the coin, and perhaps earn myself some cryptonite?

[heskey]

"Supply in Numbers:
After 1 month: ~11 Million
After 3 months: ~ 32 Million
After 1 year: ~ 123 Million
After 2 years: ~ 240 Million
After 10 years: ~ 920 Million"

https://bitcointalk.org/index.php?topic=713538.msg8196634#msg8196634

[bitfreak!]

Is there any way I can help with the coin, and perhaps earn myself some cryptonite?

What skills do you have?

[heskey]

Is there any way I can help with the coin, and perhaps earn myself some cryptonite?

What skills do you have?

Basic graduation in web development, programming and 3D art. In particular I have a growing interest in Linux systems.
Im not very skilled in any of the above, but I still grasp the general concepts.

But I should maybe rephrase my question, what is the current status of the project and where could some extra help be used?

[AhmedMSedeek]

@bitfreak

Hi,

I tried to mine XCN on amazon ec2 GPU instance on ubuntu but I'm stuck

When I type the "make" command it produces an error and I think it's because cuda as I already made my way through mining with cpu although I know nothing about linux "Just connect with putty and copy/paste" but I was able to get the commands necessary from other coins mining tutorials and adjust it to work with xcn at 1gh.com

So it'll be great if you made a tutorial on that or just how to install nvidea drivers and cuda on ubuntu

Thanks

[jwinterm]

@bitfreak

Hi,

I tried to mine XCN on amazon ec2 GPU instance on ubuntu but I'm stuck

When I type the "make" command it produces an error and I think it's because cuda as I already made my way through mining with cpu although I know nothing about linux "Just connect with putty and copy/paste" but I was able to get the commands necessary from other coins mining tutorials and adjust it to work with xcn at 1gh.com

So it'll be great if you made a tutorial on that or just how to install nvidea drivers and cuda on ubuntu

Thanks

Hey Ahmed,
Here is a guide I set up for Monero: https://bitcointalk.org/index.php?topic=653467.msg8919354#msg8919354
There's a public AMI called XMRminer2 (at least in the Oregon region), that already has cuda setup for the cryptonight cuda miner.
Maybe you'll find this useful...

[AhmedMSedeek]

@bitfreak

Hi,

I tried to mine XCN on amazon ec2 GPU instance on ubuntu but I'm stuck

When I type the "make" command it produces an error and I think it's because cuda as I already made my way through mining with cpu although I know nothing about linux "Just connect with putty and copy/paste" but I was able to get the commands necessary from other coins mining tutorials and adjust it to work with xcn at 1gh.com

So it'll be great if you made a tutorial on that or just how to install nvidea drivers and cuda on ubuntu

Thanks

Hey Ahmed,
Here is a guide I set up for Monero: https://bitcointalk.org/index.php?topic=653467.msg8919354#msg8919354
There's a public AMI called XMRminer2 (at least in the Oregon region), that already has cuda setup for the cryptonight cuda miner.
Maybe you'll find this useful...

Thank you for your reply and good effort

Also, in the meanwhile I found my way to this:
https://xcn.theblocksfactory.com/gettingstarted

This could be another way if somebody is interested

and got mad because of this sentence: "configure CudaMiner/miner.sh & cpuminer-cryptonite/miner.sh with your credentials"

And finally, if this may help someone it was using "sudo nano cpuminer-cryptonite/miner.sh" and "sudo nano CudaMiner/miner.sh"

Thanks a lot

[BootstrapCoinDev]

What happened to the original development team?

[Jungian]

What happened to the original development team?

What do you mean? They are still the same

[yeXIABC]

Is necessary to compensate for deflation and create demand

[bitfreak!]

But I should maybe rephrase my question, what is the current status of the project and where could some extra help be used?

Well we could use core developers more than anything but your web development skills could help with improving the block explorer and web wallet.

[AhmedMSedeek]

@bitfreak

Sorry for asking a lot of questions, but in the mini-blockchain paper ther's something called "maintenance fees" that is collected to reduce or eliminate "dust addresses" with no details at all,

Could you please explain -In Detail- How those fees are collected, When, and on what conditions?

[bitfreak!]

@bitfreak

Sorry for asking a lot of questions, but in the mini-blockchain paper ther's something called "maintenance fees" that is collected to reduce or eliminate "dust addresses" with no details at all,

Could you please explain -In Detail- How those fees are collected, When, and on what conditions?

It's just an idea, it's not implemented in Cryptonite. We discussed the idea briefly near the bottom of the last page and there's a little bit of info on this wiki page: http://cryptonite.info/wiki/index.php?title=Account_tree_pruning