How to buy Cryptonite coin?

Posted by

What is cryptonite currency? How to buy Cryptonite currency? How to cryptonite mining? Creat cryptonite wallet? cryptonite metacert? cryptonite chrome? Cryptonite is the first implementation of the light weight mini-blockchain scheme. Nodes will never again spend days synchronizing with the network and the average user will not have to fear becoming a full node. This is possible because of our decentralized balance sheet approach.

Cryptonite Introduction

cryptonite currency
cryptonite currency

It was over five years ago now that “Satoshi Nakamoto” first released Bitcoin into the public
domain and forever changed the way many people think about finance and economics [1].
Back then the difficulty was low and the blockchain was small. For the first two years things
looked great, many believed the blockchain wouldn’t become problematic for a long time so
the issue was put to the side. We are now in July of 2014 and the blockchain is close to 20
gigabytes in size [2]. While still manageable, it is becoming a serious issue of concern.
The core developers of Bitcoin now direct much of their attention to handling the everincreasing
levels of network traffic. Today the bitcointalk.org forum observes almost daily
threads concerning methods for minimizing the size of the blockchain and decreasing the
synchronization time. One of the most effective measures taken to date was a switch from
Berkeley DB to LevelDB [3]. BDB is much slower and the switch over to LDB resulted in
a major performance boost in terms of synchronization and block verification speeds.
Another promising endeavor is the “Ultimate blockchain compression” project [4] which
aims to achieve “near-optimal blockchain compression” by implementing blockchain
pruning techniques including “balance-tree information” which is “maintained and verified
in a separate blockchain through merged mining”. Blockchain pruning is indeed a promising
venture and could prove to provide a high level of compression, but it adds an extra layer of
complexity and doesn’t solve all the scalability issues in an entirely satisfying manner.

The Mini-Blockchain

The mini-blockchain provides our 1st blockchain function. The mini-blockchain is
essentially just a normal blockchain, except that we don’t need to keep a copy of historic
blocks. Again, it isn’t truly finite, because changing the max block size could increase the
average size of the mini-blockchain. Later in this paper we describe a mechanism for having
a dynamically determined max block size but it’s not a necessary part of the scheme.
If we are going to keep track of our database with a set of node hashes and a master hash,
we can’t allow every single separate transaction to alter the database on demand. We must
break them up into groups of transactions which are inserted into the database in periodic
intervals of time. Without having the transactions solved in groups of transactions as blocks
we have no viable method of maintaining the account tree. This creates an inherent need for
a blockchain, but since we can discard old blocks let’s call it a “mini-blockchain”.
Bitcoin requires the full blockchain because that’s the only real way to determine the full
balance of all the addresses. However we have the account tree to fulfill the task of
managing account balances and recording the ownership of coins. We don’t need the full
thing, we can throw away old blocks and save an immense amount of disk space. However
we do keep a few hundred or a few thousand of the newest blocks and that makes our miniblockchain.
The mini-blockchain also provides us with a level of security.
Each block has the master hash embedded in the header and we can verify each block in the
mini-blockchain starting from the beginning, making sure the transactions in each block
always correspond to the master hash in the previous block. Since there is a proof-of-work
process required for each block before it will be accepted into the mini-blockchain, it
becomes extremely difficult for an attacker to generate a fake mini-blockchain. Although
difficult, if we totally delete old blocks, it is far from impossible.
With Bitcoin we can start at the very beginning and work our way up to the latest point
because we have the full blockchain. If an attacker creates a new mini-blockchain from the
oldest block available, new nodes would have trouble telling it apart from the real miniblockchain,
because before that oldest block they have no history of what happened. The
attacker can spend as much time as they need building up the cumulative difficulty of their
mini-blockchain because it’s not an ever-growing chain they have to out-pace.
The attacker could then start broadcasting the fake chain and it might propagate enough to
impose a risk of becoming the main chain. The proof chain solves this by providing a
mechanism which can act as a container for storing the long term proof-of-work history so
that we can calculate the total cumulative difficulty of any chain. Instead of totally deleting
old blocks we must maintain the block headers so that we can always trace the history of
any given chain and compare the total cumulative difficulty of each chain.

Deciding Technical Specifications

Mini-Blockchain

If the proof chain is providing most of our security, at first glance it seems almost
unnecessary to store anything beyond 1 or 2 blocks. It is of course necessary to have at least
a few hundred blocks because if it’s too short the Secret Chain Attack becomes much more
feasible. We need at least some reasonable amount of minimum block history to be held by
all nodes for several reasons. We felt that 1 week was a good number for Cryptonite but
there’s a lot of room for experimentation in this particular area to find the best trade offs.
The other important factor we need to consider is the time between blocks. Having it set too
short can have problems, such as a higher number of orphaned blocks due to blocks being
solved at the same time, but having it set too long makes waiting for just 1 confirmation
totally unpractical. Based on a brief examination of alt-coins the optimal block time seems
to be in the general vicinity of 1 or 2 minutes. Cryptonite happens to have a block time of 1
minute because it’s quite fast but not so fast it causes too many orphaned blocks.

Coin Supply and Distribution

Bitcoin makes use of 2.1 quadrillion units where each coin is made up of 100 million units,
resulting in a total of 21 million coins which are divisible by 8 decimal places. However,
internally Bitcoin uses 64bit integers, and it could handle a much larger number of coins, so
21 million may sound like a rather arbitrary number, but in fact it is not. Many applications
make extensive use of double precision floats but doubles can only store integers up to
2^53, and that is ultimately why Bitcoin only has 2^50.9 units.
However it is possible to use extended precision floats to exploit the full range of the 64bit
integer. This gives the coin supply a much higher level of granularity and is based on a
natural upper limit. A coin supply with 64 bits of granularity is made up of approximately
184.4 billions coins, each of which are divisible by 8 decimal places. We have used
extended precision floats in Cryptonite so that we’re no longer held back by the limits of the
double precision float, enabling an extremely large coin supply.
There are many ways coin distribution can be done, with Cryptonite it will take 10 years for
half of the coin supply the be mined, with a repeating half life of 10 years, but the block
reward is adjusted every block so that it changes gradually over time. Sudden large changes
in the block reward are not healthy for the network, and it’s not clear why Bitcoin was
designed to have such long intervals of time between changes in the block reward.
Cryptonite also updates the difficulty every block for similar reasons.

How to buy Cryptonite? 

You can buy Cryptonite on https://bx.in.th/ or  https://freiexchange.com/

You signup account and buy Cryptonite by Bitcoin

New releases can now be found on GitHub: github.com/pallas1/Cryptonite/releases

Cryptonite  Wallet

Download the db48 file if you either don’t know about the wallet db version you have, or if you need compatibility with the old wallet database format. Choose db61 instead if this is the first installation or you don’t need compatibility with the old wallet db format.

Download Cryptonite  Wallet: 

Windows 

Linux

How to cryptonite mining?

Mining is a process used to control the coin minting process by rewarding miners for solving computationally expensive problems. Mining is also the process used to confirm transactions and allow nodes to agree upon the order of transactions, so in essence miners are getting rewarded to secure the network by contributing their computing power to it. In Cryptonite all block rewards are subtracted from the balance of the coinbase account, a special address in the account tree which starts off with a balance equal to the total coin supply and shrinks as block rewards are paid out to miners.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *