Cryptonite (XCN) is a fork of Bitcoins core, but the code is significantly different. XCN has been around since mid-2014 with only two significant spikes. Cryptonite has some notable features that is better than many other coins in the current market. Some features include mini-blockchain scheme, unmalleable transactions and withdrawal limits, smart adaptation and many
In this interview we talk to Pallas who is the lead developer of Cryptonite. We will learn more about the features of XCN, the history of the project, the team behind the project, and where we can expect XCN to be within the next five years.
Thank you for putting some time aside for this interview! Let’s start by telling us about yourself – where are you from, what were you doing prior to being involved in cryptocurrency, and how did you get involved with Cryptonite?
"Thanks for this opportunity to talk about Cryptonite. I've been a developer since I was a child, during the 80's. I started working on cryptocurrencies in 2013, developing miners and coins. I've been following Cryptonite since the start, but I got lead dev, so I took the position and started reviving the coin! Involved in the project much deeper when I realized it needed a newt."
How many individuals are in the Cryptonite team and is there an active dev team, marketing team, and administrative team to help move the project forward?
"Cryptonite community is of the kind that drove the first cryptocurrencies: there is no official organisation, but a group of crypto passionate people who care about the technology and the concepts behind it. Currently there is me and the original coin creator Bitfreak, taking care of development; then a guy who's making windows builds, another couple guys who take care of the Facebook page and other media, another one keeping seednodes and the block explorer, etc."
Please explain Cryptonite in a simplistic and non-technical way.
"Cryptonite was born to solve the scaling problem of bitcoin and all the coins based on the classic blockchain. The idea is to have a full node without the full chain, by changing how it works from the internals. You can't expect a coin to keep the full history of transactions of all the users in the world and forever; this is a big limitation of the original bitcoin design, and those are words of no less that Edward Snowden himself. Bitfreak, while on it, introduced other innovative concepts, like dynamic max block size, which considering the time, were very forward thinking. Now a lot of coins have dynamic block sizes, but none has employed a technology like mini-blockchain yet."
What are some real-life use-cases of Cryptonite?
"XCN is a 'better bitcoin': its intended usage is day to day transactions, done in a simpler and lighter way. I can imagine a lot of uses for a full cryptocoin node which is also much lighter and faster: think IOT, embedded systems, etc."
One of the features of Cryptonite is a mini-blockchain scheme. Could you explain what that is?
"Basically, a mini-blockchain is about keeping relevant data only. There is no need to know about the full history of coins back to the coinbase, like most coins do. You just need to know the current balances of the accounts. Mini-blockchains features a 'balance sheet', which is linked to the blockchain, and shared among all the nodes of the network. This, and other improvements, make the typical XCN data directory much smaller; it also makes the first synchronization much quicker: if you run a new XCN node now, after 4 years of running, it will take just 1 hour or a little more."
The latest news from Cryptonite appears to be on September 19, 2014. Does that mean there has not been a new development since then?
"If you look at the website, it might appear there is no development since then; the coin went into hyatus for all of 2015 and part of 2016, then I took care of development and we started releasing fixes, speedups, new builds and whatever was needed to make the coin start growing again. Considering how much unique technology there is in it, it wasn't an easy task at all."
Comparing Bitcoin side by side with Cryptonite since it is a fork from Bitcoin, what are all the differences from Bitcoin?
"Much more than at first sight: some blockchain fundamentals have been totally rewritten in order to introduce a mini-blockchain and other features. For example, gone are scripts and change addresses, making transactions smaller and simpler, and also more secure as unmalleability comes with those changes. There is also extended precision amounts and withdrawal
limits, among others. If you look at the XCN block header, you can see how different it is right away!"
How anonymous is Cryptonite and how fast are transactions?
"There is no anonymity functionality in Cryptonite yet, but it's in the top list of future development we are planning. About transaction speed, we can say that it's much faster and lighter because of the reduced load on nodes, both on the cpu and memory usage, and also on bandwidth. The network is light and fast, blocktime is just 1 minute without fear of bloating the datadir, because of the mini-blockchain and optimized transaction size. In fact, XCN is a very good match to micro-transactions."
Where do you see Cryptonite five years from now?
"That's a very interesting question: I think it will go much further than most of today's coins, because Cryptonite will continue to be light and fast, while the others will need to deal with blockchains in the order of terabytes in size. The history of a coin is a very undervalued aspect in the way people look at coins today. I'm sure this will change and we will be there, and in the best shape, when that happens!"
Anything else that you would like to tell the Altcoin Community?
"Yes: people should start looking more at the real values of crypto projects, like the technologies and the history. Investing in real value will help the whole system improve much quicker, and it's the right way to help all the good ideas, that were behind the creation of bitcoin, last and stay strong through time."
"Many thanks to you!"
Cryptonite was launched in 2014 and is the first crypto-currency to implement the mini-blockchain scheme along with many other innovative features. Our goal was to create a truly scalable cryptocurrency which combined many of the best ideas developed within the alt-coin community and some of our own innovative ideas. The basic philosophy of Cryptonite is to follow the ideals set by Bitcoin as closely as possible but improve upon everything that could be improved.
Cryptonite was developed by the Mini-blockchain Project over a period of almost four months. Cryptonite is a fork of the Bitcoin core but the code has been extensively modified and expanded upon. It seems that the altcoin community is experiencing a torrential flood of clone-coins right now and it is not our goal to add to that pile of useless altcoins. Our goal was to create something truly new, innovative, and useful to the cryptocurrency community.
The altcoin community should be about innovation, not a select few people making a quick buck. Our goal was to break out of that greed driven trend. Cryptonite had no pre-mine, no IPO, the difficulty adjustment algorithm is designed to adapt quickly and prevent instamines, the coins are distributed fairly over a long period of time (half mined after 10 years).
In development, started 2014
Proof of Work with M7 Algorithm
Total Supply: 1,840,000,000 XCN
JOIN THE CRYPTONITE COMMUNITY
Bitcoin Talk: www.bitcointalk.org/index.php?topic=1801595