What is Cryptonite XCN?
Cryptonite XCN (sometimes called Crypton) is the first implementation of the light weight mini-blockchain scheme. The claim, nodes will never again spend days synchronizing with the network and ordinary users will not have to fear becoming a full node. This is possible because of Cryptonite XCN decentralized balance sheet approach
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Cryptonite XCN – Mini-blockchain Scheme
Cryptonite XCN is the first implementation of the mini-blockchain scheme, a scheme designed for maximum scalability, achieved by addressing the problem of blockchain bloat and providing a solution which allows all old transactions to be forgotten by the network after they become old enough. This allows new nodes to synchronize with the network extremely quickly and allows existing nodes to free up disk space by deleting old transactions. As a result of this scheme the network doesn’t need to become increasingly centralized only by nodes capable of handling the full blockchain, so mining can remain more decentralized
Cryptonite XCN – Micro-transactions & Messages
With the implementation of the mini-blockchain scheme, Cryptonite XCN has superior support for micro-transactions. This includes custom transaction messages attached to transactions. Bitcoin and other altcoins the full blockchain is required to synchronize with the network. In this scenario, small value transactions and transaction messages tend to be discouraged because they cause “blockchain bloat”. The mini-blockchain scheme removes the concern of blockchain bloat. With the addition of full support for transaction messages and micro-transactions because nodes don’t need to store transactions forever.
Cryptonite XCN – Withdrawal Limits
Cryptonite XCN claims it is the first altcoin to feature withdrawal limits. This allows users to set a limit on how many coins they can send from an address in one block. This is useful it helps to prevent double spending. It also increases confidence in low-confirmation transactions. If a merchant can see that the withdrawal limit on an address prevents it from being emptied in a small number of blocks. They now can have much more confidence in any transactions sent to them from that address, even without any confirmations at all. It looks like the big advantage of withdrawal limits is that 0-confirmation transactions become safer.
Cryptonite XCN – Unmalleable Transactions
Transaction malleability has caused quite a bit of damage to the Bitcoin economy. Which is arguably the true reason why Mt. Gox went out of business. It’s their fault for not understanding transaction malleability. It was well known for a long time. Cryptonite XCN features unmalleable transactions to avoid any repeat of such undesirable events. Allowing the transaction ID’s to be reliable. By having the sender sign the txid and by ensuring the txid will always change when the contents of the transaction changes.
A video from the Cryptonite.info site
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