Cryptonite And The Innovative Mini-Blockchain

Cryptonite And The Innovative Mini-Blockchain

Cryptonite is the first cryptocurrency that implements the mini-blockchain scheme as well as numerous other useful and original improvements. Cryptoni

Blockchain Tech Used to Prevent Property Fraud in Africa
Startup Uses Blockchain to Crackdown on Wine Fraud
Korean Central Bank To Use R3 Blockchain Proof-Of-Concept

Cryptonite is the first cryptocurrency that implements the mini-blockchain scheme as well as numerous other useful and original improvements. Cryptonite differs from the other altcoins because it does not concentrate only on one main specific function, it combines a great number of advanced and unprecedented features that are precious for the cryptocurrency community. Cryptonite is open-source and is constantly developing. Its biggest advantage is that it offers a high level of scalability which results in a better speed and bandwidth. The cryptocurrency has a secure and strong peer-to-peer network that enables an efficient transaction system.

The Cryptonite project required a big investment of time and resources. It was developed in a period of more than four months and then tested for over a month in a public beta testing. The cryptocurrency was not pre-mined and it did not resort to an Initial public offering to spread the coin. Despite the fact that Cryptonite is a fork of Bitcoin, the code is has been almost entirely altered and consequently improved. It implemented a brand new feature the mini-blockchain. In order to better understand the technology, here is some basic information that will give you an insight into the benefits that Cryptonite offers.

The mini-blockchain replaces the full blockchain by introducing a balance sheet system that eliminated the need to store large quantities of information on the network. All old blocks that contain data about past transactions can be cut off the chain thus cleaning a lot of disc space. Increased bandwidth, lower fees, higher speed and more flexibility are achieved resulting in a better customer experience and transaction capacity. Additionally, Cryptonite has implemented a smart coin distribution. The currency has a large total coin supply of 1.84 billion and a long mining period. Half of the coins will be mined in 10 years and the block reward will also gradually decrease until it reaches 50% after a decade. As a consequence, sudden substantial changes in the reward are avoided and the network gradually adapts to any alterations made.

Cryptonite includes several other distinctive features such as a special technology that removes transactions’ malleability, for instance, or withdrawal limits that impose a maximum number of coins which can be withdrawn from a certain address in a specific time period. Moreover, Cryptonite also supports multi-signature transactions which improve customers’ security because they need to be signed by various parties in order to validate the transfer. Last but not least, thanks to the scalability of the mini-blockchain micro transactions can be conducted in a fast and efficient way.