Cryptonite can be described as an open source decentralized payment platform that requires computing strength in order to bring new coins into existence.
It allows users to conduct transactions literally from any corner of the world, anytime. Just like email, there is a “Cryptonite address” for every user using which, payments can be sent or received.
As its base lies on bitcoin, the whole structure of it and that of bitcoin look alike. But XCN has come out with lucrative fresh features such as an advanced mechanism to maintain address balances, improved scalability and so on.
Features of Cryptonite:
This is a completely new feature that has been implemented for the first time. It is an open source community project coined in the first place with a view to generating a new version of cryptocurrency, resolving the scalability issue faced by bitcoin.
The scheme also compels the older transaction records to fade away from the network after a certain period of time. Therefore, the newer nodes do not have to wait for days to synchronize with the network, making the mechanism faster. The nodes also get to manage more disc space by cleaning up the older transactions.
The mini-blockchain scheme ensures more decentralized mining, as it does not allow the nodes to take control over the whole network and the entire blockchain. It brings relief to the average type of users as they do not have to worry about becoming a full node.
Micro-transactions and Messages
Unlike bitcoin and other renowned altcoins, micro-transactions and messages are encouraged by the Cryptonite network, all credit goes to the mini-blockchain scheme. For those currencies, small transactions and accustomed transaction messages attached to the transactions inflate the blockchain, resulting ‘blockchain bloat’ as the full blockchain needs to be synchronized with the network.
Mini-blockchain scheme manages the space of the blockchain and prevents bloating, omitting the older records. Thus, micro-transactions are completely supported by Cryptonite.
Cryptonite is the first altcoin ever that allows the users to fix a limit on the number of coins they can send in one block from a single address. It makes them confident when they come to know that the address from which they receive will not be empty after sending a few blocks. It makes the confirmation of block less required.
The bitcoin economy was badly hit by transaction malleability. Mt.Gox and some other business organizations had to give up business and trading due to the issue mentioned above. But they are not out of the blame as this issue was attracting the spotlight for quite a long period.
Now, Cryptonite promises safer transactions by allowing reliable ID’s in order to prevent such unwanted occurrences from happening again. Now, during every transaction, the sender needs to sign the txid, and it always changes with the change in contents of the transaction.
Cryptonite is continuously evolving and getting better. It welcomes open source developers who are willing to join its team.
It also keeps the door open for all to enrich the project wiki by adding translations, modifying the mistakes and so on. The project warmly receives donations in their specific Cryptonite address. For all these reasons, a user can feel free to join the Cryptonite family.