Frequently Asked Questions

This is a list of common questions and answers related to Cryptonite. If you have a question that you cannot find the answer to, you may contact us and we'll provide an answer if possible. For the answers to more general questions about cryptocurrency see the Bitcoin FAQ.

What are the specs of Cryptonite?

The specs of Cryptonite are fairly exotic in comparison to most other alt-coins. The block time is fairly normal at 1 block per minute, but the block reward, the max block size, and the difficulty all change every block using a range of different techniques. The M7 PoW algorithm was custom designed for Cryptonite and the coin supply has a full 64 bits of granularity. See the Cryptonite wiki page for more detailed information.

Why should I care about Cryptonite?

Well you don't have to care about Cryptonite, but if the question is why does Cryptonite stand out among the ever growing selection of alt-coins, the answer is that Cryptonite offers next generation scalability along with an array of new features never seen before. Cryptonite is not a cheap rip-off of Bitcoin, a lot of money and many months were spent on development before we even released the source code.

How is Cryptonite different from Bitcoin?

Cryptonite is similar to Bitcoin in many regards but it uses a very different mechanism for maintaining address balances to improve scalability. Instead of deriving address balances from transactions, the balances are maintained in a "balance sheet" structure we call the account tree. Transactions are fundamentally much simpler in Cryptonite, they do not contain scripts, instead we have a pre-defined list of valid transaction types.

How secure/safe is Cryptonite?

Cryptonite is still highly experimental and the concepts underpinning it lack extensive testing and analysis. It will take time before the code base has been properly reviewed and the robustness of the network has been established. Theoretically, Cryptonite should have a level of security similar to Bitcoin, but there are a few manageable weaknesses and attack vectors that come as a trade-off for the extra scalability.

How anonymous is Cryptonite?

Cryptonite provides essentially the same level of anonymity offered by Bitcoin. Since old transactions can be forgotten it might be slightly better than Bitcoin but it's extremely unlikely some dedicated nodes wont store the full blockchain. Anonymity was one area we didn't have much time to focus on during development but we plan to do more research into block mixing techniques and how they can be applied to the mini-blockchain scheme.