Cryptonite is the first crypto-currency to implement the mini-blockchain scheme along with many other innovative features such as withdrawal limits and a dynamic maximum block size. Our goal was to create a truly scalable cryptocurrency currency 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 uses the M7 PoW algorithm which is not a memory hard algorithm but more like the algorithm used by Quark and similar coins. The difference is Cryptonite only uses cryptographically secure hashing algorithms which are well tested. We kept it old school and purposely avoided the PoS and memory hard algorithms, there were also time constraints and other good reasons, plus we want to leave the door open for interesting Cryptonite variants. One thing Cryptonite could really use is decentralized coin mixing or something similar.
Cryptonite is a fork of the Bitcoin core but a vast amount of code has been altered, tens of thousands of lines of code have been altered and the result is an entirely new beast. Cryptonite is still highly experimental for that reason so you should use Cryptonite with caution and diligence until the code base has been properly reviewed and the robustness of the network has been properly established. Cryptonite was officially announced for release in the second half of July, 2014, one week after the pre-announcement was posted on bitcointalk.
- Block time: 1 per minute
- Block reward: changes every block (half life of 10 years)
- Max block size: changes every block (100 block average * 2)
- Difficulty adjustment: changes every block (1000 block filter)
- Coin supply: 2^64-1 units (1.84 billion coins, 10 dec places)
- Mining algorithm: M7 PoW
- Pre-mine: none
Home page: www.cryptonite.info