What Is Cryptonite (XCN)?

Cryptonite is a blockchain-based cryptocurrency that first executed the lightweight mini-blockchain scheme. A mini-blockchain scheme is a project created for maximum scalability, achieved by addressing the issues of blockchain bloat and offering a solution that allows all old transactions to be forgotten by the network after they become obsolete. The scheme helps eliminate the need for this network to become increasingly centralized only by nodes capable of handling the full blockchain and keep the mining more decentralized. 

Cryptonite is a decentralized payment network that needs computing power for minting new coins. The platform allows its users to send currencies worldwide at any time using the internet, much like an email. The network addresses are used similarly to email addresses for receiving and sending payment. The asset aims to create an open market of top crypto-currencies where competition can thrive. Cryptonite is the first altcoin to undertake withdrawal limits that allow users to set a limit on how many coins can be sent. The platform supports micro-transactions and custom transaction messages.

As per its whitepaper, the founding team of Cryptonite noticed scalability issues in the blockchain. The current blockchain is too massive and never stops growing, which increases the size of each block and lifts the transaction rates. Hence, the platform aims to eliminate the need for a full blockchain by unlinking transactions and allowing every transaction to be discarded after a while, which helps remove the script from the protocol. Cryptonite's blockchain combines three major functions—to coordinate how the network processes transactions, to encapsulate the proof-of-work that secures the network, and to manage account balances and record the coins' ownership. The network uses a self-contained balance sheet named “account tree” to maintain address balances despite using transactions to derive address balances. The balance in any of the addresses can easily be checked without a lot of computational effort. The final balance of every address in the network is also stored in the account tree, and every node present in the network keeps a copy of such an account tree. The cryptographic properties of the account tree tool make sure of the agreement and integrity between the nodes about which version of the account tree is valid.

XCN is the native and utility token of Cryptonite. The token is used for the transaction purposes and users can generate these tokens through mining. 

History of Cryptonite (XCN)

J.D. Bruce is the project founder of Cryptonite. Other founding team members include Pallas (lead developer), Sam A. (support developer), Catia (the original developer), and Aaaxn (technical advice). J.D. Bruce released Revised version 2 of its whitepaper in July 2014 and a version 3 of its whitepaper in March 2017.