July 28, 2014
DescriptionCryptonite is the first cryptocurrency to implement the mini-blockchain scheme. With the mini-blockchain, nodes will never spend days synchronizing with the network. Cryptonite also achieves smart coin distribution by adjusting the difficulty and the block reward every block. The dynamic max block size mechanism ensures that the transaction capacity of the network naturally grows over time. Cryptonite had no pre-mine, no IPO and the difficulty adjustment algorithm is designed to adapt quickly and prevent instamines. The coins are distributed fairly over a long period of time, with half mined over a period of ten years. There was a month of public beta testing before release alongside a week of early pre-announcement. Cryptonite also uses the M7 Proof-of-Work hashing algorithm which consists of the following algorithms: SHA-256, SHA-512, Keccak, RIPEMD, HAVAL, Tiger and Whirlpool.