The XC anonymous network, on the other hand, is something entirely different. It can be accessed from any XC App, but if a user designates a transaction to be sent anonymously, it is processed by the XC Nodes which make up the anonymizing portion of the network. Any XC App can be set up to run as an XC Node, as long as it meets certain criteria as outlined in our How-To section of the website.
Because every XC App can function as an XC Node, this allows XC to avoid what Bitcoin core developer Gregory Maxwell has recently called a security “chokepoint” in some other coins’ use of semi-centralized nodes to forward transactions. Unlike most other anonymous strategies, XC avoids the need to hold a very large amount of coins in order for an XC Node to function. This is made possible due to the small, random transaction sizes of XC’s multi-path architecture. The smaller capital requirement to run an XC Node benefits the XC network by allowing more XC Nodes to exist, increasing the overall efficiency and effectiveness of the anonymous network.
XC uses multi-sig and end-to-end message encryption. This solution improves upon the more common practice of simply forwarding transactions, which can be problematic because malicious actors can steal transactions instead of forwarding them. Another issue resolved by the XC approach is XC Nodes cannot snoop on the broadcasting system and publish the identities of senders and receivers. This further adds to XC's security.
Cryptocurrencies today function as isolated islands, with separate blockchains, nodes and users. As such, our innovations have limited usage, and one project’s advances cannot generate revenue in other networks. Further, this isolation saps resources if multiple projects develop solutions already created by others. While each project on its own is valuable, our combined technology and development skill is priceless. We propose to harness our formidable collective potential with a powerful application platform: the Blocknet.
The BlockNet is founded upon the XBridge, a true P2P protocol extension based on the Xnode protocol (the secure way in which XCurrency’s nodes communicate). An API implementing the XBridge protocol will be incorporated into the wallets of participating cryptocurrencies. This API forms part of a generalized application platform, running on every node. The application platform allows nodes to provide their features as services to other nodes on different blockchains.
The total supply of XC increases by 3.33% per year. There is no central authority that creates or keeps these new coins; instead, coins are created within the XC App. This means that you stand to earn coins as they are created in your app.
The way that the XC network determines which users are given these new coins is based on how many coins users have in their app. Simply put, over the course of a year, you will earn 3.33% interest on your total funds.
However, if your app isn’t running, then it will not be connected to the XC network and therefore will have no way to accrue interest. Fortunately, this does not mean that you need to keep your app running permanently – you simply need to run it at least once every 15 days, long enough to accrue the interest.
Aside from opening and unlocking your app (by entering your passphrase), you do not need to do anything in order to earn interest; it happens automatically.
Payments of interest can be made at any point between 8 hours and 30 days after the previous payment. To make your interest accrue at more regular intervals, you should create several addresses within your app and put between 50 and 500 XC into each one. To do this, use coin control.
Addresses that hold 10 XC or less will not accrue interest. The accruing of interest is in fact integral to the fundamental action of the XC network, which is that of processing transactions. By accruing interest, your XC App is actually helping to secure the network, and is thereby gaining its due reward.
If you have at least 550 XC (or maybe 1000 XC depending on where you read about it) you can configure the app to run as an XC Node which means it helps with the anonymous transaction mixing and other p2p ifrastructure operations. An XC Node gets paid for its services too. I'd like to run an XC Node instance on the OD server both to earn some extra XC and to support the network, but I can't find any information about how to do this yet. There should be some information here soon though.
Installation on LinuxMint
The installation for Linux has either a generic binary (both 32 and 64 bit versions) which are just the daemon, or Ubuntu-specific .deb files. Linux Mint is based on Ubuntu, but I couldn't get the bitcoin ppa to install with their instructions in the README and had to install manually by adding the following to my sources.list file and then running apt-get update. I used the Ubuntu trusty distro which installed successfully on Linux Mint 16.
deb http://ppa.launchpad.net/bitcoin/bitcoin/ubuntu trusty main deb-src http://ppa.launchpad.net/bitcoin/bitcoin/ubuntu trusty main
You can check that things are correct before running the .deb by checking if the libdb4.8++ package is available:
apt-cache search libdb4|grep 4.8++
News and articles about XCurrency
- 2014-12-24: Blocknet breakthrough: first ever communication between nodes on different blockchains
- 2014-11-10: Blocknet ITO results - ITO finished selling about 965BTC of tokens
- 2014-11-06: How the Blocknet ensures its funds cannot be misspent
- 2014-11-04: Chronology of the Smear Campaign Against the BlockNet
- 2014-10-30: Concerns over XC spending its premine
- 2014-10-29: BlockNet ITO Sale Is Underway on CoinGateway, Bittrex, Bter and Poloniex!
- A Little Altcoin Sanity: XCurrency
- Introducing the Xmixer: earn revenue with XCurrency’s trustless mixing
- XCurrency Xmixer Set to Revolutionize Trustless Mixing
- BitcoinTalk thread about XCurrency
Sites relating to XC
- XC block explorer at Chainz
- Bittrex - you can trade XC here, and also this exchange is one that will be selling tokens in the XCurrency ITO
- Cryptse - you can trade XC with other crypto-currencies here