Scrypt-N Asics, Inflation, and KGW
Execoin We are currently considering and evaluating possible major changes to to mitigate over-inflation issues, and to address a vulnerability in the Kimoto’s Gravity Well difficulty re-target algorithmMore information about this will be released in advance. . Our version of KGW is too processor-intensive and slows down the wallet. After serious consideration, we have decided to do a hard-fork in the near future. This will allow us to eventually change the PoW algorithm to a completely unique one, not currently being used in any of the coins existing on the market. This will make the upcoming Scrypt-N ASICs obsolete before they even release to the public.
Execoin goes stealth-mode
The easiest way to implement stealth addresses is to use the base full-node (core) client as a platform. The stealth payments C++ code already available in libbitcoin, and SX libraries, can be used to implement stealth addresses in the full-node core client with minimal modifications. We decided to create our own Stealth library in Python for Execoin rather than use and modify any available C++ code. We’ve chosen Electrum as the platform for our implementation of stealth payments functionality and have the following additional development stages otherwise not required in the full-node client:
1. Implement a stealth library in Python language from scratch;
2. Seamless integration of stealth address generation into the mnemonic system used in Electrum;
3. Modify the Electrum server to support fetch_stealth method and update our base client to support the relaying of stealth transactions on the network.
Benefits of stealth
There are a lot of pros. First of all, it will be possible to restore not only ordinary addresses from a single mnemonic phrase used in Electrum, but also stealth addresses! Second, Electrum with Stealth can be subsequently run on Android devices with minimal development efforts. In addition, advantages inherent to Electrum will be there, such as offline wallets, portable wallets, and speed. Execoin is a fast coin with a lot of blocks in the block-chain, and it’s particularly important for us to make an accent on, and encourage the use of, lightweight SPV clients.
Current stealth development
Execoin’s own Stealth library, written from scratch in Python, is ready, integration of stealth address generation into the mnemonic system used in Electrum has been completed in full, we’ve done sending/receiving in the wallet as well. Currently we are working on modifying the Electrum server to support the fetch_stealth method. Within about 1 week a fully functional Beta version will be available in the main-net.
Completed stealth development
Our network has already been upgraded to the extent sufficient for relaying stealth transactions. Relevant updates to the source code were committed on June 23. Pool operators are encouraged to upgrade their execoind daemons in order to speed up the stealth transactions in the network. We have already submitted a dozen stealth transactions to the block-chain. Here is one of them (use one of the block explorers with txid given below):
Stealth address: ExkdTFkYbBh4evi5zQnmxg2JFmE3Pc6xDYMKsHeaQizfYooL1Ac9V2YvtDu4mKfAAcdDouw1ac8JkeNvsaYV6mfhsfywzHGzcugtzc
Scan secret: 79a29d3c9c35ad81ce5ce5dea1386dd721357369b8fc3ba465efe5842bad1b49
Spend secret: 51a757426c6f440033c79391166375a6d0699a736f8e6bfc548781fc5d422eed
We are giving the secrets related to stealth addresses to our readers. There is a 5000 EXE reward to anyone who can manage to redeem it.
Once you figure out the above hints, it’s a fairly simple task, so before trying make sure that the reward is still there!
The future of EXE
EXEcoin has a strong community, a dedicated development team, and the infrastructure and game-plan to not only remain stable in the ever-changing crypto-world, but to thrive in it. Many goods, services, and assets were added to EXEcoin over the past couple of months. Expect that to ramp up a great deal, going forward. Many more things are in the works beyond just what was listed above. Stay tuned for more frequent news releases about all things related to EXEcoin.
Shameless plug for the EXEcoin on Mintpal giveaway
It should be pointed out that part of what makes this EXEcoin community, and dev team, so special is that there is no big pre-mine or insta-mine to draw on. Yet infrastructure is still added to the coin. Goods and services are still added for the coin. People still work for the coin. Giveaways are still done for the coin. All from community donations, and the devs themselves. Here is another giveaway brought to you by the EXEcoin dev team, and EXEcoin community donations!
Please follow the instructions in this thread http://bitcoingarden.tk/forum/index.php?topic=649.0 – Vote for EXEcoin on https://www.mintpal.com/voting#EXE – get 10 EXE for every vote! With the help of the community, Mintpal is a very real possibility. If you can vote, and vote often, please do so. If you can donate to the EXEcoin fund, to help make things like this giveaway push happen, please do so. The sky’s the limit!