Hello, oh intereting topic to discuss.
Basically, our coin is based on Cryptonight\cryptonote. So it means, that main issues with bitcoin weakness are not about us. I'll try to write review asap. thank you!
CUTcoin web wallet successfully launched. ⬇️
https://wallet.cutcoin.org/ Check it now and start using easy to access web wallet.
CUTcoin keeps getting better.
Hello,
POS vulnerability
A group of researchers has identified some vulnerabilities in cryptocurrencies based on the Proof-of-Stake principle, especially these vulnerabilities are typical for coins based on PoSv3 (Proof-of-Stake version 3). The fact is that PoSv3 does not provide complete data validation before using resources (disk and RAM). This leads to the fact that an attacker, even without possessing powerful resources, can provoke a node failure by filling its disk and RAM with fake data.
The researchers concluded that all cryptocurrencies based on the UTXO model are vulnerable to attacks called “Fake Stake”.
Vulnerability 1
It was found that Qtum, Particl, Navcoin, HTMLcoin and Emercoin cryptocurrency demonstrated a fairly simple form of this vulnerability - they don’t check the cryptocurrency transaction at all before fixing the block in RAM or disk.
These five cryptocurrencies apply a function in which there is a distribution of blocks and division into blocks and headers. The node requests the block after the header has received an acknowledgment. And given that the node can not independently verify the title - it stores it in the memory structure.
As a result, any attacker can fill the RAM of the node, even has no stake.
The second type of this attack can be performed on the same basis, but it is aimed at the disk (not RAM). Presumably, an attack directed to the disk will be more harmful to the victim if the RAM is full, then you can simply reload the node. But if the disk is full, more serious intervention will be required.
Vulnerability 2
The working group noticed that the first vulnerability was possible using the “header first” feature and the PoSv3 principle. But the attack does not work on earlier versions (for example, Peercoin), because before checking the blocks on the disk, preliminary checks are carried out: checking the output to the main circuit and checking the compliance of the PoS kernel hash.
But in later versions there may be some problems.
First, the verification guarantees that the coin only exists, but does NOT guarantee that it is not spent.
Secondly, even if you check the block on the divergence of the main chain, the transaction of the recipient of the coin is checked by TxDB for the main chain itself.
To bypass the main circuit output check, you can use a pin that is not yet verified by the node, but has already been spent. To bypass the verification of the PoS kernel hash, you need to extract a valid block that passes the goal of complexity, which in turn would require a large number of stakes. However, as it turns out, incomplete checking can be abused to generate an arbitrary number of visible stakes.
So, resuming all we can sure you, that we made researches for this issues and in our PoS code there would be no such issues. I'll post our PoS later after tests done.
❗️ Updating
Important news.
⛏ According to the last sudden hashrate changes in one famous crypto blockchain we would like to mention.
✨ CUT coin is improved re-written Cryptonight, with 100% ASIC resistance.
Why CUTcoin algo is better for mining in the last few days?
Why did the team choose cryptonight as a based for anonymity aspect?
CUTcoin Fork
On December 24th, 2018 we decided to launch in public our project, announcing the emergence of an anonymous cryptocurrency.
We forked from Monero CryptoNight, and rewrite and improve algo. In a few days big changed are coming, let me introduce them. As we announced before CUT coin firstly is PoS coin. Soon after 15 000 000 CUT coins will be mined with PoW we will run PoS. Before it'll happen let us make last-days-call for CUTcoin mining.
BTW check Block Explorer
https://blocks.cutcoin.org/ Features:
- CryptoNote algorithm improved with ASIC's 100% resistance ( you know it's actual remark last days);
- concealed address ("invisible addresses");
- untraceable transactions (Ring confidential transaction) ;
- later PoS consensus will run.
Inspired by Monero's experience and priority ideas our team released it's coin based on proven technology (based on the CryptoNight algorithm) but with its unique feature the PoS consensus. The updates in Monero made in October were aimed at large-scale improvements to the protocol, correcting errors, increasing security, as well as maintaining ASIC resistance.
Major code changes include:
Re-written unique hash search algo.
- Asic's resistance
- Changed difficulty
- Created full infrastructure for coin mining.
Check it now
Official Pool here
https://pool.cutcoin.org/#/home,
Community pools
https://cnpool.cc/cut,
https://crypto9coin.cf/cut,
http://cutcoin.mining-pool.host/,
Wallets
http://offline-wallet.cutcoin.org,
https://wallet.cutcoin.org (web wallet).
As you can see, CUTcoin is a fairly promising project, with growth opportunities, implementing the best technologies of the Monero system, while combining its potential and fresh ideas. Last days remaining.
Hello everyone.
I would like to announce the testnet launch date: after
24th February
So, PoS launch will be announced later.
@cutcointalk
