For those following the Crypto Sphere you would have noticed a young, exciting contender to BlackCoin, WhiteCoin. Like BlackCoin, WhiteCoin started out as a PoW coin (http://en.wikipedia.org/wiki/Proof-of-work_system) changing into a full PoS Coin. (http://en.wikipedia.org/wiki/Proof-of-stake) White Coin has 2% annual stake Interest while Black Coin has 1%.
During the PoW phase Multipools mined large amounts of the PoW blocks and sold them on exchanges, allowing for wide and even distribution of the remaining coins creating a large community of investors buying to be part of the WhiteCoin community.
Like BlackCoin, WhiteCoins start was not all smooth sailing and after PoS stage failed to kick in and miners diverted their miners a 51% attack (http://learncryptography.com/51-attack/) occurred, allowing someone to double spend and steal over 30 Bitcoins from the MintPal Exchange. MintPal showed their generosity in covering any losses to WhiteCoin which has not been shown to any other coin, and it shows that there are talented and honest exchanges within the crypto community who want WhiteCoin to succeed.
The Exchanges quickly closed their withdrawals and deposits and within hours the community developed The WhiteCoin Foundation with Chris Salsman, Political Strategist, Outed Anon and self proclaimed “foodie”, at the helm. The team of trusted individuals within the bitcoin and altcoin community banded together to set goals, fix the issues with the wallets and secure investors funds.
The Foundation quickly found capable devs that could fix the Staking issue and create working wallets. Thanks to the incredible talent of CryptoWest (Cryptocurrency developer of CoinyeWest Coin), Mindfox (Developer of multiple alt coin pools), and the ongoing dedication of the WhiteCoin Foundation, they managed to find a solution and fixed the issues and successfully transitioned the coin from PoW to full PoS and thus secured the chain.
The new wallet is functional and everything is now in working order. The White Coin Foundation released minutes from their first board meeting at bitcointalk. https://bitcointalksearch.org/topic/m.6534399 to discuss future plans and objectives moving forward.
They are rebranding the coin, building a new webpage at whitecoinfoundation.org and reaching out to all venues in the crypto community to promote their promising crypto currency! WhiteCoin has been rebuilt from the ground up and is looking very promising.
White Coin in its short time, has certainly written and keeps writing coin history and with strong support from other coins, exchangers and multi pools it looks like White Coin is at a turning point to a bright future.
Thanks to the incredible talent of cryptowest, mindfox, and the ongoing dedication of the whitecoinfoundation, WhiteCoin successfully transitioned today from a POW coin to a POS coin. The new wallet is functional and everything is now in working order. The new whitecoinfoundation has today released minutes from their first board meeting at bitcointalk. https://bitcointalksearch.org/topic/m.6534399 We are rebranding the coin, building a new webpage at whitecoinfoundation.org and reaching out to all venues in the cyrpto community to promote our promising crypto currency. WhiteCoin has been rebuilt from the ground up as originally promised. We have PoW Cutoff at 5:11 UTC. Whitecoin is now 100% PoS. | NEW MAC AND WINDOWS WALLET – http://whitecoin.info/news/whitecoin-wallet-released/
We’d also like to thank all of those who have been donating hash to keep the network alive. A special shout out to our friends at Mintpal, Poloniex, Cryptsy, and Bittrex; we apologize for any losses you have taken on our behalf. And a huge thank you to our investors and community for coming together to make this coin what it is today through all the FUD and hard times.
Multipools will now be **BUYING** WhiteCoin from exchanges at **MARKET PRICE** **DAILY** to pay off their miners.
WhiteCoin to da moon!
litepresence
WhiteCoinJesus
Simran
THE FATE OF WHITECOIN MAY BECOME THE FATE OF ALL CRYPTOCURRENCY
Nothing has ever polarized the altcoin community as much as Whitecoin has in the past week. To some, Whitecoin is a phoenix that has risen from the ashes of its predecessor and is destined to become greater than ever. To others, it is a dying coin that is suffering a slow death, prolonged only because a few large bag holders are desperately trying to keep it alive. The truth however, can be found somewhere in the middle.
On April 13th, the Yinyangteam announced the creation of Whitecoin, a coin that should have had no chance for long-term survival, but instead of dying, took on a life of its own. This coin was pure scam and was intended to be nothing more than a vehicle to make a fast buck for its developer. There was nothing about this coin to distinguish it from the myriad of others already on the market and the code for its wallet was poorly written. After cashing in on his premine, the developer then abandoned the coin and left it to die.
So, why is this coin still alive and kicking? The answer is simple. Whitecoin has a phenomenal community backing it, there are some large, motivated bag holders stuck holding millions of coins, and most importantly, developers and others associated with other altcoins and exchanges recognize how important it is that the altcoin community band together to not only save Whitecoin, but to save themselves. Yes. The future of Whitecoin may become the future of all altcoins.
Whitecoin has become too big to allow to die. The community is too large and there is too much money at stake. The world is now watching the Whitecoin drama and the results may end up coloring an already tainted perception of cryptocurrency. To much of the public, cryptocurrency is simply a fad, a scam, or a way to buy illegal drugs and guns. If Whitecoin is allowed to die now, this public perception will be reinforced, there will be greater government scrutiny with the possibility of future government regulation and restrictions, and of course, people will lose thousands of dollars.
The crypto-community must support Whitecoin in its our hour of need. It’s best for Whitecoin. It’s best for all altcoins. It’s best for you.
http://therubbermonkey.me/2014/05/02/the-fate-of-whitecoin-may-become-the-fate-of-all-cryptocurrency/
WhiteCoin Community Overcomes Adversity
The cryptocurrency scene is no stranger to scammers and hacker, but the White Coin community have weathered both in the last week. Though the situations caused panic and unrest, the events of the last 8 days have lead to the creation of the WhiteCoin Foundation, a much stronger community, more transparency and a fresh vision.
On April 26th it was discovered that WhiteCoin contained errors in the code which prevented a complete transition to the Proof-of-Stake (POS) stage, not unlike other POW/POS coins that have been released in recent months. This is also about the time when the community learned that the original developer had no intentions of supporting WhiteCoin, and that the coins pre-mined for future development had already been spent.
Enter, the WhiteCoin Foundation. Headed by Mogonzo, the foundation’s primary objective was to find a new developer to fix the errors in the original code. After many days with little sleep, and far too many caffeinated beverages to count, the dev team decided on the best course of action and began implementing the fix. Testing was underway when another situation arose, one that would have brought almost any other cryptocurrency crashing down to Earth.
Having almost recovered from the previous setback, another crushing blow was delivered on April May 1st. The primary targets were the exchange MintPal, and the mining pool ChunkyPools. This attack resulted in a soft fork of WhiteCoin, and more 50btc worth of invalid WhiteCoins which were subsequently sold on various exchanges. Due to quickness of the exchanges and WhiteCoin foundation, a solution was put in place to negate the impact of the attacks. Though prices had plummeted during the attacks, when exchanges re-opened the price of WhiteCoin soared, signaling the trust and respect the community and investors had in the WhiteCoin Foundation.
With the release of a fully functioning POS-only wallet, and source code that has been reviewed by some of the top names in the industry, WhiteCoin is now back on track. The WhiteCoin Foundation is working on re-branding the coin, along with new features and merchants to be announced in the coming weeks. With the help of many volunteers and the support of a growing community, WhiteCoin is sure to remain a force in the cryptocurrency scene for years to come.
If you would like to support the WhiteCoin Foundation please donate to:
WC: WdPskLzGkjXkSns3BgkRF5fW5SveTBS7tR
BTC: 1JN9kVvm1zxgYh3Ki1JNsPFPhcE5FfoyeR
DOGE: D9n7o15LGaJy54gsQtqfgP8MwRCxC7FeCn
LTC: LU7P6BgqPDo1eHzqm2GmPw34HMJVoEe5DV
_jaqen_
Topic: Whitecoin suffers variant of 51% attack (Read 852 times)
Hanno fixato e tirato fuori il nuovo wallet, ora siamo al blocco 16891, al 17000 dovrebbe iniziare il POS ....almeno così dicono, nel frattempo consigliano di rinforzare la rete e suddividere la potenza per prevenire un nuovo attacco in questa delicata fase.
Se sono davvero riusciti ad implementare quello che doveva già esserci, fixare, e tutto fila liscio, a breve ne vedremo delle belle
Se sono davvero riusciti ad implementare quello che doveva già esserci, fixare, e tutto fila liscio, a breve ne vedremo delle belle
Argomento molto affascinante. Se una moneta non ha un pool di mining congruo per il suo valore di mercato diventa una preda appetibile per queste tipologie di cose. Un aspetto da non sottovalutare per chi vuole svilupare una cryptovaluta.
Allego testo notizia in inglese.
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Whitecoin suffers variant of 51% attack
http://www.coindesk.com/things-alt-ponzi-schemes-blackcoin-usbs-time-warp-attack/
whitecoinIt appears that in the early hours of 30th April, a coordinated double-spend attack was launched against the whitecoin network. The incident affected digital currency exchanges and mining pools, and has sparked questions regarding the future of the altcoin.
A statement published on 1st May by whitecoin community member and developer Mogonzo detailed the attack.
According to Mogonzo, the event took place in two stages.
The first part of the attack involved a dedicated denial-of-service (DDOS) attack against the mining pool Chunkypools. This enabled the perpetrators to assume control of the network and gain control of the block chain.
A time warp attack was then launched against several exchanges. This is a variation on the 51% attack, which involves artificially lowering the block difficulty in order to generate coins quickly.
The attackers used the time warp attack to generate multiple blocks of whitecoins that were then sent to exchanges and sold. Cryptsy, MintPal and Bittrex were among the exchanges affected by the attack.
In the statement, Mogonzo advised whitecoin users to avoid use of the existing wallet infrastructure:
“We continue to discourage wallet use at this time until our update is provided. It’s taken us some time to develop a full understanding of what happened, as well as develop a solution.”
At press time, representatives from the exchanges were reportedly meeting with members of the Whitecoin Foundation, the coin’s community organisation, on coordinating deployment of the new wallets.
Allego testo notizia in inglese.
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Whitecoin suffers variant of 51% attack
http://www.coindesk.com/things-alt-ponzi-schemes-blackcoin-usbs-time-warp-attack/
whitecoinIt appears that in the early hours of 30th April, a coordinated double-spend attack was launched against the whitecoin network. The incident affected digital currency exchanges and mining pools, and has sparked questions regarding the future of the altcoin.
A statement published on 1st May by whitecoin community member and developer Mogonzo detailed the attack.
According to Mogonzo, the event took place in two stages.
The first part of the attack involved a dedicated denial-of-service (DDOS) attack against the mining pool Chunkypools. This enabled the perpetrators to assume control of the network and gain control of the block chain.
A time warp attack was then launched against several exchanges. This is a variation on the 51% attack, which involves artificially lowering the block difficulty in order to generate coins quickly.
The attackers used the time warp attack to generate multiple blocks of whitecoins that were then sent to exchanges and sold. Cryptsy, MintPal and Bittrex were among the exchanges affected by the attack.
In the statement, Mogonzo advised whitecoin users to avoid use of the existing wallet infrastructure:
“We continue to discourage wallet use at this time until our update is provided. It’s taken us some time to develop a full understanding of what happened, as well as develop a solution.”
At press time, representatives from the exchanges were reportedly meeting with members of the Whitecoin Foundation, the coin’s community organisation, on coordinating deployment of the new wallets.
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