CryptoNote provides users with a completely anonymous payment scheme. CryptoNote implements the ring signature technology which allows you to sign a message on behalf of a group. The signature only proves the message was created by someone from the group, but all the possible signers are indistinguishable from each other.
Even if outgoing transactions are untraceable, everyone may still be able to see the payments you have received and thus determine your income. However, by using a variation of the Diffie-Hellman exchange protocol, a receiver has multiple unique one-time addresses derived from his single public key. After funds are sent to these addresses they can only be redeemed by the receiver; and it would be impossible to cross-link these payments.
A decentralized payment system must not depend on a single person’s decisions, even if this person is a developer. CryptoNote has no hard-coded constants; magic numbers in the code are designed to be re-calculated based on the previous state of the network. Thus, they always change adaptively and independently, allowing the network to develop on its own.
Nobody is able to spend the same money twice — even if all his signatures are anonymous. Every signature contains a key image — a kind of fingerprint of the secret key. It is based on a one-way cryptographic function; this implies that given only the key image it is impossible to restore the corresponding secret key. These key images are used to prevent double-spending.
Blockchain analysis resistance
Non-repeating one-time addresses and mixed keys in ring signatures make the whole blockchain resistant to analysis. Each future transaction will only increase the entropy and create additional obstacles for an analyst.
Egalitarian proof of work
The proof of work mechanism acts as a voting system. Thus, it is crucial that during the voting process all the participants have equal voting privileges. CryptoNote brings this equality with its egalitarian proof of work, utilizing built-in CPU instructions, which are very hard and too expensive to implement in special purpose devices, but perfectly suitable for ordinary PCs.
Coin Name : CryptoPayAfrica
Symbol : CPA
Block Times : 90 Seconds
Money supply : 85,000,000 CPA
Address Prefix : 5078 (Address Start with “cp”)
Minimum fee : 0.01 CPA (that may change later)
Algorithm : CN-PICO
Ports : 13290
What is the CN-PICO algorithm?
What is CN-PICO?
We have come a long way since then with many other coin projects taking to the new cn-turtle algo and finding it to perform quite well on things like sbc, older hardware, and yes even phones are good at mining this algo. As an asic-resistant coin we still welcome cpus, and gpus and for the most part the algo is more balanced in its gpu vs cpu hash. Still though, until now phone mining this algo wasn’t feasible with a dedicated android app so this potentially is a game changer.