High Scalability Privacy Payment Solution
Abstract: QWARTZ is a X11 cryptocurrency based on Dash functionalities. That include the famous masternode technology. Knowns features such as PrivateSend and InstantSend are also Inclued
Anybody knows the success of Bitcoin. The Coin who have initiate the Blockchain Technology. No needed to longer present others populars altcoins who had to make the technology grown.
QWARTZ is inspired by DASH and would like to be an alternative Masternode Network with an independent project.
2. Masternode Network
Masternode is a full node on a decentralized network and that store the entire blockchain. They both verify transactions and blocks. Among other things, they differ from ordinary nodes in that a certain amount of coins must be deposited on them. No masternode is quite alike as each network has its own pros and cons, but with that said, every system approaches payouts in a different way. Some cryptocurrencies pay out rewards to masternode operators multiple times in a day, whereas other projects payout operators once daily. The benefit of this dynamic is that operators can still earn money and provide a service to the network without having to invest in expensive cryptocurrency mining gear. Qwartz Masternodes get 25%/Rewards, fixed by the network. Masternode require 1200 QWARTZ to pay the collateral.
The cost associated with running a masternode creates a hard and soft limit of active nodes on the network. Currently with 1.7 million QWRTZ in circulation.
As a proof-of-concept, our first implementation included PrivateSend and InstantSend. By utilizing what we call proof-of-service, we can require that these nodes are online, responding and even at the correct block height.
Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as cryptocoin mining, altcoin mining, or Bitcoin mining (for the most popular form of cryptocurrency, Bitcoin), cryptocurrency mining has increased both as a topic and activity as cryptocurrency usage itself has grown exponentially in the last few years.
Each time a cryptocurrency transaction is made, a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction. The mining process itself involves competing with other cryptominers to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data.
The first cryptocurrency miner to crack the code is rewarded by being able to authorize the transaction, and in return for the service provided, cryptominers earn small amounts of cryptocurrency of their own. In order to be competitive with other cryptominers, though, a cryptocurrency miner needs a computer with specialized hardware.
Actually 40 QWARTZ as rewarded each blocks.
PrivateSend is a Privacy feature that is used upon request and for a small fee in order to obscure the source of funds and make a transaction untraceable. Just like InstantSend, this functionality is masternode-enabled. PrivateSend is made possible thanks to the fungibility of all coins in the network and works by mixing a user’s funds up with others’, hence breaking their traceable history on the blockchain.
PrivateSend is limited to 1,000 QWARTZ per session and requires multiple sessions to throughly anonymize significant amounts of money.
6. Denial-of-Service (DOS) Resistance
Authentication is a promising way to treat denial-of-service (DoS) threats against nonpublic services because it allows servers to restrict connections only to authorised users. However, there is a catch with this argument since authentication itself is typically a computationally intensive rocess that is necessarily exposed to unauthenticated entities. This means that the authentication protocol can become a source of denial-of-service vulnerability itself, thereby causing the same problem it is aimed at solving.
7. Instant Transactions via InstantSend
InstantSend technology uses the masternode network to "lock" transaction inputs, preventing Qwartz from being double-spent. Unlike Bitcoin, where it takes an hour or longer for transactions to fully confirm, transactions using InstantSend are "locked" and irreversible after only a few seconds.
8. X11 hashing algorithm
The X11 algorithm is a proof-of-work hashing function that was developed by Evan Duffield and implemented into the Darkcoin protocol in 2014, later renamed to DASH. X11 was developed and selected by Duffield as the algorithm of choice because of the inherent resistance that it had at the time to Application-Specific Integrated Circuits, or better known as, ASICs.
X11 works by combing 11 individual hash functions (hence the number 11 in X11) into one algorithm. When a value is submitted, the first function produces a hash which is then submitted to the following function to produce another hash. The X11 algorithm is comprised of the following hash functions:
- BLUE MIDNIGHT WISH (BMW)
9. Mining Supply
A different approach to restricting the inflation of mining is taken in Qwartz, halving each 225000 Blocks. This is done as opposed to halving implemented by other currencies. In addition supply each block is directly tied to the amount of miners on the network; more miners result in lower mining rewards.
Production of Qwartz is scheduled to carry on throughout this century and onto the next, slowly grinding down until finally near the year 2150, production will cease.
This paper introduces the Qwartz Network Concept. Young blockchain which use advantages of Privacy Coins with an alternative Masternode Network.