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README.md

Alt text

Introducing Kreds

Introducing a new decentralised, open source, community driven digital currency.


Specifications

Version: 1.0.0.6
Proof-of-Work Algorithm: Lyra2REv2
Block Max Size: 4 MB
Max Block Size Serialized Size: 8 MB
Block Time: ~120 seconds
Block Reward: 112,5 KREDS
Block Reward Decrease: 1.5% every 6 months for 10 years
Coin Maturity: 50 blocks
Maximum Coin Supply: 1.1B
Difficulty Retargeting: New D106 Algorithm
Network RPC Port: 3850
Network P2P Port: 3950
SegWit: Active
Lightning Network: Compatible
Atomic Swaps: Compatible
Masternodes: Enabled
Masternodes Collateral: 100000 KREDS
Masternodes Payments Start Block: 15000
Masternode Reward: 50% of block reward

Masternodes

Masternodes will be supported with a collateral requirement of 100000 KREDS.

Masternode payments do not start until block 15000.

Kreds Rewards Structure

Year Blocks PoW Masternodes Total Generated per Block
2018 0 - 65,000 112.5 112.5 225
2018* 65,001 - 131,400 56.25 56.25 112.5
2018 131,401 - 262,800 56.25 56.25 112.5
2019 262,801 - 394,200 55.41 55.41 110.81
2019 394,201 - 525,600 54.58 54.58 109.15
2020 525,601 - 657,000 53.76 53.76 107.51
2020 657,001 - 788,400 52.95 52.95 105.90
2021 788,401 - 919,800 52.16 52.16 104.31
2021 919,802 - 1,051,200 51.37 51.37 102.75
2022 1,051,201 - 1,182,600 50.60 50.60 101.21
2022 1,182,601 - 1,314,000 49.84 49.84 99.69
2023 1,314,401 - 1,445,400 49.10 49.10 98.19
2023 1,445,401 - 1,576,800 48.36 48.36 96.72
2024 1,576,801 - 1,708,200 47.63 47.63 95.27
2024 1,708,201 - 1,839,600 46.92 46.92 93.84
2025 1,839,601 - 1,971,000 46.22 46.22 92.43
2025 1,971,001 - 2,102,400 45.52 45.52 91.05
2026 2,102,401 - 2,233,800 44.84 44.84 89.68
2026 2,233,801 - 2,365,200 44.17 44.17 88.33
2027 2,365,201 - 2,496,600 43.50 43.50 87.01
2027 2,496,601 - 2,628,000 42.85 42.85 85.70

Block Reward Decrease : 1,5% Every 6 months *50% block reward reduction occurred at block 65,000

Segregated Witness

Alt text

Kreds is both lightning network and atomic swap compatible. And unlike many other "compatible" altcoins, SegWit and the larger blocksize are enabled from the outset.

For further information about Segregated Witness please visit bitcoincore.org

InstantTX and DarkSend Removal

(Reproduced here for information purposes only, not release related)

Dropped support for both InstantTX and DarkSend. With the SegWit upgrade these features are going to be superseeded by far superior technology. SegWit will enable the Kreds to adopt the Lightning Network, cross-chain atomic swaps, advanced versions of TumbleBit and more.

Hierarchical Deterministic Key Generation

(Reproduced here for information purposes only, not release related)

Newly created wallets will use hierarchical deterministic key generation according to BIP32 (keypath m/0'/0'/k'). Existing wallets will still use traditional key generation.

Backups of HD wallets, regardless of when they have been created, can therefore be used to re-generate all possible private keys, even the ones which haven't already been generated during the time of the backup. Attention: Encrypting the wallet will create a new seed which requires a new backup!

Wallet dumps (created using the dumpwallet RPC) will contain the deterministic seed. This is expected to allow future versions to import the seed and all associated funds, but this is not yet implemented.

HD key generation for new wallets can be disabled by -usehd=0. Keep in mind that this flag only has affect on newly created wallets. You can't disable HD key generation once you have created a HD wallet.

There is no distinction between internal (change) and external keys.

HD wallets are incompatible with older versions of Bitcoin Core.

Pull request, BIP 32

Signature validation using libsecp256k1

(Reproduced here for information purposes only, not release related)

ECDSA signatures inside Bitcoin transactions now use validation using libsecp256k1 instead of OpenSSL.

Depending on the platform, this means a significant speedup for raw signature validation speed. The advantage is largest on x86_64, where validation is over five times faster. In practice, this translates to a raw reindexing and new block validation times that are less than half of what it was before.

Libsecp256k1 has undergone very extensive testing and validation.

A side effect of this change is that libconsensus no longer depends on OpenSSL.

Direct headers announcement (BIP 130)

(Reproduced here for information purposes only, not release related)

Between compatible peers, BIP 130 direct headers announcement is used. This means that blocks are advertised by announcing their headers directly, instead of just announcing the hash. In a reorganization, all new headers are sent, instead of just the new tip. This can often prevent an extra roundtrip before the actual block is downloaded.


License

Kreds is released under the terms of the MIT license. See COPYING for more information or see https://opensource.org/licenses/MIT.


Development Process

The master branch is meant to be stable. Development is normally done in separate branches. Tags are created to indicate new official, stable release versions of Kreds' Core.

The contribution workflow is described in CONTRIBUTING.md.


Building process

compiling Kreds from git

Use the autogen script to prepare the build environment.

./autogen.sh
./configure
make

precompiled binaries

Precompiled binaries are available at GitHub, see https://github.com/KredsBlockchain/kreds-core/releases

Always verify the signatures and checksums.


Bootstrapping

Download the bootstrap.dat file here: https://goo.gl/V5YK7U

  1. Make a backup of the wallet.dat file, store it somewhere safe;

Locate your application support(In these locations):

Windows: Code:%AppData%\Roaming\kreds

Mac: Code: ~/Library/Application Support/kreds

Linux: Code: ~/.kreds

  1. Delete all the other files except wallet.dat and keep any kreds.conf files you may have created;
  2. Drop the bootstrap.dat file into the kreds folder;
  3. Start the wallet and wait for it to re-sync, which might take a couple of minutes.

Compare you results with the block explorer https://www.kredsexplorer.com as that is correct to all the nodes.