In the past week, X11Coin (XC) has been climbing in price rapidly while Darkcoin (DRK) has seen its price fall below the .02 btc level. Part of XC’s climb can be attributed to the hard work of its developer who has made it a priority to implement anonymous transactions to the coin. But XC’s climb can also be attributed to missteps from DRK as well.
XC Benefits from DRK Problems
There’s been a common problem of DRK requiring hard forks on updates. For example, on May 26th, 2014:
Masternode Payments Fork Issues
In late May the DRK network has been forking randomly because of some issue with the masternode payment system. To remedy this situation, the developers released the following fixes:
- Uploading a checkpoint to ensure clients are on the correct fork. If you’re on a different block then http://explorer.darkcoin.io then you will need to pull the changes from the repo and run with -reindex.
- Turning off masternode payments temporarily and working on a patch to turn off masternode payments and restore stability to the network.
The whole masternode concept is intriguing for the DRK network, including both its price (1000 DRK must be staked to form a masternode) and it’s technological barriers to entry (there is a guide here). You can see how many masternodes in existence at any one time on the DRK network at this link.
When stuff like this happened to coins like shibe, we dismissed the coin for being amateur. But now that it happens to DRK, people seem to take it in stride and give DRK the benefit of the doubt. DRK doesn’t take a confidence hit like those other coins as it has built up lots of believers since its inception in January of 2014.
DRK – Charges of Instamining
Darkcoin was mined with 500 DRK generated per block from the beginning. From block 1 to at least block 3250, according to their blockchain, they were still producing 500 coins each block. The transition from 500 to 277 clans per block occurs between blocks 3250 and 3500: 3250 blocks multiplied by 500 coins a block is 1,625,000 Darkcoins created between the times of 3:54 and 11:22 on January 19th, 2014 As of today there are around 4,300,000 DRK In existence, making this a pretty hefty instamine. The Darkcoin website expects around 22.000,000 DRK to be created. That means in less than 8 hours, about 5% of the Derkcoins that ever will be created were minted in that 1/3 of a day.
You can see evidence of the above claims by inspecting the DarkCoin Blockchain.
X11coin main selling point is its anonymity which is achieved through untraceable transactions, done over an encrypted channel using a supernode concept. The XC devs will be releasing updates to support multi-path-supernode or go direct to a more advanced solution like ring sigs or other solutions. XC seems to be gaining traction due to its developer that delivers on promised features including
- Anonymous features already running and in current wallet with improved anonymity in the near future.
- Android staking wallet. XC is the first anonymous mobile wallet.
- X11 Coin moved from proof of work to proof of stake without a hiccup. XC PoW is now over moving to the pos stage and there will be just over 7 million coins in circulation.
Whichever coin arises as the de facto standard for anonymous crypto currency transactions with fast confirmation times will reap huge rewards as the online currency of choice for anonymous payment transactions.