XBY Coin: At a glance
The XtraBytes platform provide several different services and functions. The initial and primary use of the XtraBYtes platform will be decentralized to the shared memory/storage. This will be a unique platform that will back up your data from anywhere in the world. The future of storage is not on a PC and certainly not on your phone. XtraBYtes is the answer. Just think of it like decentralized dropbox. Without risk of getting hacked because the encryption is so strong, no hacker will be able to stole your data if it is hosted on xtrabytes network.
Xtrabytes Coin Static Node
For every static node you own, you will have 3 wallets. The reason for this is security, functionality of the system and rewards to be deposited. For 2 static nodes, 5 different wallets will be generated, an finally, for 10 static nodes you own, 21 wallets will be generated for you.
You only need 1 wallet spendable for all nodes, but each node will require 2 wallets:
- The first wallet will be used to deposit 500.000 XBY (Minimum amount of XBY to be master nodes)
- The second wallet will be used for static node.
Soon after you done registering your first static node, you will receive distinct key. When the registration complete, you can remove the first wallet from your PC. Before doing so, please backup your wallet.dat file and also write your private key. We recommend writing it on paper and store it somewhere safe. This will be needed if you want to sell your static nodes to someone else, or just want to sell that 500.000 XBY you have on the wallet.
The second wallet will be located on your PC. This wallet have no coins on it. This way, you are safe and the network will be secured. Using this system, there is no financial gain for hacker to try hacking the system. Because no coin is on the static wallet.
If you set up multiple static nodes, special configuration required. This configuration needed to run more than one QT wallet at the same time.
Proof of signature (PoSIGN)
The Posign mining is very easy to understand. Each client (static node) has the same look and feel, and therefore each block is equally visible across the entire network. The work of static nodes in terms of consensus is to simply sign blocks. If any static attempt to sign a forged block, blacklist the other static and continue to sign the valid blocks.
Suppose there are 100 static nodes online in the network and one tries to create a block containing false information (such as false or bad transactions Blockhash etc …) This fake / hashed faulty block will be different from the other 99 hashes and per (Static nodes) Send the other 99 clients an RPC warning / repair message on the “bad” client. If the “bad” static node repaired the block, then the hash is the same as the other 99. If it does not fix it and instead, try sending it over and over, the other nodes will eventually list the static.
All other lymph nodes (non-static) see the last block you have signed and how many static you accepted.
Compared; Bitcoin and all other currencies have only one, randomly selected node that is not trusted, which registers the block and creates. With XBY is created and signed every block of all nodes currently in static line.
With XtraBYtes there are no prisoners of war or POS Mining, to sign the blocks and check. As I said, the signs of static online and here the strength of a Posign begins to see … Because it means that there are more signatures and more signatures. No one can know the entire private key from the static nodes and therefore it is impossible to create fake static signed blocks.
At this point we have a single static node that XBY controls and the network is fast and secure …
After more static are recorded on the network, XBY is better than all other currencies in the world of encryption.
At this point, no one understands what is really going on here … We are developing coins) This is the latest innovation in chain block technology and our man Borzalom is the brain genius who has thought of it.
If Bitcoin security is 100% (with nodes are not trusted that sign blocks) How much more powerful XBY when (+ 100% use of trusted nodes) * Number of static nodes? Like I said … he’s got the idea from me when he told me he does all this a couple of nights.
Congratulations to all who have the XtraBYtes are … they are way ahead of the people who are coming soon aboard … very soon …
I encourage you to spread the word to your close friends and family … We honestly have no idea where you can go to SATOSHI scales when the word assumes .