Skip to content

About Ferrite Core

koh-gt edited this page Aug 30, 2023 · 17 revisions

From pages 3 and 4 of Ferrite Core Whitepaper - under review

What is Ferrite coin?

Ferrite is a proposal to optimize the transaction speed of peer-to-peer electronic cash systems. It eliminates the need for a trusted third party and is able to solve the problem of double-spending through the use of digital signatures and a proof-of-work mechanism using hashing algorithms such as SHA-256 and Scrypt similar to those used in Bitcoin and Litecoin to create an ongoing chain of immutable timestamped transactions. The longest chain enerated by the nodes with the largest pool of mining hashrate is seen as evidence of the sequence of events. The network requires minimal structure, with messages being broadcast on a best-effort basis and nodes being able to join and leave the network at will. In addition, features such as MWEB protocol allows for the untraceable and anonymous transactions of coins by shuffling and merging transactions. Messaging layers such as Ferritext can also be implemented on-chain to distribute and synchronise complete backups of chat histories, allowing for an uncensorable text messaging system backed by all users.

Design Of Ferrite

Utilitarian
Common metal intended to be used as "bad money" under Gresham's Law.

Anonymous transactions
Ferrite has implemented MimbleWimble (MWEB) from Litecoin and Monero for better anonymity of coins. This also prevents coins from being tainted or sanctioned in any particular address, ensuring that every coin is equivalent and fungible.

Plentiful yet rare supply
Ferrite is the base metal to Litecoin's silver and Bitcoin's gold.
Total supply is 60.22m which is ~3x larger than Bitcoin's 21m but smaller than Litecoin's 84m.

Practical
Block time of 60 seconds where block latency is negligible yet transactions are confirmed fast. New DGWv3 DAA implemented from Dash, inspired by Dogecoin allows for stable block times even with heavily.
A scalable block size allows for processing larger amounts of transactions each block.

Why create another altcoin?

Most coins have overly inflated prices and therefore a high barrier to entry.
A desire to create a faster, better coin which addresses the challenges brought about by low confirmation times.
To learn and experiment with cryptocurrency without worrying about the finances.
To create another coin with a fair start and zero premine.

How is funding raised without a premine/instamine? What is in it for you?
A premine/instamine is not necessary to obtain a large holding. As the first person to start this coin, I have the benefit of being the earliest to collect coins while the cost is low at an early stage.
When a coin is newly listed, most users will sell their coins to obtain revenue, reducing the price. A large stash can then be obtained without resorting to premining.

Scalability

_Ferrite is a decentralized digital currency that aims to provide faster, more efficient and secure transactions compared to existing cryptocurrencies. With a block size of 4MB, Ferrite is capable of processing larger amounts of transactions in less time, with an average block time of just 1 minute. Additionally, Ferrite has implemented Segregated Witness (SegWit) and Taproot technology from upstream Bitcoin development for scalability, as well as MWEB from Litecoin for the anonymity and privacy of transactions.

Segwit transactions that have only Segwit transaction output spending are no longer vulnerable to malleability in which OpenSSL has not enforced the exact integrity of transaction signatures.

With its combination of fast transactions, large block sizes, anonymity and high levels of security and decentralization, Ferrite Coin aims to provide a valuable improvement to traditional cryptocurrencies._

Difficulty algorithm hardfork

Ferrite will be undergoing a switch in Difficulty Adjustment Algorithm (DAA) effective as of height 250,000. This change in DAA is reflected in the hardfork version v3.0.0. All versions after v3.0.0 will not be effected. Late upgraders will not lose their coins. Their coins on the Ferrite chain will be spendable once porting the wallet over to any wallet newer than v3.0.0.

References:

Gresham's law – economics. Encyclopædia Britannica.
Litecoin Whitepaper. Litecoin Foundation.
"Gresham's Law". Investopedia, Robert C. Kelly.
"Premining". Investopedia, Adam Hayes.

Transaction reports:

Ferrite20230318graphs.pdf

ferrite-core-main-512px

It has often struck our notice that the course our city runs
Is the same towards men and money. She has true and worthy sons:
She has good and ancient silver, she has good and recent gold.
These are coins untouched with alloys; everywhere their fame is told;
Not all Hellas holds their equal, not all Barbary far and near.
Gold or silver, each well minted, tested each and ringing clear.
Yet, we never use them! Others always pass from hand to hand.
Sorry brass just struck last week and branded with a wretched brand.
So with men we know for upright, blameless lives and noble names.
Trained in music and palaestra, freemen's choirs and freemen's games,
These we spurn for men of brass...

The Frogs
by Aristophanes (405 B.C.E.)

Clone this wiki locally