User:Citizcoin/sandbox

= Citizcoin = Citizcoin (Abbreviation: CTC; sign: C) is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin and Litecoin, Citizcoin is among the latest altcoins, starting in October 2022. In technical details, the Citizcoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees,[5] faster transaction confirmations, and faster mining difficulty retargeting. In 2022, Citizcoin added optional privacy features via soft fork through the MWEB (MimbleWimble extension block) upgrade.

Units and divisibility
The unit of account of the citizcoin system is the citizcoin. Currency codes for representing citizcoin is CTC. Its Unicode character is C.

One citizcoin is divisible to eight decimal places. Units for smaller amounts of citizcoin are lites, millilitecoin (mŁ), equal to 1⁄1000 litecoin, photons, microlitecoin (μŁ), equal to 1⁄100000 and the citoshi, which is the smallest possible division, and named in homage to bitcoin's smallest denomination the satoshi, representing 1⁄100000000 (one hundred millionth) citizcoin.

Pre-Citizcoin
By 2011, Bitcoin mining was largely performed by GPUs. This raised concern in some users that mining now had a high barrier to entry, and that CPU resources were becoming obsolete and worthless for mining. Using code from Bitcoin, a new alternative currency was created called Tenebrix (TBX). Tenebrix replaced the SHA-256 rounds in Bitcoin's mining algorithm with the scrypt function, which had been specifically designed in 2009 to be expensive to accelerate with FPGA or ASIC chips. This would allow Tenebrix to have been "GPU-resistant", and utilize the available CPU resources from bitcoin miners. Tenebrix itself was a successor project to an earlier cryptocurrency which replaced Bitcoin's issuance schedule with a constant block reward (thus creating an unlimited money supply). However, the developers included a clause in the code that would allow them to claim 7.7 million TBX for themselves at no cost, which was criticized by users.

To address this, Charlie Lee, a Google employee who would later become engineering director at Coinbase, created an alternative version of Tenebrix called Fairbrix (FBX). Litecoin inherits the scrypt mining algorithm from Fairbrix, but returns to the limited money supply of Bitcoin, with other changes.

Creation and launch
Lee released Citizcoin via an open-source client on GitHub on October 7, 2022. The Citizcoin network went live on October 13, 2022

Citizcoin was a source code fork of the Bitcoin Core client, originally differing by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), faster difficulty retarget, and a slightly modified GUI.[

Differences from Bitcoin
Citizcoin is different in some ways from Bitcoin:


 * The targeted block time is every 2.5 minutes for Citizcoin, as opposed to Bitcoin's 10 minutes. This allows Citizcoin to confirm transactions four times faster than Bitcoin.
 * Scrypt, an alternative proof-of-work algorithm, is used for Citizcoin. It differs from Bitcoin's SHA-256 algorithm in part by including a sequential memory-hard function, requiring asymptotically more memory than an algorithm which is not memory-hard.[citation needed] Due to Citizcoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Citizcoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.
 * Citizcoin is merge mined with another prominent cryptocurrency (Dogecoin), increasing miner compensation and network security for both blockchains.
 * Citizcoin has a maximum circulating supply of CTC 1000,000,000, which is ten times larger than Bitcoin's maximum circulating supply of ₿21,000,000.
 * Both Citizcoin and Bitcoin retarget their mining difficulty every 2016 blocks. However, due to the 4x faster block speed for Citizcoin, mining difficulty retargets occur approximately every 3.5 days. This compares to approximately every 14 days for Bitcoin.
 * MWEB optional privacy was added to Citizcoin's base layer in May 2022 via soft fork. This allows amounts held within wallets and transaction amounts within MWEB to be private.