Cryptonite was officially announced for release in the second half of July 2014. We can XCN symbol to denote it. It is the first cryptocurrency to hold the mini block-chain scheme with many versatile features. The main aim behind its launch was to implement the best ideas and the combined efforts within the alt-coin community. Therefore, some of the best features of this alt-coin are withdrawal limits and a dynamic maximum blocksize.
Cryptonite runs on the M7 PoW algorithm used by Quark and some of the other coins. The M7 Proof-of-Work hashing algorithm consists of the following algorithms: SHA-256, SHA-512, Keccak, RIPEMD, HAVAL, Tiger, and Whirlpool. But the main difference is that Cryptonite uses cryptographically secure hashing algorithms. It also holds an nonparallel potential for scalability and transaction capacity. It ensures the smart coin distribution by adjusting the difficulty and the block reward every block. Therefore, the coins are also fairly distributes for the long period of time. Nodes are also synchronized with the network and this avoids the fear of becoming the full node.
The coin also supports the multi-signature transactions, which allows the multiple parties to sign a transaction with different keys. Hence, it is has a secure procedure