* Total number of atomic units is 99948151623421337 (remember. 8 decimal places, so 999,481,516.23421337 LTHN). However, once the block reward reaches 29 LTHN per minute (about halfway through year 2024) that is treated as the minimum subsidy, which means that Lethean’s total emission will forever increase by 15,242,400 LTHN annually (about a 1.5% inflation rate)
** Base reward = (Total Supply (coins) – Already Generated (coins)) * 2¯¹⁹
Lethean utilizes CryptoNote, an anonymous payment system that not only obscures the origin of your payments, but also allows you to sign messages on behalf of yourself or a group. To maintain anonymity, all that the signature proves is that the message was created by somebody in the group – who exactly signed it remains a secret. This is called Ring Signature technology, and it is one of the most important elements in remaining anonymous.
While outgoing payments are untraceable, ordinarily one might be able to observe the receipt address of funds and be able to determine one’s monetary worth regardless. This is why a user has multiple, unique one-time addresses linked to their public key, which are derived from a variation on the Diffie-Hellman protocol. When Lethean is sent to one of these addresses, it can only be redeemed by the owner of the addresses. This feature ensures that one stays untraceable, and that payments are unlinkable to each other.
Every transaction contains an image of a key, which is more or less a splitting image of the secret key. It’s based on a one-way cryptographic function that ensures that it is logistically impossible to reproduce the actual secret key given only this image. These key images are used to prevent somebody attempting to spend the same money twice but only actually spending it once, otherwise known as a “double-spend”. Safety is one of our top priorities, which is why we have implemented this system.
Blockchain analysis resistance
Non-repetitive single-use addresses and different keys used with Ring Signature make the blockchain nearly impervious to analysis. Every transaction increases the amount of obstacles that an analyst would have to overcome to form any sort of correlation between transactions or keys.
Egalitarian proof of work
The way Lethean is mined is by a proof-of-work system, by which a machine generates hashes and verifies that submitted transactions are valid. In this way, mining is a process by which everyone ‘votes’ on transactions and blocks with their collective hashing. CryptoNote and the Cryptonight mining algorithm ensure that everyone has an equal chance at voting due to its heavy use of built-in CPU instructions, which are difficult and costly to implement into specialized mining-only machines sometimes known as ASICs, but are available by default on any regular PC.
In a decentralized payment system, things should not revolve around a single person’s decisions, even if that single person is a lead developer. CryptoNote avoids this by making sure there are no hard-coded numbers, instead allowing key numbers to be dynamically re-calculated based on previous network conditions. This allows the system itself to adapt independently, instead of requiring decisions from one specific group.
We thank the CryptoNote developers for making their system open-source, and we give them full credit for the original code and ideas.
Lethean has a soft emission curve
with block rewards smoothly decreasing until 2024
At that time, the minimum block reward of 58 LTHN will last forever.
This means that Lethean
will have these amounts of coins
in circulation per year:
2018, we start the year with 150,000,000 LTHN, +150,000,000 LTHN development fund = 300,000,000 LTHN
2019, we start the year with 485,000,000 LTHN, +150,000,000 LTHN development fund = 635,000,000 LTHN
2020, we start the year with 690,000,000 LTHN, +150,000,000 LTHN development fund = 840,000,000 LTHN
2021, we start the year with 810,000,000 LTHN, +150,000,000 LTHN development fund = 960,000,000 LTHN
2022, we start the year with 886,000,000 LTHN, +150,000,000 LTHN development fund = 1,036,000,000 LTHN
2023, we start the year with 930,000,000 LTHN, +150,000,000 LTHN development fund = 1,080,000,000 LTHN
2024, we start the year with 968,000,000 LTHN, +150,000,000 LTHN development fund = 1,118,000,000 LTHN
At this point, Lethean will have a 1.5% inflation rate of + ~15,242,400 LTHN annually.