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Introduction

Ittrium’s main development goal is ‘striving to be the most technically advanced privacy orientated cryptocurrency.’  In line with this goal, Ittrium wallet v2.0.0 will go live on 11/11/2018 (time-zones vary) and will implement the ZeroCoin privacy protocol, a type of zero-knowledge proof. A significant amount of work has gone into this massive update, 396 files have been amended, with 37,808 lines of code added and 18,137 lines deleted!

https://github.com/IttriumCore/ittrium/commit/73ed9388c72bfdc5b1e5e816b91dd274ac9fb2c8

To ensure a smooth transition, the team has decided to stage the rollout of the ZeroCoin protocol, as such, there’ll be a 7-day maintenance period, before the ZeroCoin protocol is activated on 18/11/2018.  Whilst extensive testing has been conducted, with any update of this scale, minor bugs likely remain.  If you come across any bugs please create a ticket in the #tech-support channel on our discord and we’ll squish them in subsequent updates.

How does it Zercoin work?

For those unfamiliar with the concept, zero-knowledge proofs utilise advanced cryptography to hide the transaction history, essentially it proves the existence of transaction without revealing any transaction information.

The Zerocoin protocol allows users to ‘mint’ zXIT by burning their XIT, and in return be provided with zXIT, which is an I.O.U on the network that can be spent later to get their XIT back. When you want to initiate a spend, your wallet sends a zero-knowledge proof to the blockchain that allows fresh XIT to be created by the network which replaces the burnt XIT, but as it is freshly made it has no transaction history. You can even instruct the network to send the redeemed XIT to a 3rd party address, to completely hide who sent the XIT to the recipient.

That sounds complicated, what do I need to learn to use it? 

Firstly, if you don’t feel comfortable using zXIT, you don’t have too, simply ignore the zXIT features and keep using the wallet as previously.  The Zerocoin protocol like Obfuscation is a complementary feature for advanced users.  That said, we’ve worked to simplify the wallet user interface as much as possible however, if you still find yourself a bit lost, join us on Discord and we’ll be happy to guide you through the process.  Furthermore, the team will be releasing more information, including video tutorial guides in the coming weeks on our YouTube channel to educate our community.

How do I convert XIT to zXIT and why can I only mint zXIT in specific amounts?

Simply go to the privacy tab in your wallet, enter an amount in the mint zerocoin text box, click mint zerocoin and the minting process will begin. Specific denominations are used to decrease the time it takes to approve your mint on the blockchain. Since every mint needs to have 2 more mints come after it before it is verified, allowing people to mint any amount they like would potentially lock coins in a perpetual state of “confirming”. Utilizing specified denominations nearly eliminates the risk that minted coins will never be confirmed. The denominations used by zXIT are: 1, 5, 10, 50, 100, 500, and 1000.

How do I spend zXIT?

The process is very similar to sending a normal transaction. In the privacy tab, you will find a familiar field in the bottom-left which lets you choose denominations to spend, enter an amount, and choose an address. Then you can click send to either receive ‘cleaned’ XIT yourself or send XIT anonymously to someone else.

Update ASAP!

It should be noted that once the spork is activated, wallets and masternodes not currently on the latest version will be disconnected from the network, so update ASAP!   Updating will reset your place in the masternode reward queue, but everyone needs to do this, so rewards will even out as the network updates to the new protocol.

Today we’d like to announce the Ittrium Core v1.1.0 release! This update brings a few new changes as well as general stability improvements and enhancements. Please see the full change log below as well as the links to download the new software:

Change log v1.1.0

  • New Graphical User Interface (GUI).
  • Updated code, Amount changed to int64_t.
  • Updated to Dark Gravity Wave 2.0 difficulty.
  • Open SSL updated from 1.0.1 to 1.0.2.
  • Ability to removed orphans from transaction history (default setting).
  • Protocol updated from 70811 to 70900 (enforced via Spork 17).

We’re always looking to update our software so that users get the best possible experience out of Ittrium. If you haven’t already, please join us on Discord and voice your opinion. We’re always ready to listen to constructive feedback.

We’ve recently updated our home page to include the new ATM Use Case! Check out our website update on the home page now. We’re hoping that this new update will bring more users into the world of Ittrium and Cryptocurrency ATMs.

One of the biggest criticisms of cryptocurrencies is their difficulty to convert into fiat currency (and vice versa) and their inability to be used for everyday purchases. The Ittrium team envision the ability to quickly and conveniently convert Ittrium into any fiat currency via a worldwide network of cryptocurrency Automatic Teller Machines (ATMs). To achieve this, our main focus will be getting Ittrium supported by several major Cryptocurrency ATM manufacturers, such as bitcoinatm.com, generalbytes.com, lamassu.is, and bitaccess.co to name a few.

Cryptocurrency ATMs make it much, much easier for people to convert crypto into cash and vice versa. People can simply walk up to the crypto ATM and scan a QR code of their wallet address to make a withdrawal in the local fiat currency within a matter of seconds. It is extremely simple, fast and convenient. Alternatively, people can also purchase Ittrium by inserting their local fiat currency into the crypto ATM. Crypto ATMs are relatively new, first appearing in 2014 and as of Sept18 there were 3,700 in over 60 nations worldwide. According to the world bank, in 2016 there were approximately 3.5 million traditional ATMs worldwide, so in comparison, Crypto ATMs are still relatively sparse. That said however, if you live in a city with a population of over 1 million people, there is likely a to be crypto ATM within several kilometres (https://coinatmradar.com/). Furthermore, if historical growth in crypto ATMs continues, within 10 years there could be as many crypto ATMs as traditional ATMs (see figure below). In other words, there will be one just around the corner.

Join us on Discord for all the latest discussions.