- First block mined at 14th February 2018
- 0.525M Premine (488,540 Destroyed)
- Lyra2Rev2 hashing algorithm, GPU/ASIC mining available
- 90 Second block time, 2MB blocks, ~56 transactions per second
- Block reward decreases by half per year until year four.
- Dark Gravity Wave difficulty adjustment algorithm
- 52.5MM total coin supply
- Decentralized second-tier Masternode network
- Superior privacy using Private Send
- Instant transactions using Instant Send
- Protection against blockchain reorganization events (commonly called 51% attacks) using ChainLocks
- Decentralized Governance by Blockchain allows Masternode owners to vote on budget proposals and decisions that affect Absolute
In addition to traditional Proof of Work (PoW) rewards for mining Absolute, users are also rewarded for running and maintaining special servers called masternodes. Thanks to this innovative two tier network, Absolute can offer innovative features in a trustless and decentralized way. Masternodes are used to power PrivateSend, InstantSend, and the governance and treasury system. Users are rewarded for running masternodes; 45% of the block reward is allocated to pay the masternode network. You can view practical guides on all topics relating to masternodes here.
Masternodes enable the following services:
- InstantSend allows for near-instant transactions. Absolute InstantSend transactions are fully confirmed within two seconds.
- PrivateSend gives financial privacy through a decentralized implementation of CoinJoin.
- ChainLocks, which protects the blockchain against 51% mining attacks by signing blocks as they are mined.
- Governance and Treasury allows stakeholders in Absolute to determine the direction of the project and devotes 10% of the block reward to development of the project and ecosystem.
Masternode owners must have possession of 2500 ABSOLUTE, which they prove by signing a message included in a special transaction written to the blockchain. The Absolute can be moved or spent at any time, but doing so will cause the masternode to fall out of queue and stop earning rewards. Masternode users are also given voting rights on proposals. Each masternode has one vote and this vote can be used on budget proposals or important decisions that affect Absolute.
Masternodes cost money and effort to host so they are paid a percentage of the block reward as an incentive. Because only one masternode is paid in each block, the frequency of the payment can vary, as well as the value of the Absolute paid out. This tool shows a live calculation of masternode earnings. These rewards decrease by 7% each year, together with the block reward. There is also the possibility for masternodes to earn money from fees in the future.
PrivateSend is an implementation of decentralized, noncustodial CoinJoin. PrivateSend gives you consumer grade financial privacy by shuffling your Absolute with other users. All the Absolute in your wallet consists of different inputs, which you can think of as separate, discrete coins. It uses an innovative process to join your inputs with the inputs of at least two other people in a single transaction, so the value in Absolute never leaves your wallet. You retain control of your money at all times.
You can view a practical guide to use PrivateSend here.
The PrivateSend process works like this:
- PrivateSend begins by breaking your transaction inputs down into standard denominations. These denominations are 0.001, 0.01, 0.1, 1 and 10 Absolute – much like the paper money you use every day.
- Your wallet then sends requests to specially configured software nodes on the network called masternodes. These masternodes are informed then that you are interested in creating a certain denomination using CoinJoin. No identifiable information is sent to the masternodes, so they never know who you are.
- When two other people send similar messages, indicating that they wish to join coins of the same denomination, a session begins. The masternode instructs all three users’ wallets to pay the now-transformed inputs to themselves. Your wallet pays that denomination directly to itself but in a different address (called a change address).
- Your wallet can repeat this process a number of times with each denomination. Each time the process is completed it’s called a “round.” The user may choose between 1-16 rounds of CoinJoin.
- Your funds will pass through at least the number of rounds you specify. Absolute 0.16 includes an update known as Random Round CoinJoin which will join a given denomination by up to three extra rounds to further improve privacy.
- This process happens in the background without any intervention on your part. When you wish to make a transaction using your denominated funds no additional waiting will be required.
Note that PrivateSend transactions will be rounded up so that all transaction inputs are spent. Any excess Absolute will be spent on the transaction fee.
IMPORTANT: Your wallet only contains 1000 of these change addresses. Every time a CoinJoin transaction is created, one of your addresses is used up. Once enough of them are used, your wallet must create more addresses. It can only do this, however, if you have automatic backups enabled. Consequently, users who have backups disabled will also have PrivateSend disabled.
Traditional decentralized cryptocurrencies must wait for certain period of time for enough blocks to pass to ensure that a transaction is both irreversible and not an attempt to double-spend money which has already been spent elsewhere. This process is time-consuming, and may take anywhere from 15 minutes to one hour for the widely accepted number of six blocks to accumulate. Other cryptocurrencies achieve faster transaction confirmation time by centralizing authority on the network to various degrees.
Absolute suffers from neither of these limitations thanks to its second-layer network of masternodes. Masternodes regularly form voting quorums to check whether or not a submitted transaction is valid. If it is valid, the masternodes “lock” the inputs for the transaction and broadcast this information to the network, effectively promising that the transaction will be included in subsequently mined blocks and not allowing any other spending of these inputs during the confirmation time period.
InstantSend technology will allow for cryptocurrencies such as Absolute to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority. Widespread vendor acceptance of Absolute and InstantSend could revolutionize cryptocurrency by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as a few seconds.
You can view a practical guide to use InstantSend here. InstantSend was introduced in a whitepaper called Transaction Locking and Masternode Consensus: A Mechanism for Mitigating Double Spending Attacks, and further improved through the introduction of LLMQ-based InstantSend in Absolute 0.14.
How Absolute ‘InstantSend’ Protects Merchants from Double Spends, Absolute Detailed by Amanda B. Johnson, 16 September 2016
ChainLocks are a feature provided by the Absolute Network which provides certainty when accepting payments. This technology, particularly when used in parallel with InstantSend, creates an environment in which payments can be accepted immediately and without the risk of “Blockchain Reorganization Events”.
The risk of blockchain reorganization is typically addressed by requiring multiple “confirmations” before a transaction can be safely accepted as payment. This type of indirect security is effective, but at a cost of time and user experience. ChainLocks are a solution for this problem.
ChainLocks Process Overview #
Every twelve hours a new “LLMQ” (Long-Living Masternode Quorum) is formed using a “DKG” (Distributed Key Generation) process. All members of this Quorum are responsible for observing, and subsequently affirming, newly mined blocks:
- Whenever a block is mined, Quorum Members will broadcast a signed message containing the observed block to the rest of the Quorum.
- If 60% or more of the Quorum sees the same new block they will collectively form a “CLSIG” (ChainLock Signature) message which will be broadcast to the remainder of the network.
- When a valid ChainLock Signature is received by a client on the network, it will reject all blocks at the same height that do not match the block specified in that message.
The result is a quick and unambiguous decision on the “correct” blockchain for integrated clients and wallets. From a security perspective, this also makes reorganizations prior to this block impossible. See DIP0008 ChainLocks for a full description of how ChainLocks work.
In response to unforeseen issues with the rollout of the major “RC3” update in June 2014, the Absolute development team created a mechanism by which updated code is released to the network, but not immediately made active (“enforced”). This innovation allows for far smoother transitions than in the traditional hard fork paradigm, as well as the collection of test data in the live network environment. This process of multi-phased forking was originally to be called “soft forking” but the community affectionately dubbed it “the spork” and the name stuck.
New features or versions of Absolute undergo extensive testing on testnet before they are released to the main network. When a new feature or version of Absolute is released on mainnet, communication is sent out to users informing them of the change and the need for them to update their clients. Those who update their clients run the new code, but it is not activated until a sufficient percentage of network participants (usually 80%) reach consensus on running it. In the event of errors occurring with the new code, the client’s blocks are not rejected by the network and unintended forks are avoided. Data about the error can then be collected and forwarded to the development team. Once the development team is satisfied with the new code’s stability in the mainnet environment – and once acceptable network consensus is attained – enforcement of the updated code can be activated remotely by multiple members of the core development team signing a network message together with their respective private keys. Should problems arise, the code can be deactivated in the same manner, without the need for a network-wide rollback or client update. For technical details on individual sporks, see here.