Masari (cryptocurrency)

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Masari (MSR) is a cryptocurrency based on ring confidential transactions (RingCT) that is scalability-focused, untraceable, secure, and fungible, meaning that every unit of the currency can be substituted by another unit. Masari uses the power of a distributed peer-to-peer (P2P) consensus network to ensure that every transaction on the network is cryptographically secured against any adversary. Masari is decentralized and works without a central bank or single administrator. It uses a cryptographically sound protocol that ensures that all transactions are private by default. By using the RingCT protocol, Masari is able to ensure that all transactions are untraceable, unlinkable, and that amounts transferred are hidden from the public. All of the privacy features in Masari resolve into true fungibility, which makes its digital currency equivalent to cash or gold, where no transaction can be discriminated against another. Each transaction is verified by a network of nodes that verify your transactions on the blockchain. There will be around 18.5 million coins issued over 10 years before "tail emission" occurs, which is a small sub-1% annual inflation of 0.3 MSR per minute that would keep miners incentivized and replaces liquidity for lost coins. The whitepaper is scheduled to be drafted in Q1 2019 when a new scalability feature will be proposed. As this is a Monero fork, its basis are the CryptoNote and RingCT protocols that are well researched and cryptographically sound. Masari is open source and free for all to use without restriction. [3]

The main developer of Masari is Thaer Khawaja. Other contributors include two anonymous developers, Cryptochangements and Gnock. Masari was first announced on BitcoinTalk.org on September 07, 2017 05:57:03 PM. Masari can be mined and uses a Proof-of-Work (POW) algorithm. Currently, Masari has been forked to CryptonoteV7.

Etymology

The word Masari means money in Arabic. Masari is sometimes referred to as Masari Coin and Masari Currency.

History

  • v1 Masari v1 was released on September 07, 2017, 05:57:03 PM after Masari's genesis block was generated and Thaer announced the project on BitcoinTalk.org. Masari's technological goal was to experiment novel concepts on to Monero's code base and contribute back upstream. Masari’s launch was equivalent to Monero’s v0.11.0.0 release with slight changes. These changes in V1 include a refactor of the code that removed legacy protocols, enforced a static mixin of 12, randomized transaction fee sources, and fluffy blocks were enabled by default. In late September 2017, SouthXchange became the first exchange to list Masari.
  • v2 Masari v2 changed the difficulty algorithm and attempted to stop problematic flash mining. The difficulty algorithm originated from Sumokoin. Masari utilized Sumokoin difficulty algorithm until a second wave of attacks happened on the network. Masari then implemented Zawy’s Weighted Harmonic Mean. This was released in v3 on December 2, 2017.
  • v3 Masari v3 included a GUI wallet port from Monero, a new listing on stocks.exchange, and a fork of Masari’s code. The cryptocurrency Fonero forked Masari’s code but did not retain copyright notice. This led to public disagreements and a disabling of Fonero’s GitHub.
  • v4 Masari v4 was released on December 13, 2017. There were adjustments to the difficulty algorithm as well as some tweaks to close potential exploits.
  • v5 Masari v5 upgrade included an upstream merge of the latest changes from Monero’s v0.12.0, including subaddresses, multisig, and a PoW change (CryptoNight variant 1) that addressed centralization threats by the ASIC manufacturer Bitmain. Masari v5 was scheduled for block 170k. Block 169,999 hit at 7:12 UTC on May 1. As the network sought to find the new algorithm in block 170k, the network hash and difficulty dropped significantly. The network hash lost over 93% of its rate within a few blocks, indicating that centralized ASICs were no longer able to mine on the network. These drops caused a long delay in finding block 170k with it being found at 8:30 UTC. It should also be noted that Masari had been under attack leading up to and after the fork. The prior-to attacks were timewarps but Masari’s WHM DAA minimized their success. The second round of attacks occurred in the early hours of May 2, which was a much more aggressive attack that targeted weaknesses in the algorithm present when an adversary has control of the network (51% attack). The network was subjected to a 23 block re-organization of the blockchain, a potential double spend attack (confirmed no reports of one has occurred), as well as a chain split which was quickly mitigated. Communications about this attack were immediately sent out on social media and to exchanges; with advisement to lock payments and deposits/withdrawals for the next few days until v6 — which was quickly developed to include measures to protect the network.
  • V6 Masari v6 was similar to the quick move of v3 to v4, Masari went for another fork only 2,500 blocks after the previous one. This fork brings on the adoption of the latest LWMA algorithm by Zawy, and adds further constraints to time warp attacks rendering them non-profitable while still allowing for quick difficulty adjustment recoveries.

Future Developments

Masari plans to introduce a novel cryptonote technology known as Blocktree Sharding. This will use the sharding potential of the Cryptonote Protocol by taking advantage of one-time public key outputs to partition or shard the transactions into a scalable blocktree. Masari also plans to use uncle mining which allows for a more secure network and for safely reducing block emission rates for better network latency. Thaer has also publicly stated plans for Ledger support. Currently, there is a mobile wallet scheduled to release in Q3 2018.

Holding

Masari can be stored in a virtual wallet. The wallets store all of the necessary information needed for transactions. Currently, there are web wallets, a Command Line Interface (CLI) wallet, a Graphical User Interface (GUI) wallet, and paper wallets.

Each wallet contains a daemon that connects to the block chain, private keys, and a mnemonic seed. The mnemonic seed is a series of words that can be used to restore your wallet if you lose access to it and or need to restore it. By its very nat ure, your seed should always be kept private and secure as it is the gateway to your wallet.

  • Web wallets sometimes called online wallets are similar to the functionality of an offline wallet and in some cases are easier to use. However, these wallets are stored with the online wallet provider rather than on the user's hardware. As a result, users must trust the online wallet provider as a malevolent host and or attacker could jeopardize the safety of your Masari coins. Masari's developers addressed these vulnerabilities with an official web wallet that is trust-less and fully client side as no data is sent to a non-local server and all information is instead stored locally with the user on their own hardware. The only information that is downloaded is the block chain. All other information is stored in the user's browser which in turn gives the web wallet the same security as the official GUI wallet.
  • Command Line Interface (CLI) wallets are offline wallets whereby the user uses their own hardware to host the wallet. This in turn creates more security than an online web wallet as the user retains all of their information free from the network. CLI wallets use typed commands to function and do not offer the same ease of use of a web wallet and or Graphical User Interface wallet. While the CLI wallet does not offer the same ease of use, they are easier to update than both a web wallet and GUI wallet as the binaries need only be updated from the repository. CLI wallets can be used for solo mining but need a running daemon to work correctly.
  • Graphical User Interface (GUI) wallets are offline wallets similar in functionality to the CLI wallets. Users use their own hardware to host the wallet which offers the same security of a CLI wallet. However, GUI wallets do not user typed commands but instead offer a graphical interface where the user can click buttons to use the wallet. GUI wallets are not as easy to update as CLI wallets as their repositories must be updated to be fully utilized. GUI wallets automatically run the daemon file and can be used for solo mining.
  • Paper wallets are a secure way to store your Masari coins offline. A paper wallet involves printing your Masari coin keys onto a piece of paper. The information printed on the paper wallet includes your public address and private key information which gives you access to information needed to spend your Masari coins. The main advantages to a paper wallet include protection from maleveloent agents such as keyloggers, hackers, and governments as you are the only person who has the information needed to access the coins. If the paper is lost, however, there is no way to regain the lost Masari coins associated with that paper wallet. Thus, paper wallets should be kept in secure place.

Trading

Masari is currently traded on four exchanges: TradeOrgre, SouthXChange, Stocks.Exchange, and Altex Exchange. SouthXChange offers trading with an email confirmation while TradeOgre, Stocks.Exchange, and Altex Exchange require more rigorous documentation before users may begin trading. All exchanges offer a Bitcoin and Masari pairing while SouthXChange offers a United States Dollar Tether USDT and DASH pairing in addition to the BTC pairing. Altex is the only exchange that offers both a BTC pair and an XMR pair.

Mining

Since Masari is Proof-of-Work (POW), it is mined to create block rewards or new coins. Each block pays out about 25 coins that are given to the miner for their work in solving a hash or complex computing problem on the network. Currently, there are many mining programs that can be used to mine Masari, they most common are xmr-stak, wolf's miner, claymore's miner, and ccminer-cryptonight. There are two ways to mine Masari: solo and pool mining. During solo mining, a single miner uses the CLI or GUI wallet to solve hashes on their own. This method usually takes a large amount of computing power and time and is generally used in the beginning of the project. Another way of mining is pool mining. Pool mining consists of a group of miners pooling their hash power together to solve the computing problem to receive a block. When the block is found, the pool users share the reward among miners who used their computing power to find the block. Masari relies on CPU mining and GPU mining to maintain a stable network that allows for transactions to be verified.

Since Masari is a cryptonote coin, it does run the risk of having ASIC mining, nichehash mining, and botnet mining. In these cases, a single miner or group of miners comes together to mine Masari which can destabilize the network as they can use their large hashing power to attack the block chain. Some common forms of attack are a 51 percent attack and double spending.

Uses

As Masari is a private internet currency, its uses mainly stem from the need to maintain anonymity during a transaction. Currently there is a community made store that accepts MSR as payment. Masari has also been used in P2P transactions on the official Subreddit. Because Masari is fungible it can be used as a currency and as a store of wealth as your money is free from malevolent agents. Other uses of Masari could include remittances and tipping as the Masari network is global and is not bound by a single government or entity.

How to help

Community members have contributed to the Masari project by adding content to the project and developing the coin. Some users have created wallpapers, Graphics Interchange Format files (GIFs), YouTube videos, tutorials, and merchandise such as cups and textiles. Advanced users have contributed to the Masari Project by developing the coin. A fully client-side web wallet was released on May 10, 2018 which allows for users to create a trustless webwallet that connects directly to the blockchain rather than by using a non local server. Early contributions consisted of a welcome YouTube video and a Reddit CSS design overhaul. Currently, all new media is community created as the project is open source and does not have a central authority, however, there are iterations of some official channels such as an official twitter, medium page, and SubReddit.

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