Hello community, first of all we want to thank you for being with us and continue supporting this project! For those who don’t know about ITALO (XTA) we will make a small summary of what are we and where are we headed to!
ITALO Network is a Proof Of Stake Monero And Loki Project Fork, with an innovative approach to Proof-Of-Stake (PULSE) for the best security and attack resilience. ITALO is a privacy network which allows users to transact privately over the internet, providing a suite of tools to help maintain the maximum amount of anonymity possible while transacting and Shopping online. In todays geo-political atmosphere, user driven data mining has become one of the most profitable ventures in the technology field. Naturally this means that peoples’ financial transactions are one of the most sought after data sets. ITALO aims to help people be able to create transactions with one another privately without big brother watching over their shoulder.
An innovative approach!
Blink is Loki’s revolutionary instant payment solution that we adopted! Making secure, privacy-first transactions without compromising on speed. Using the power of the ITALO Service Node network, Blink lets you send and receive XTA in the blink of an eye. Blink transactions are sent to two quorums. (randomly-selected groups of 10 ITALO Service Nodes)
Quorums check transactions for legitimacy, then the Blink transaction is passed to mempool for inclusion in blockchain. The circulating supply for ITALO is relatively low when compared to most cryptocurrencies. The current circulating supply is ~15 Million.
ITALO Network has two different types of nodes.
- Service Nodes (15K XTA)
Full nodes become Service Nodes when the owner locks the required amount of $XTA and submits a registration transaction. Once accepted by the network, the Service Node is eligible to win block rewards.
• Shared Service Nodes (3750 XTA minimum)
Multiple participants can be involved in one Service Node and can have the reward automatically distributed allowing single users to benefit from running a node with only a portion of the required about of XTA needed to run a full service node. Participants share the cost of the node and thereby share the rewards that node receives.
SERVICE NODES OPERATORS
Service Nodes are operated 24/7 and require constant connection to the network along with updates and upgrades. They serve as the backbone of the network. ITALO has an agreement with a VPS company to provide dedicated service nodes for the network ensuring they are always online and ready to work.
SERVICE NODES ARE REQUIRED TO
• Monitor other Service Nodes and vote on their performance
• Be called into quorums which give them authority over instant transactions (Blink)
• Create new blocks (Pulse)
POS OVERVIEW (PULSE)
Every 60 seconds, a leader is chosen from the top of the Service Node list. This leader creates a candidate block which they send to 11 randomly chosen Service Node validators. The validators ensure the block is valid, then perform a group ceremony to create a random value. Once the ceremony is finished, each validator includes the final random value in the candidate block, which they sign and send to their validator peers. Once a candidate block has more than 7 signatures, it can be published to the network as a valid block.
BLOCK REWARD RESTRUCTURE
The current logic of sequentially rewarding each Service Node in a sorted list would be preserved, however for a Service Node to win this reward they must act honestly as a leader by producing a valid candidate block.
With Blink, $XTA becomes one of the firsts cryptocurrency to offer secure, private, anonymous transactions in real-time. The possibilities are endless — limited only by your imagination.
ITALO has CLI/GUI wallets for all 3 major operating systems; Windows, Linux and macOS. Mobile wallets are currently in active development and will be released upon completion.
ITALO is currently traded on crex24.com and tradeogre.com. We are currently in talks with other exchanges to become listed with them. However our top priority has always been the codebase and network functionality. We will actively discuss new partnerships for exchange listings at any time.
Founder, Main Developer