CUTcoin Labs Launches First Private cryptoNote Tokens

The new CNT-1 token standard (CryptoNote tokens) is conceptually similar to the ERC20 tokens in the Ethereum network, but also has characteristics of blockchain networks built on the CryptoNote protocol — for example, privacy, security, fungibility.

Constant monitoring of the development of other privacy-oriented protocols and the market as a whole allowed us to crystallize the vision of CNT-1 privacy tokens. Last year, while working to improve their cryptocurrency, the CUTcoin team discovered a critical vulnerability in Monero, as reported in HackerOne and Cointelegraph. 

In addition to the RingCT protocol, which is needed to hide transaction amounts, CNT-1 also uses Bulletproofs, which verify that the inputs and outputs amounts match and avoid double spending. Thanks to this, the sender and recipient of tokens are anonymous, and all transactions and user balances remain confidential.

To create tokens, users need to complete a special token genesis transaction, as well as pay at a time for 100 CUT — the native currency of the project, which was launched in 2019. The total supply of tokens is specified at the time of creation and can vary from 1 to 200,000,000 units. More details on the configuration of tokens can be found in the whitepaper.

The new CNT-1 standard was developed in response to the growing demand for privacy in DeFi protocols: since the vast majority of projects are based on the ERC20 standard, users are often deprived of the opportunity to maintain the confidentiality of their investments and income, in contrast to how it is arranged in traditional finance. The development of CNT-1 is a step towards introducing sensitive transactions into DeFi lending, insurance, and more.

The project roadmap also proposes the development of a completely confidential decentralized exchange, on which it will be possible to circulate various CNT-1 tokens.

Links:

Website: https://cutcoin.org/

Whitepaper: https://static.cutcoin.org/cnt1-whitepaper-v1.0.pdf

Source code for CNT-1 testnet: https://github.com/cutcoin/cutcoin/releases/tag/v3.0.2