ArQmA Devils Legion — with no premine.

ArQmA > News > ArQmA Devils Legion — with no premine.

ArQmA is a decentralized public project of block chains, crypto currencies, and is fully open source.
The team of programmers consists of enthusiasts who have been dealing with cryptovaults and programming for a long time. ArQmA creates a full and brilliant currency exchange platform which aims to provide more advanced features than any previously developed protocol.
ArQmA (ARQ), as door-to-door anonymous coin started in 2018, LWMA adjustment algorithm, multi ringCT signatures, full BulletProofs. Explored PoW fragments, and end-users could release digital assets on ArQma without smart contracts. ArQmA is focused on security and code improvements. The highlights are still remarkable.

ArQmA is a privacy-focused RingCT and CryptoNote protocol with low fees for transactions.
This project is completely open source, completely decentralized. Previously used cryptonight lite algorithm was changed to cryptonight turtle. Due this change ARQ can be mined by low end hardware and it is very effective.
ArQmA integrate the best features of the cryptonote ecosystem, optimized POW algorithm to be more efficient on the daemon side.
ArQmA team develop the needed building blocks for stable ecosystem, which means, tested different use cases: webwallet, android GUI, PoS, multicoin mining.
ArQmA takes security seriously. Each transaction is secured with robust cryptography and distributed through a global peer-to-peer consensus network. The cryptographic implementation ensures that nobody is able to “steal” an online transaction, and a coin’s owner is unable to spend the coin more than once. ArQmA has bulletproof transactions turned on which just recently passed another audit by and external firm for Monero from which we took the code and made it our own.

Another point to make is that we don’t just arbitrarily copy code from Monero and paste it in there. Arqma has a process to receive alerts for issues, defects, and then do the code integration via a pull request. The code is actually tested on a stagenet/testnet where applicable before it is made into a release. There is an automated build engine that was made for all the platforms, if such an addition of code or a patch is created, the static binaries are created with less effort.

Privacy is paramount. Funds are transferred without the identifying information of the user becoming visible on the blockchain. In addition, the receiving wallet addresses are obfuscated with ring signature technology and non-repeating one-time addresses derived from the receiving public key. These measures make the blockchain highly resistant to analysis. Specifically, the reuse of shared keys used to be a detriment of allowing a trace back, but that was closed just after ArQmA was launched. The code was evaluated and tested to be worthy and added.

Open Aliases of addresses are allowed and have added to the code base. One can have an easy to remember address to be paid at to that decodes to the full private address. Open Aliases are registered within the ArQmA node system and decoded similar to a DNS address within the wallet applications.

The implementation of ArQmA is derived from two other open source projects: CryptoNote and Monero. Additional code has been added by two main developers, and three engineers developers who also do support. The motto is in short, “If you want something done right, do it yourself.”

The CryptoNote technology focuses on the ability to create crypto-currencies with untraceable transactions, CPU friendly Proof of Work(POW) algorithm, and the ability of self adjusting parameters such as block size and difficulty. Several crypto coins have been based on the CryptoNote technology.

Monero is one of the earliest crypto currencies to use the features of CryptoNote, and has grown to be the most popular with a market cap well within the top 20 crypto coins. ArQmA was started from the Monero code base, and modified only in ways that meet the specific vision and goals of the ArQmA community.

One of the goals for ArQmA transactions is to have the properties of physical cash payments, as opposed to electronic payments.

Consider the example of paying for a meal at a restaurant. With electronic payment (i.e. a credit card), there is a trusted 3rd party (i.e. Visa) which carries out the transaction for the payer and receiver. The trusted party must know both the payer’s and receivers identities and account information to settle the transaction. Additionally, the receiver may also receive the payer’s name and partial account information.

In contrast, paying for a meal with cash is trustless (requires no trusted 3rd party to carry out the transaction). It is also anonymous in that it does not require the payer to give their name or any other personal information to the receiver.

Arqma Project is fully sponsored from dev pockets, there is no ICO and premined coins were burned at HardFork 13.

Concerning the premine burn there is a short video of the event:
We also modified the source code accordingly: https://github.com/arqma/arqma/pull/155/commits/62af4428aefd7580dc7fb1d58896e2eccf15f315.

Thanks to moneromoo advices the process went smoothly.
The code generating the burn wallet address is available at github: https://github.com/arqma/arqma-burn
Basically we generated the public view and spend keys without deriving them from any private keys, which makes impossible any recovery of the wallet. You can reproduce the result.

You can check the transaction on the block explorer under the tab “Prove sending”: https://blockexplorer.arqma.com/
tx_hash: e8642cc515dc92e7fe31a5c5dc0558ed336e7ce5139a173e2f1680d2f46453fc
address: ar2uzTMs3KGArQmAburnThePremineForTheDeViLinTheBLoCKCHAiN666o666oo3inPrivacyWeTrust666ooo1U36QYkkA
tx_key: 41258a599ea265e030eb53705e5f533adc7d1f53a39cddc910b1a8f966dfcf08
5.1 MM ARQ have been burnt.

The dev team decided to keep 350 K for Michal vel Malbit and 150 K for ArqTras. 74K have been set aside for the dev fund and it’s used for promotion, airdrops and listing fees.

Key_images for premine burn are added to codebase
So even if somebody will generate (which is impossible) key to burn wallet will not be able to spend it because key_images are set as a SPENT!!

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