The Dood would like to thank Stephanie Kent founder of the Krypton project for doing a follow up interview and sharing some of the exciting news and developments happening with Krypton KR. Nothing posted in this blog, website or post should be construed as investment advice. Please seek a duly licensed investment professional for investment advice, not some guy on the internet who refers to himself as “The Dood”. In the spirit of full disclosure The Dood holds a small amount of Krypton KR.
BitcoinDood: Thanks for taking the time to do this interview. This is your second interview with The Dood and a lot has transpired since the last time we talked. I start and end every interview with the same two questions. So for any new readers who may not know who you are, could you introduce yourself again and tell us a little about the Krypton project and your association with it?
Stephanie Kent: Thanks for having me back, Dood. My name is Stephanie Kent, but most people into crypto and digital currencies know me from Twitter as “covertress.”
I’m founding a Blockchain-as-a-Service company, Krypton, Inc. and The KR Foundation to support the open source blockchain, KR.
Krypton, Inc. will specialize in coding distributed applications for business systems and Internet of Things (IoT) devices. KR will be Krypton’s blockchain of choice upon which to run these dApps, but Krypton will also code custom private blockchains, as our customers require.
BD: Since the last time we spoke, Krypton had some issues with a blockchain DDoS attack. Is that correct? Could you tell us a little about what happened?
SK: It’s fitting that we revisit the attack on Krypton now, at the end of October. What a nightmare!
As you know, KR began as a copy, or fork, of Ethereum’s Frontier client.
In May, a severe attack vector was identified within Ethereum code written in Golang but, Ethereum did not provide a solution to fix this and only stated that the chance of being attacked in this way was low.
A few months later, the first attack on an Ethereum-based blockchain happened.
The main problem with Ethereum is that a copy of its blockchain can be easily manufactured offline. When combining DDoS attacks against valid nodes with enough hashing power to overcome a network, a manufactured chain can be pushed into production as the real chain.
Krypton’s attacker was able to create a duplicate of the end of the KR chain that was 8,000 transactions long. Using it, he was able to reverse a large sell that he did on Bittrex and re-spend the stolen KR again. Krypton was lucky that the amount stolen was only ~24k KR. (Worth about $3,000.) If the attacker had more money to purchase KR in the first place, he could have stolen much much more.
BD: Krypton was an Ethereum based cryptocurrency. There was another Ethereum based coin that had a similar problem, I can’t find the post or remember which coin it was to save my life. At that time everyone thought this was a test run to DDoS some smaller blockchains before hitting Ethereum. Do you think this was a test run for what Ethereum now seems to be dealing with it on close to a regular basis?
SK: Earlier, you were thinking of Shift, which was the first Ethereum-based blockchain to be attacked.
At the time, KR, Expanse, Shift, SOIL, Ethereum and Ethereum Classic were all vulnerable. Now, both Shift and KR have moved away from Ethereum-based blockchains. The rest remain at risk for attack in this way.
It is possible that the attacks on Shift and KR were a test run for attacking Ethereum. Who knows? It is technically possible to attack Ethereum or Ethereum Classic in this way, although it would require a very large mining farm and be very expensive to do.
BD: From what I understand, your team decided to abandon the old POW (proof of work) blockchain and have now started a POS (proof of stake) blockchain. The Dood has a hard time with some of the technical aspects of the various blockchains out there. My understanding is more in the realm of trading. What’s the difference between the old chain and the new chain? Are you still using the Ethereum codebase or have you changed to something different?
SK: As a young network, lacking the hashing power of ETH or ETC, KR was not able to defend Ethereum code against this new type of 51% attack. In order to protect investors and keep KR trading on Bittrex Exchange, Krypton decided to move KR to our new, safer Proof-of-Stake blockchain based on Blackcoin code.
BD: I say it all the time I love POS coins. Nothing could be better than watching your coins grow as they sit in your wallet. Could you tell us a little more about the POS features Krypton now offers?
SK: Proof-of-Stake allows everyone to make more KR, without mining equipment. We have many happy stakers in the Krypton community right now.
Every 64 seconds 0.25 KR are created. Everyone staking shares a turn in line for this handout. If your wallet has more KR in it than Mary’s wallet does, you get to cut in line for another chance at the 0.25 KR before she does.
Just put KR into the new wallet, leave the wallet open and “unlocked for staking” and watch your KR begin to multiply.
BD: Now the last time we talked Krypton was focused on BaaS or Blockchain As A Service. You were kind enough to explain a little about DAO’s, DAC’s and DAPP’s and how they related to Krypton. http://bitcoindood.com/bitcoin-blog/2016/06/14/the-dood-interviews-covertress-from-krypton/ Are these services still the main focus of Krypton? Has the new blockchain changed the direction Krypton is heading in?
SK: KR will remain on this PoS chain until Krypton rewrites a version of the Ethereum-based blockchain code in a more secure language than Golang. We’re looking at C# language and plan during the rewrite to keep all of the distributed technology (D-Tech) functions of Ethereum (dApps, DACs, DAOs, smart contracts.)
Going forward, KR will not be compatible with Ethereum, however. We plan to rewrite KR in a way that makes it similar, yet more secure.
The continued attacks against Ethereum are showing Krypton what not to do.
BD: I have to ask you this. Since the last time we spoke we’ve seen “The DAO” disaster, an Ethereum fork that left us with Ethereum ETH and Ethereum Classic ETC, and now several DDoS attacks on Ethereum ETH. I respect everything Ethereum has accomplished as far as DAPP’s DAO’s DAC’s and the concept of the “world computer” but part of me wonders if they just released to much too soon. How do you feel about everything that has happened? From an insider’s perspective and your team working with that codebase do you have any thoughts on the subject?
SK: After examining the points of failure in the code of The DAO, I personally believe that it was irresponsible of Ethereum (and certainly Slock.it) to release this code for corporate use.
Real people are spending real money to run real businesses atop a code base that is not ready to do this.
Krypton aims to fix this with our rewrite of KR.
BD: I’m happy to report Krypton is back up and running. I know on Bittrex and some of the other exchanges, you guys took a short break and all trades were halted till the blockchain issues were resolved. As far as The Dood is concerned your team did a stellar job in addressing the problem, fixing the issue, and moving forward. Everything appears to be running smoothly now. Is the hardest part over? Do you see things progressing more smoothly from here on out?
SK: Yes, finally!
When the KR swap ends (31-Oct), I’ll have time again to solicit investors to found Krypton Inc and The KR Foundation.
I’m really looking forward to November. To celebrate, I’m giving away 300 KR to one lucky winner on Halloween (see Twitter for details.) https://twitter.com/covertress
BD: What does the future of Krypton currently hold? Can you share any roadmap
plans as far as continued development and new features?
SK: Anyone can keep up with Krypton’s dynamic roadmap on our Trello page: https://trello.com/b/JmmF7y7A/krypton
We have a few surprises planned for development on our new PoS chain but, we’re saving all the heavy coding work, re-incorporating D-Tech, for the rewrite.
BD: With everything said, I want to add that The Dood’s seen a lot of cryptocurrencies come and go. In the cryptocurrency community, more times than not, we’ve seen dev teams just walk away from projects after a couple minor issues with their blockchain. This wasn’t the case with Krypton. In my humble opinion the best thing that could have come from all this, is that the Krypton team really showed the entire cryptocurrency community what they were made of. After all this I’m confident we’ll see Krypton being used, and on the exchanges for many years to come. With that said, do you have any final words for the readers? Anything you want to share that wasn’t covered in the interview?
SK: I thought that being the sole founder of a startup was hard until I began by creating the public blockchain, KR.
Now that KR is on a stable, secure chain and I have time again to startup Krypton Inc, I’m discovering the need for competent CIO and CFO co-founders.
In addition to shopping for VC funding, I’ll be headhunting these co-founders at the blockchain conferences I attend.
I already have my ticket for the next Consensus 2017 conference in New York and plan to speak at and attend many more conferences in the coming year.
BD: As always thanks for taking this time to answer my questions and share your story with the readers. The Dood really appreciates your time and I know things must be pretty busy for you guys now. Just reading your forum posts I know how much time you spend promoting Krypton and introducing new people to it. It certainly is an exciting time to be involved in the cryptocurrency field on any level as we all make history. I always end my interviews with the same last question, soooo, any new predictions or thoughts on where cryptocurrency in general is heading in the future?
SK: The last time I answered this question, I predicted that we will see much more blockchain technology that incorporates the features of smart contracts and distributed applications.
I still believe this though now I’m convinced that these technologies will not be built to last upon Ethereum but, instead, upon the coming, new KR.
BD: Thanks again Stephanie Kent @Covertress for taking the time to answer The Dood’s questions. It’s always a pleasure speaking with you and The Dood always looks forward to your interviews.Wishing you and the entire Krypton team much success in the future!
SK: It’s always my pleasure. Thanks, Dood!
Krypton slack http://slack.krypton.rocks
Krypton website http://krypton.rocks