Hold on to your seats ladies and gents, things are about to get a little bit intense (coin that is). Haha. All jokes aside, this coin is an important one for the books. For those newer to the cryptocurrency game, you might just be finding yourselves slightly confused when you find there is not a ton of information available about this coin. That might be because IntenseCoin has a new and improved version under a different name, Lethean. Since you came here to learn about Intensecoin, we had to warn you. You might have to get used to references to both names.
What is IntenseCoin?
IntenseCoin (which you may see denoted as ITNS) is a combination of powerful blockchain technologies and virtual private network (VPN) services. Although this might sound like a random pair, this coin arose from a very real need for greater anonymity in the cryptosphere.
As you might know from how things typically happen on the blockchain, when a transaction is posted to the blockchain, it is available for everyone on the chain to see. This is where anonymity comes in. Enthusiasts began to wonder if this principle could be achieved while still maintaining the same security that other cryptocurrencies had.
In short, the answer is yes. In order to achieve this, the coin itself was built using CryptoNote technology and the CryptoNight v8 algorithm. These technologies are important so we will dig a bit deeper into this in our next section.
For now, just know that this means the Intense wallet will allow any user within the network to act as a VPN server (or exit node) in exchange for IntenseCoins. The coin also has some of the more traditional features of a cryptocurrency. Think of the ability to purchase or trade on exchanges, and the option to mine it..
Exit Node Defined
We may have piqued your interest with all of this exit node talk. So let’s stop here for a second. To put it simply, an exit node is where encrypted or disguised traffic meets the Internet. In Lethean terminology, this node can be a person that sells their extra bandwidth to another user. The seller then acts as an exit point for VPN services. Exit nodes are pretty important to the development of a peer-to-peer VPN which is why the lethean.io encourages you to learn more about becoming an exit node.
When selecting a VPN, you would typically select a VPN with exit nodes that are in close proximity to you and are greater in quantity than other networks. As you may recall, a VPN works by disguising the internet connection you are using through a private server rather than a public one. This means information about you as a browser of the Internet appears as a virtual location rather than your device.These services encrypt your visited site addresses so it is harder to connect you to your Internet activity.
An Intense History
IntenseCoin was founded on August 15, 2017, by Alexander Bräunig and Valiant. The company is now headquartered in London, England. In the days of IntenseCoin, there was no ICO issued for their proof-of-work coin. Even without the ICO, the company had no serious setbacks other than facing trademark issues with the name itself. To solve this, Intensecoin went with their new branding approximately one year later, in August of 2018.
By October 2018, the rebranded company, Lethean, released its new website, software and added a new community manager to their team. Following this update, continuous announcements were made throughout the rest of the year regarding improvements to CryptoNight, a paper wallet generator, and survey feedback. The rebranded coin has since proved to be a potentially valuable product. So far, they have a fully working product, open-sourced code, published product roadmap, and a whitepaper that clearly outlines how the company can reach its goals.
An Intro to CryptoNote
The technology behind CryptoNote is believed to reduce the privacy challenges associated with the Bitcoin protocol. Namely, the traceability and linkability that currently exist. This technology also helped to release coins such as Monero, but that is a story for another day.
However if you ask a person what comes to mind when they think CryptoNote, you might be surprised to find out that it is the use of signatures that is their defining feature. Ring signatures are simply a more secure way to protect the sender of a transaction. By obscuring the sender’s side of the transaction, it is impossible to see who the sender is. We refer to it as a ring because many different users will offer a partial signature (hence the peer-to-peer) which together will form one unique signature.
Other key features to this technology are stealth addresses (a technology that protects the privacy of recipients on the blockchain) and adaptive limits (using the average time spent on work to determine the difficulty of each block that is mined).
The CryptoNight Algorithm
Intense also uses the CryptoNight algorithm. For those who aren’t developers by nature, we can define this algorithm as proof-of-work hashing and is the hashing algorithm used by CryptoNote. A hashing algorithm is a mathematical formula that takes one input and generates an output of a certain length. This helps us to compare large amounts of data without actually looking at the data.
A hashing algorithm has several uses in the cryptosphere such as for digital signatures. The CryptoNight algorithm itself has many similarities to the mining algorithm used for Bitcoin and Litecoin. This algorithm has been defined by its deterministic algorithm and emphasis on the amount of time it takes for a result to be returned (latency dependency). This dependency also refers to every solution generated by this algorithm relating back to the previously offered solutions.
Although decentralized VPN technology is pretty great itself, the company aspires to be usable by the masses, not just those that are already crypto enthusiasts. This means Intensecoin will hopefully be one crypto that is used and traded without barriers. Sounds too good to be true, doesn’t it?
The company aims to do that by offering a couple of key features, including affordability by only charging for the VPN minutes that you use, high-speed Internet connections, and data privacy.
How to use IntenseCoin
Okay, so know that we know what IntenseCoin is, what does it take to get involved? Well, you could decide to spend some time mining, but that isn’t the only way. Perhaps you have lots of unused bandwidth that you aren’t using. Rather than let it go to waste, have you considered using your wallet as an exit node for encrypted data? This will also earn you a couple of Lethean coins, which you may choose to trade on an exchange or use to purchase VPN services.
Perhaps you are more interested in using VPN services. If this is the case, you might want to use the Lethean wallet, which you can download for a graphic user interface (GUI) or a command-line interface (CLI). The GUI version will automatically download in lite mode. This means you can download this version without downloading the entire blockchain. Keep in mind when using these VPN services, Lethean will charge you by the minute.
Regardless of ho you use IntenseCoin, you’ll need a Lethean desktop wallet. These wallets are compatible with Windows, MAC and Linux.
You might have read some of our previous articles on the different types of mining including PoS, PoW, and PoC. What is really unique about the way that we mine this crypto is that it is actually a hybrid between PoS and PoW. According to the Lethean whitepaper, the coin can be mined by anyone with a computer. The only caveat is that declining block rewards will be produced until the year 2024.
The company states that after the final block reward of 29 LTHN (as determined by their formula), all coins will be in circulation. The process might sound a little complicated but fear not. The steps are easy for crypto beginners.
This coin has been rebranded under the name Lethean, or LTHN. The name itself is pronounced lee-thee-n and originates with the river Lethe from Greek mythology. Those that drank from this river would forget their past, a concept that aligns closely with the mission for anonymous transactions.
For those who bought IntenseCoin from the beginning, do not worry about switching anything over. The rebranding doesn’t change anything. However, you will still have to download the most recent wallet.
Again, to purchase these VPN services, you will be purchasing the Lethean (LTHN) coin. Another major difference between the Lethean and Intense coins is that of staking. In the case of Intense, users were required to stake some of their coins to operate as an exit node. This is not the case with the rebranded Lethean coin.
Key Features of Lethean
Like any great crypto, we have to share some of the best features of this coin. First things first, remember what we said about ring signatures. This technology allows payments to be untraceable and therefore completely anonymous, since signers are indistinguishable from each other. However, this is not necessarily enough.
Remember that although you can’t see who is sending you what, people can still see exactly how much money you are receiving. Lethean cryptocurrency has also mitigated this by using a protocol that disguises a user’s address so each payment received has a unique code.
Finally, consider that there are constant improvements that can be made. Lethean is especially great for this. Since it is a decentralized payment system, certain algorithms allow for numbers to be recalculated based on the previous state of the networks. This means that the network can continue to grow and adapt without much direction.
How to Mine Lethean
All you need to do is start by downloading the wallet for the operating system you currently use. Remember this is necessary since a wallet is what holds your personal copy of the blockchain. The file will typically be downloaded as a zip file which will then need to be extracted.
Once you have extracted the file, you can open the one that is labeled, ‘IntenseCoin’. This will take a couple of minutes, since your application needs to sync to the rest of the blockchain. At the top of the page, you might notice a wallet address. You will want to copy this. You’ll need it for a couple of steps to follow.
After this process is complete, you can select the ‘Start mining’ button at the top of your wallet. While this is a sufficient way to start mining, it is not the most efficient.
Joining a Mining Pool
To make your mining experience slightly more enjoyable, you might decide to join a mining pool. While there is an official mining pool, you might decide to join a smaller pool. We’d recommend you doing some research and finding a pool with a 0% fee. For those who are newer to the game, a few recommended mining pools are:
To get started in one of these pools, all you have to do is select the appropriate miner for your video card (such as AMD, NVidia, Vega Cards) from a third party, then follow the instructions that were set out by the pool.
Purchasing Lethean Coins
The coin is valued at approximately 0.000097 USD and is currently ranked as #1552 on CoinMarketCap. Another factor you might want to consider is that the total circulation of this coin is 777,561,654 LTHN, out of a total supply of 847,561,654 LTHN.
For those who are interested in purchasing, the coin is currently available on five different exchanges: Tokok, Tx Bit, TradeOgre, STEX, and Offshore.
Using Lethean VPN Services
As you might know from your experience with VPN’s, you have the opportunity to browse anonymously so your activity on the Internet remains private to you. The Lethean platform strives to empower users to reclaim this freedom by “bypassing the government censorship and data selling”.
This VPN is secured by a unique blockchain-based/decentralized technology that also ensures your payments remain anonymous throughout this process.
To use these services, users must still download the Lethean wallet and purchase Lethean coins for the wallet to use as payment. Alternatively, you could become an exit node and receive coins in this manner. Using the VPN browser also requires you to install the extension.
Cautions to Consider When Becoming a Lethean Exit Node
As you get more and more comfortable with these services, you might decide you want to be an exit node for VPN services. If you would like to take on a bigger role, we’d like to first consider some of the safety procedures that might be handy to apply. First, make sure that you are ready and willing to open these services to the public. This is because those that are using your VPN can use this tool in a harmful way. Don’t be too alarmed by this news. Lethean is actually the good guy and will help you to filter out the good users from the bad.
Additionally, there is also some maintenance on your end. As a provider, you will also need to keep an up-to-date audit log. This comprehensive database will help you to track the actions of your users and is your responsibility to maintain to the best of your ability.
Finally, we recommend that you understand the legal implications of taking on this role. The Lethean team states that they do not give legal advice although they do refer to several guides that offer legal advisory services. Make sure you reference this ahead of time.
In a recent posting of the February 2020 updates, Lethean shares that there have been few substantial revisions. However, they did receive results of a previous survey to get an idea of what improvements they should be made to the product.
The current team of 11 (14 including the advisory board), has created an up-to-date roadmap that outlines exactly what they plan to achieve next. Although we are currently awaiting the 2020 roadmap.
A Growing Community
If more updates are what interest you, fear not! There are tons of great communities out there that you can join. Lethean currently has accounts on Discord, Telegram, LinkedIn, YouTube, FaceBook, Reddit, Medium and Twitter.
Joining one (or several) of these communities is a great way to ask any questions you have for the team. We always encourage traders to do this, in addition to their own personal research, before collecting any Lethean coins.