Crypto CurrenciesNIX Platform Marks Industry First in Cryptocurrency Privacy

New Protocol Resolves Zerocoin Flaw and Enhances Scalability
FintecBuzz FintecBuzz3 weeks ago165 min

NIX Platform (NIX), a next generation privacy cryptocurrency, announced implementation of the Sigma privacy protocol, marking a new level of scalability and anonymity for proof of stake (PoS) cryptocurrencies. Sigma resolves the recently discovered Zerocoin flaw that compromised security for many cryptocurrencies.

Sigma protocol allows NIX to significantly scale its privacy transactions, decreasing on-chain size by 94%, and removing the trusted set-up previously required with Zerocoin, making NIX privacy more scalable while also increasing the anonymity set NIX has to offer.

“Sigma will have the biggest privacy set over older privacy protocols, is completely trustless, and scalable. Sigma adapts perfectly to NIX codebase and use cases, making NIX a key player in privacy and decentralization in the near future.” – Mario, Research & Development Head, NIX Platform

Sigma has been adopted into the NIX codebase as a Ghost Protocol addition, yielding significant enhancements to NIX’s existing privacy functionalities, including:

  1. NIX’s 2-Way-Ghosting technology utilizes Commitment Key Packs and has been adapted to adhere to the Sigma protocol.
  2. Reduced the length of CKPs by 73%
  3. Deterministic CKP developments no longer require multiple address recreation.
  4. Deterministic Ghost Vault wallet allows coin backups and recovery through a single seed phrase.
  5. Previous denomination changed to include a sub-coin amount to allow for a fee model for the NIX commitment-key-pack payment scheme. As well, three denominations have been removed from the previous implementation which will now allow for a larger privacy set and thus higher anonymity.

Beyond SIGMA, the NIX Platform Team is developing a Multi-Currency Wallet with back-end trading capabilities using decentralized orderbooks. Bitcoin advocate and early founder of Bitcoin Foundation, Charlie Shrem describes NIX development as “…not only relentless, but also progressive and forward thinking.”

About NIX Platform
NIX Platform uses an environmentally friendly and secure Lease Proof-of-Stake (LPoS) consensus on the latest Bitcoin Core Protocol (current 0.17), with its own revolutionary Ghost Protocol as the backbone. The Ghost Protocol is a unique and fluid arrangement of sub-protocols including Commitment Key Packs, Zero Knowledge Proofs, Tor, and Dandelion. NIX Platform’s currency, NIX, is available on KuCoin and will be available on Beaxy upon exchange launch. More information about NIX Platform can be found at nixplatform.io and on Discord: https://discordapp.com/invite/agAsvQY

TWITTER CONTACT: @NIXplatform

SOURCE NIX Platform

Related Links
https://nixplatform.io

SOURCE URL: https://www.prnewswire.com/news-releases/nix-platform-marks-industry-first-in-cryptocurrency-privacy-300855253.html

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