INDEX CHAIN (IDX) — Protecting Your Privacy With Blockchain
A privacy focused cryptocurrency project.
“Arguing that you don’t care about the right to privacy because you have nothing to hide is no different than saying you don’t care about free speech because you have nothing to say.” — Edward Snowden.
The new world that the internet has brought for all of us is filled with limitless possibilities. The level of freedom and access to information is today greater than ever. At this point of continuously increasing freedom however, we are also facing a continuously increasing threat, the threat of losing our privacy. Most of the corporations that are feeding on the BIG DATA will argue that if you don’t have anything to hide you have no reason to be offended about them knowing your browsing history or other habits, but this is far from being true. Your privacy is important not because you want to hide from something or somebody, but because it is a vital characteristic of the free world, where each individual is entitled to rights and obligations.
Blockchain technology has proven its applicability in both privacy-focused and transparency-focused cases. It is an innovation that can ensure complete transparency or complete privacy for its users, at the same time, being the most viable choice to protect your information or assets. Impossible to tamper with, the blockchain is essentially never wrong, as it checks on itself frequently with the help of the nodes that are participating in the network and only after all the information is verified and accepted by the network, a block will be generated.
INDEX Chain (IDX) is a privacy-focused blockchain cryptocurrency project, built by a team of cryptocurrency enthusiasts and developers. With the help of their supportive community, IDX is advancing fast in the privacy sector of the industry. They are dedicated to provide an environment where any user can reach independence from banks and institutional monopoly, but also have full control over their privacy in the process.
IDX Blockchain Architecture
IDX Blockchain is based on the well known X16RV2 algorithm with hybrid consensus between PoW, PoS 3.0 and Master Nodes(MN). In addition, the DGW(Dark Gravity Wave) system was implemented to protect the network and increase its efficiency. These technologies are working together to enable a high level of security and stability on the blockhain.
To further strengthen security and privacy of their network they have also integrated a number of advanced technologies like Sigma Protocol, Dandelion++, TOR and Exodus Protocol. All these technologies compiled together on their blockchain will enable a secure, reliable, fast and private environment for transactions to take place.
-PoW with X16RV2 + DGW on IDX Blockchain
The X16RV2 algorithm was created by the RavenCoin developers from the original X16R algorithm. A V2 was needed to be developed because of the increasing threat of ASICs taking over the network with a huge hashing power which could disrupt the stability of the blockchain, therefore they improved the algorithm hashing sequence and increased the hashing rate generated by every GPU, making it more attractive to small miners and increasing its resistance in front of ASICs.
The use of this algorithm greatly benefits the IDX miners, which can help to sustain the network with any GPU and at the same time receive fair rewards for their work, making the IDX Blockchain available for a large spectrum of users who are motivated to support this new emerging technology and join the movement to protect the right to privacy at the same time.
For further improvement of the security and stability of their network,
the IDX Team has also implemented Dark Gravity Wave(DGW) technology, a difficulty re-adjustment system that balances the mining difficulty after every block. DGW is not the first difficulty re-adjustment system, but its reputation promotes him as the most useful at this time.
The DGW system on IDX blockchain, makes it more attractive for individual miners who can enjoy a safe and fair environment, without fearing that a sudden surge in the total hashing power of the network would damage its integrity and the mining rewards. At the same time, the implementation of this technology sustains a much more stable blockchain with constant block times, faster transactions and ultimately makes the IDX network unattractive to multipool mining.
-Index Chain Hybrid Consensus (PoW+PoS 3.0+MN)
As a privacy and security focused cryptocurrency, IDX Chain is using a hybrid consensus of PoW + PoS3.0 and MN working together to ensure a powerful network and at the same time to sustain a fair value of IDX coin in time. The mining reward percentage allocation on IDX network is 30% of the block reward for PoW or PoS (whichever of them is generating that specific block) and 70% of the block reward for the MasterNodes.
Most of the projects are using a PoW only based network, which makes them an easy target for malicious attacks and at the same time it is also known that the environmental impact of PoW is not very friendly. In a world where global warming and pollution are a serious threat for our health and stability of the planet, IDX chose to take a different approach and rely on a more environmental friendly network.
It is known that PoS in comparison with PoW is using up to 1500 times less energy, therefore the negative impact is significantly lower. This strategy will ensure a healthy network on the long-term for both the project and its users.
Besides the ecological aspects, the addition of PoS and MN increases the security and privacy level of the network and makes it more reliable at the same time as it implies a higher scalability. There are many advantages in using PoS 3.0, which is the latest and most advanced version of the Proof of Stake consensus. PoS 3.0 provides a fair distribution of the rewards among the stakers, only rewarding the nodes that are active on the network, therefore maintaining a fair network for every participant.
The idea of Proof of Stake is comparable to a bank account where you deposit your reserves and the bank gives you an extra % as interest. On the Blockchain, PoS and MN not only provide a source of passive income for the owner, but it also supports the network by adding extra nodes and making the chain stronger and capable of processing more transactions as well.
MasterNodes(MN) are widely known in the cryptocurrency industry for their reliability and passive income as well, but on the IDX Chain a MN will not only provide a passive income and stability for the network, but also provides a good base on which other application can be built, together with other technologies implemented on their blockchain it helps making the IDX Chain a competitive and reliable network in the industry.
A MN from IDX Chain will receive 70% of every block reward, making it extremely attractive for the investors to lock their coins into a masternode, in order to generate passive income and sustain the network. At the same time it makes a good impact on the coin’s price for the long term. The collateral for an IDX MasterNode is 5000 IDX Coins.
Privacy and Anonymity on IDX Chain
In order to ensure privacy and anonymity to the IDX Chain, the development team have integrated a number of advanced technologies into their blockchain, which will act like a shield to protect the users against third-party individuals with malicious intentions.
Dandelion++ integration in IDX Chain
The integration of Dandelion++ in Index Chain is meant to act like a blocker against tracking the source of one or more transactions by following its trace back to the original sender. It acts by concealing the transaction broadcast through an algorithm that randomly selects only one peer to which the information is sent and repeating the process until all nodes are aware of that transaction, but it will take hard efforts to identify its origins. By applying this method, it becomes increasingly hard to track back the original sender and potentially identify the IP address which could after that be linked to other transactions and activities as well.
This is one of the first layers of privacy and anonymity implemented in the IDX Chain and it also helps for a better scalability of the network by increasing the transactions speed and limit, making the IDX Chain more efficient and secure.
TOR integration in IDX Chain
The Onion Router, or TOR is known for a long time as a supporter of anonymity on the web and it has been used for many years by people who want to protect their privacy on the internet.
The IDX Chain Team integrated the TOR technology on their blockchain to further increase the anonymity level for their users and provide a safe and private environment for transactions. Essentially, the TOR system on IDX Chain creates secure “tunnels” of communication for your transaction to be sent into the network. These tunnels are called “TSL — Transport Security Layer” and are using an end-to-end encryption method to conceal any information that travels inside. The TOR system uses 3 nodes to broadcast a transaction into the network, these nodes are called “Entry Node” “Secondary Node” and “Output Node” and they communicate between them using encrypted methods to protect the information inside. Finally, when the transaction arrives to its destination, only the “Output Node” will be known and it will make it very hard to track the origin of the transaction.
Sigma Protocol integration in IDX Chain
The Sigma protocol is designed to increase the security and privacy of the IDX Chain by coming with additional verification methods to avoid any potential cheating on the network. Simply put, the method is used by involving two parties known as “Prover” and “Verifier” who are constantly communicating with each other to verify the integrity of the information and to ensure that only the correct information can be sent into the network, at the same time adding an extra layer of privacy for the users.
In addition to the benefits of security and privacy granted by Sigma Protocol in IDX Chain, this integration is also reducing the “proof-size” making the IDX Blockchain more scalable, therefore capable to support a larger number of transactions than many other projects in the industry. This makes IDX Chain a competent network for the future adoption that lays ahead!
Exodus Protocol integration in IDX Chain
Exodus Protocol is an extra layer that expands the utility and usability of the IDX Blockchain, without affecting in any way its functions as a digital currency.
The implementation of Exodus Protocol into the IDX Chain is creating a limitless expansion potential for their blockchain. This will allow the deployment of smart contracts and building different cryptocurrency projects, serving as a place on which decentralized applications can be built for many different sectors within the industry.
Conclusion
The IDX Chain project is a complete blockchain solution that not only provides a safe, fast, reliable and private environment for transactions but at the same time it opens a door where privacy and utility are bonded together in such a way that it makes it very appealing for the new comers into the blockchain and cryptocurrency industry that are looking for either an investment or a place to build their own project.
The ingenious fusion between all these advanced technologies are promoting IDX Chain as one of the potential strong competitors of the existing consecrated projects that clearly need a lot of improvement at this moment.
For IDX Chain this is only the beginning of their journey and their promise makes it a very exciting journey to be a part of. With all the technology at their disposal, many new and amazing features will surely be implemented in the future as well.
Stay around to find out more about IDX Chain and their evolution in time!
Official IDX Chain links:
Website | Twitter | Discord | Github | Reddit
