Since the birth of the internet, the average user has witnessed an ever-growing invasive and illegal surveillance through the nature of this technology. Big tech is big data and your data is often used for commercial profits as you yourself are often the product when using free platforms the likes of Facebook.
Since the inception of Bitcoin and other cryptocurrencies, the initial governmental approach was to laugh until the growth of the sector became disruptive to the centralized institutions. Governments are now afraid of cryptocurrencies and they started with evermore strict regulations to stop the growth of this sector in an attempt to stay relevant in the future of money.
Privacy solutions are coming to crypto!
The fight between crypto and regulators is growing with the latest unveiling of more restrictive regulations to attack the exchanges where the liquidity of cryptocurrencies is supported. Quite a few developers are therefore working hard to solve the privacy issues that will allow decentralized exchanges to properly function and protect its users from growing surveillance techniques.
We have quite a few successful projects and technologies already committed to creating crypto privacy coins like Monero. NIX is the next step for decentralization and it comes at the right time!
What is NIX?
Nix can best be described as a next-generation privacy-oriented platform with its own crypto privacy currency and offering multi-layered interoperable solutions. This platform supports decentralized applications and smart contracts.
The NIX Platform ecosystem uses several proven technologies:
- NIX Ghost Protocol: uses Sigma privacy spoofs;
- Tor Network: offering OBFS4 bridging and communication;
- Atomics Swaps: infrastructure to support private transactions over several chains.
Proof of Stake:
NIX uses a Proof of Stake consensus mechanism to secure its blockchain. With this choice, it also avoids centralization (whales). On top of that, it innovated with its Leasing Proof-of-Stake.
Leasing Proof of Stake:
NIX’ implementation of leasing proof of stake allows the user to choose between hot staking (proof of stake) or lending his coins to a merchant and stake while his wallet is offline (lending proof of stake). This technology will be made available on your Flarewallet soon.
A NIX Ghostnode is a special node that supports the processing of the autonomous privacy elements in smart contracts and requires a collateral of 40,000 NIX. The holder of the Ghostnode receives 0.25% of Ghost Protocol enabled smart contract transactions and 70% of the block reward.
Nix innovates with its new Flarewallet, allowing private transactions for BTC, ETH LTC, and NIX.
How does such a Flarewallet transaction work?
Assume you want to swap BTC for LTC:
- Swap your BTC from any decentralized exchange to NIX;
- the history of NIX is removed;
- Swap the NIX in an anonymous way to LTC.
The layer that offers you this privacy SWAP works on the Ghost Protocol which combines several existing technologies like:
- Atomic Swaps
- Commitment Key Packs
- Sigma based ZK Proofs
How does Flarewallet create liquidity?
At the moment Flarewallet creates liquidity by pulling from swap services like:
As more liquidity solutions are created for the decentralized exchanges ecosphere, Flarewallet will adapt to those changes.
Flarewallet Masternode setup.
Nix innovates with the groundbreaking application of mobile phone Masternode technology, allowing you to set up and control your Masternode using only your favorite tool: your smartphone.
Nix is currently partnered with Blocknet and Chainzilla:
- With Blocknet, Nix will build the internet of blockchains, working together using interoperability solutions;
- With Chainzilla, Nix will bridge the gap between decentralized exchanges.
This is a short review of the NIX project and will require a bigger review over the next few weeks as the coin has many very interesting concepts. I think I will have to add this coin to my best masternodes of 2020 very soon.