Index Chain- Leaps Ahead In Privacy
Governments around the world are trying to slowly take away people’s privacy in a very discreet manner. We have already seen countries like China and North Korea impose the government’s will on their people forcefully. Privacy should be a basic human right and nobody should have the power to know how you spend your money if you don’t want them to. But it isn’t possible to hide your transactions from nosy governments and bank officials when you use the services provided by any bank. This calls for a platform that people can use to truly hide their transactions and also have complete control over when and where they want to send their money. This is where Index Chain comes into the picture. IDX allows anyone to send instant and private transactions to anyone in the world, anytime, and without paying high transaction fees or having to answer any questions to bank officials.
But don’t we have enough privacy coins already → We know you’re thinking that we already have monero, zcash and a few others, so what’s special about IDX ? Well, what most people do not realise is that even though it takes more effort to trace transactions of these privacy coins, it is still possible. Monero uses Ring confidential transactions and ZCash uses zk-snakrs to make it harder to trace their transactions but IDX uses a combination of the most advanced privacy features including sigma protocol, dandelion++ and tor integration to make sure it is absolutely impossible to trace your transactions back to you.
Let us take a look at these privacy features one by one →
Sigma Protocol - Sigma privacy protocol is a huge improvement over zero knowledge proof schemes as it provides all the privacy features of zkp without many associated disadvantages. The use of Sigma protocol used in the Index Chain provides improvements in relation to Zerocoin in three areas:
- Reliable configuration removal
- Reduction of the test size from 25 kB to 1.5 kB
- Enhanced security
Dandelion(++) - Dandelion(++) helps to protect your IP address from people who try to scan the network in hopes of discovering your identity. Recently 40 Bitcoins were sent from a Bitcoin address created in 2009 and the whole world came to know about it. There are ways through which someone might be able to track down that transaction to the sender’s IP address. But with Dandelion(++) the the transaction gets passed through interlaced paths before it gets broadcasted to the network so that your identity remains safe.
Tor Integration - This further increases you IP address anonimity by creating a secure tunnel between your node and the node to which you propagate your transaction.
Other Features Of Index Chain→
Hybrid POW And POS Mechanism - Index Chain uses proof of work, proof os stake and Masternode mechanisms to achieve consensus which results in a more robust Blockchain. The block reward get split 3 ways, 70% for Masternodes and 15% each for staking and mining.
Dark Gravity Wave - Dark Gravity Wave is an open source mining difficulty readjustment algorithm that helps readjust the difficulty every single block instead of every 2016 blocks like Bitcoin. This prevents miners from jumping on and off the chain in the pursuit of mining the most profitable coin. We have already seen this happen with BTC, Raven Coin and Pigeon Coin. Miners jumped on the BTC chain when difficulty was low which increased the difficulty in the next adjustment and then abandoned the BTC network when they found out that BCH mining was more profitable. And BTC difficulty was stuck at that level for another 2016 blocks. This resulted in longer block times and an increased risk of 51% attack.
Required coins for masternode : 5,000 IDX
ROI (annual) : 41.56% / 878 days
AVG masternode reward frequency : 2h 57m 4s
Active masternodes : 174
Summary → Index Chain has taken the best privacy features available and implemented them on their blockchain which makes your identity truly safe. IDX also uses a hybrid proof of work and proof of stake mechanism. What this means is that you get all the mining, staking and masternode features on IDX and the blockchain becomes more robust in return.
Conclusion → Index Chain proves to be the coin that uses a combination of the most advanced privacy features and there is no doubt that the need for privacy is only going to grow, so the utility of this coin seems to have a good future. Another interesting point to note here is that this is a new project and is currently in private sale phase. And since it currently has a low mining difficulty, it might be worthwhile to dust off those old miners and start mining IDX to help you easily gather enough coins for a masternode.
Official IDX Links →
ANN BITCOINTALK: https://bitcointalk.org/index.php?topic=5235506
TWITTER : https://twitter.com/index_chain
TELEGRAM GROUP: https://t.me/indexchain
TELEGRAM CHANNEL: https://t.me/index_chain
PRE-SALE DASHBOARD: https://ico.indexchain.org/
WHITEPAPER ONLINE: https://indexchain.org/whitepaper2.0