Index Chain: The Complete Scalable Privacy Solution with Tor Integration
Data is now more valuable than oil. And traditional companies are reaping big from free user-generated content.
Facebook and Twitter, and basically all social media platforms, are building their business model around free data, minting billions.
But in the midst of all this, it’s the end-user who is being exposed.
Privacy must therefore be protected zealously, and blockchain is the first line of defense. The second layer is Index Chain, a distributed network built by consummate professionals dedicated to privacy.
What is Index Chain?
Index Chain is a blockchain designed for privacy. The chain incorporates encryption methods with advice from encryption experts.
It is a complete privacy solution that is fast, scalable, secure, private, and most importantly decentralized.
As a result, users of the platform are their own banks. There are no middlemen like banks that can impose huge fees or arbitrarily block accounts. Through the Index Chain, users can spend their money without leaving a trace.
Index Chain is differentiated from existing and popular platforms like Monero. It is built from the ground up with a single focal point: Privacy.
Users should be free to browse and wander in the digital ether of the internet without worries of unethical monitoring.
Also, transactions within this blockchain are based on privacy protocols recommended by industry leaders so as to ensure complete anonymity of transactions.
The Sigma Protocol
Behind this is the Sigma Protocol which is a work of art that is vividly explained in an academic paper by Jens Groth and Markulf Kohlweiss, One-Out-Of-Many-Proofs: Or How to Leak a Secret and Spend a Coin.
The Sigma Protocol is an improvement of the RSA accumulators enabled by Pedersen commitments, and because of this, there is no need for a trusted set-up. The only parameters needed by Sigma for setup are group generators and ECC group specifications.
Through the Sigma Protocol, one can “mint” a coin from a public ledger but in doing so simultaneously break the transactional link ensuring complete privacy.
For their objective to be met and privacy delivered with full confidence, the Index Chain has incorporated the following technologies:
1. Anonymous transactions where the Sigma Protocol allows users to send and receive transactions privately without tracking risks. Participating partners aren’t tracked nor can transaction amounts revealed.
2. Tor integration. By having native tor support idx can connect to other tor hosted idx nodes, Tor has gained a reputation of being secure and an interface where internet activities cannot be illegally traced through cookies.
3. Dandelion++ incorporation, which is an effective shield against hackers. Dandelion is another cushion that seals a user’s node against individuals searching for IP addresses. Usually, when a transaction is traced to the original node, it becomes easier to deanonymizing users. However, with Dandelion++ it becomes hard for transactions to be mapped and the source node’s IP revealed. There are other added advantages of using Dandelion++. Research reveals that the technology is compatible with wallets. Additionally, Dandelion++ is lightweight and highly scalable.
4. Masternodes which while comes with an expensive tag there is a secondary incentivization layer for stakeholders. Different from ordinary nodes, a masternode has a complete copy of the blockchain. Essentially, Masternodes provide another layer of security and anonymity of users and transactions within the Index Chain infrastructure. They also set up network standards. Also, the masternode layer is a base from where other useful technologies can be incorporated. For a node to qualify as a Masternode, it must stake 5,000 IDX coins as collateral.
5. Hybrid Mining and Transactions. The Index Chain coin (IDX) can be mined through Proof-of-Work (POW) mining. But Proof-of-Stake (PoS) 3.0 which allows staking of earned coins disincentivizing inactive nodes is enabled. Also, there is a Masternode architecture where special nodes secure the network and confirm transactions. Blocks are mined every minute and the reward is 1 IDX coin. 70% of this block reward is for masternode operators as incentive for their roles. The remaining 30% is shared equally by PoS and POW nodes. Because of this set-up, there is a virtuous and sustainable cycle that benefits node operators, investors, and coin speculators.
The Index Chain is an improvement of Bitcoin. It is more robust, private, scalable, and secure. Incorporating Sigma Protocol, a system used by Zerocoin, is a game-changer.
It turns the table, and users of the network can transact confidently and privately without leaving traces.
WHITEPAPER ONLINE: https://indexchain.org/IndexChain.Whitepaper.pdf
TWITTER : https://twitter.com/index_chain