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Author Topic: [ANN][ICO] NYX - decentralised cryptocurrency and token access recovery solution  (Read 557 times)
Nyx.Insure
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January 12, 2018, 05:28:43 PM
Last edit: January 12, 2018, 05:58:07 PM by Nyx.Insure
 #1


What is it?

NYX is a decentralized solution to validate identity, restore and authorize access to crypto assets, inheritance and similar problems.
Losing credentials (passphrase/private keys) is a serious problem in cryptocurrency world. Estimates on lost BTC already go to 23% and considering that 17% users on world wide web forget their passwords to sensitive data with more non-technical audience entering blockchain world the problem is going to grow. Storing restore data in cloud services is a risky way to ensure access recovery, both at the level of network interaction, and at the level of provision security of servers from hacker attacks. Hardware (cold) wallets break regularly or can be lost, and let’s not even start on keeping the passphrase written down physically.

How it works

Currently we are working on the applied solution as part of our identity validation feature - the access recovery.
This mechanism works as follows:

-The owner records a video where he orally announces the information confirming his rights to the NYX account, performs specific actions which will protect from video (or generated) footage attack;
-Then he provides a passphrase to a new account to which assets will be transferred;
-Recovery request event is created on the blockchain;
-Any other user can find a recovery request using NYX client applications;
-The user can view the video, compare it with the original photo and other data;
-When a threshold of a sufficient number of ratings is reached, which depends on the amount on the target NYX account, a consensus evaluation will be performed based on the Schelling point – the average number from the number of voices is found and the voices that significantly differ from it are discarded;
-The users whose votes were close to the average a fee for their work - similar to miners;
-Assets are transferred to the target account.
If the recovery process is activated user gets notification on all devices which will allow him to block the fraudulent request by entering original credentials. User will have access to the video on suspicious attempt.


Simplified variant (in alpha):


Currently we are finishing developing a simpler but powerful solution:
-User creates an explicit list of other accounts which can be authorizers;
-Currently auth request doesn’t require tokens;
-Neural network is used only for face detection and capturing a proper footage;
-This helps fight account flooding when authorizers would be selected randomly, there would be a chance that somebody generates a ton of accounts to get into this set;
-This also allows reducing known problem with high error rate when identifying people from other races.
Starting from a simplified variant allows an assumption on criteria for validated authorizers in the future - if the user has been identified even once, he’s suitable for randomly selected authorization because his identity is proven. User is still anonymous for anybody except from his whitelist.

Prospects

NYX account opens up to possibilities beyond access recovery:
Authorizing sensitive actions based on person’s identity, for example transferring big amounts of money;
Inheriting assets;
Voting (decentralized democracy) from validated persons;
etc
Despite having our own wallet and a small ecosystem, we plan to integrate with existing wallets, like Jaxx, Trezor, etc.

ICO and tokenomics


15M tokens will be distributed (hard cap) with 3M soft cap. 300k will be available for pre-sale with 20% discount. Initial price is ~0.001 ETH, we plan to correct with ETH price to get closer to 1 USD per token.
Standard ties smart-contract will be used to transfer tokens to investors.

Based on etherscan.io data for 2017 Q3-Q4, number of unique accounts in Ethereum will increase at last 6 times to 90 000 000 in 2018. Statistically 17% accounts are lost as a result of corresponding data loss (i.e. keys, passwords). 17% - 15.3 mln accounts (at least) will be lost in 2018. Let’s assume, that NYX, as the only possible solution for now, will handle the task to take the market share in amount of 7.5% of all new ethereum accounts in 2018. This results in total number of NYX accounts of 7.5% of 90 mln = 6 700 000 accounts. 17% of users will lose access to their Managing accounts, thus requiring NYX tokens to restore access to their funds. This is about 1 mln accounts. To recover access to 1M accounts there will be demand of about 80 mln tokens, while the maximum available to the public sale is 12 mln. At price of 80 NYX (20-30 confirmations) for a single access recovery request there’s 6 times lack of NYX tokens on the market which will increase the demand. It will be flexible though, likewise the miner’s fee you can spend smaller amount of tokens but wait longer.

Current roadmap

2017 Q3
NYX concept developing. Smart-contract implementation and testing. Developing NYX for Android alpha.

2018 Q1
ICO Launch

2018 Q1
Decentralized identity validation dAPP, Integration with popular wallets, Marketing

2018 Q2
Neural-network based anti-fraud system, Formal verification. Token trade on exchanges

2018 Q3—Q4
Altcoins implementation, full decentralization (token holders control further development of the technology), validated accounts are used for things like voting
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1603397993
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Babyfaced
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January 12, 2018, 05:47:54 PM
 #2

Link for whitepaper is broken
Nyx.Insure
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January 12, 2018, 10:39:15 PM
 #3

Thanks, fixed that. Whitepaper is still under development, by the way, we're very open to feedback
SeveralQ
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January 12, 2018, 10:57:22 PM
 #4

Hi everyone! Just added NYX ICO to my website https://concourseq.io/Q/NYX_. ConcourseQ is a collaborative due diligence community that researches and reviews ICOs. Anyone with an account can submit information to your page, so we are reaching out to this community to get you all involved in the discussion. Thanks! PS: If you have any questions about filling in the info, feel free to ask us in our discord group: https://discord.gg/j8RBAwB
Alphapulsared
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January 13, 2018, 08:02:24 PM
 #5

ability to recover, is something unique and would help crypto to reach wider masses. Count me in.
hesham51
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January 13, 2018, 08:35:38 PM
 #6

Hi Dev

please maintain whitepaper link Wink
kurniawan05
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January 13, 2018, 08:47:42 PM
 #7

i think this another project from rusian. there are many project from there. Good luck dev

Nyx.Insure
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January 15, 2018, 11:07:54 AM
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ability to recover, is something unique and would help crypto to reach wider masses. Count me in.
Hey! Token recovery is just a step, in the future you'll be able to secure any data you'd want.
Nyx.Insure
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January 15, 2018, 07:41:26 PM
Last edit: January 15, 2018, 10:48:52 PM by Nyx.Insure
 #9

Instead of performing an ICO, why did not you start a coin that could represent that activity? Is the fundraising justified by what reasons? Why do you need to raise funds for your project? What are the costs of the project going out of paper without ICO?

Hey, Karodozo,
Besides the MVP we have to deliver an actual well tested product which we can leave to decentralized community to manage. The costs of this product include:
  • Testing and formal verification of the smart contract
  • Testing and finding correct formulas for Schelling point - this might differ on big numbers
  • Implementing neural network on the chain
  • Integration with popular wallets
  • Reference wallet implementation  and open sourcing the tools
  • Implementing the system for altcoins
  • User education & evnagelism of the product so people would use it before the disaster not after Smiley

We want to solve the problem of identification on all levels. This requires several months of extensive development.
Nyx.Insure
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January 19, 2018, 02:07:09 PM
 #10

We've updated the whitepaper, check it out https://nyx.insure/NYX%20WHITEPAPER.pdf.

It now contains a more detailed explanation of how identification works and more real-life applications.
nibb1e
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February 11, 2018, 03:24:45 PM
 #11

if needed

Portuguese translation: https://bitcointalk.org/index.php?topic=2928717
Adess: NWgj8ig4rtjUjwuyMTEZzHZaNgZHWKs3hZ
newmz
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February 12, 2018, 04:18:05 AM
 #12

Is this the only active thread for this coin?

I'm using a mining calculator at https://www.crypto-coinz.net/crypto-calculator/ and it's currently telling me that NYX is the most profitable coin to mine with my Nvidia based GPU rigs.

It just seems like there isn't a lot of activity here.... Where is the "community" for this project hanging out?

Crypto currency enthusiast and miner since 2015. Mined approx 200 ETH during 2016 and 2017 and sold it at approximately $US40 each. Then I watched it reach $1000+ each. If anyone bothers to read this stuff pay attention to this: HODL HODL HODL HODL HODL HODL

I started mining with 1 AMD 7950 and 1 R9-280X. Then I gradually built my AMD operation into 12 R9-290s. Awesome ETH hash but ridiculous power consumption and heat. Over the last year I defected to the Nvidia team. I now use GTX 1070s. They were expensive to buy (probably a bargain now) but awesome hash rate vs. power consumption. blah blah blah blah
andromeda66
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February 13, 2018, 01:04:27 PM
 #13

Is this the only active thread for this coin?

I'm using a mining calculator at https://www.crypto-coinz.net/crypto-calculator/ and it's currently telling me that NYX is the most profitable coin to mine with my Nvidia based GPU rigs.

It just seems like there isn't a lot of activity here.... Where is the "community" for this project hanging out?

Wrong project, identical name.

NYX is already there >>>>> www.nyxcoin.org
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