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cryptico
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July 09, 2014, 01:04:53 PM
Last edit: July 09, 2014, 01:15:48 PM by cryptico |
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From the website: xc-official.com
ANONIMITY
XC’s privacy technology is currently industry-leading, both in the degree of privacy that is possible, and in the flexibility of its privacy solution. XC offers multiple and optional layers of privacy that are suitable for a variety of purposes. Here’s a brief overview of how it works.
Multipath Architecture
Before a transaction or a message moves through the XC network, it’s first broken down into small fragments, which are then sent along multiple, randomly selected paths through the network. This allows for several privacy benefits. Firstly, the amount paid or received is kept confidential, because any one fragment is not associated with any other fragment. Secondly, once a payment is made, there is no public record whatsoever to associate the receiving address with the sending address. As a result, onlookers can neither know the amount received or sent for any given transaction, nor can they know which addresses sent or received the original transaction. Additionally, the security and robustness of the network is bolstered, because if any one node fails to forward a fragment of your transaction, there are multiple others to take its place.
Multipath routing is optional. It maximizes the privacy of a transaction.
End-To-End Encryption
By default, transactions (and broadcasts on the XC network) are encrypted from end to end. This means that if any party intercepts a message, it is impossible (i.e. computationally infeasible) for them to decode it.
The XC App automatically uses end-to-end encryption whenever you make a payment.
TOR Network
To steal a private key, a malicious actor would have to gain access to your computer. To do this, (s)he would first have to know which computer a transaction comes from. For this reason, the XC App connects to the XC network via TOR (“the onion router”), which obfuscates your IP address, making it extremely difficult to decipher where any given transaction comes from.
Using TOR to connect to the XC network is optional.
App Encryption
If a malicious actor intercepts a transaction, before it can be read the private key for that message would have to be stolen (in order to decode the message). Private keys are themselves encrypted and stored securely in the XC App. This makes it impossible (i.e. computationally infeasible) to find out what the private keys are.
When you download the XC App, you can encrypt it and set a password to unlock (decrypt) it whenever you use it. However, don’t store your password on your computer. In fact, don’t share it with anyone. (If you forget your password, you will be able to get your private keys back from a backup that you will make.
Multilayered Privacy
In summary, it is a monumental effort to breach XC’s privacy or security:
Your IP address would need to be revealed, which TOR makes effectively impossible.
Your transactions or messages would need to be identified with your app, which multipath makes impossible.
The balance in your app will need to be known for there to be any incentive to invest the massive resources required to hack a wallet, which end-to-end encryption and multipath routing make impossible.
Lastly, your app would need to be hacked, which is computationally infeasible unless your password is known.
Without surmounting these challenges, a malicious actor will not have a chance to compromise your privacy or steal your money. The amount of processing power necessary to break the strong encryption in any one of these layers is generally more than that of the entire internet! In other words, it is computationally infeasible – practically speaking, impossible – to compromise any one layer of XC’s privacy platform. In this light, XC offers true privacy and true security, and this puts you back in control of your information, your money, and your identity.
FUTURE PLANS
XC Mobile
Currently in progress is the fully featured XC mobile wallet/app. This app for smartphones will be made available for both iOS and Android operating systems. Users will be able to earn interest on the go, made possible thanks to XC’s adaptive design. XC is also working on the technology to allow the purchase of XCurrency directly through the mobile app – this will add ease-of-use for those with less tech knowledge, and will make reloading with XCurrency easier than ever.
Decentralized Cloud Storage
The incorporation of Blockchain 2.0 architecture into the XC framework allows for a broad range of future developments. One area being looked into by the XC team is the use of the XC blockchain for decentralized cloud storage. This storage could be utilized by individuals, businesses, or even political campaigns. The ability to safely store and transfer important documents, without fear of disclosure to third parties, is something that a diverse group of people could benefit from. XC is taking steps to make this feature a reality.
Payment Networks
As the XCurrency base is further developed, adding XCurrency to an existing payment network, such as the Visa network, will be a number one priority. Imagine XC being as easy to use as a credit card, but without the need for the actual card, since XC will be fully functional on any mobile device. This integration into any one of the larger payment networks will allow XC to be utilized at millions of point of sale locations across the globe. It will also open the door for utilization with ATM’s, otherwise known as cash machines in some countries. Combined with the ability to reload your mobile app with XCurrency at the click of a button, this will be the premier step toward bringing XC before the masses as a usable, functional, flexible, and robust currency alternative.
NFC Payments
A project that’s been in the works for years, near field communication (NFC) payment technology is starting to gain mass adoption and acceptance as a simpler, faster, and more secure way to make payments at point of sale locations. With the development of XC’s mobile app, the timing for such an acceptance of NFC technology by the general population couldn’t have been better. Some of the key benefits associated with utilization of NFC technology in conjunction with XC:
No need for your wallet – your phone can replace your credit cards
Faster payments means getting out of the store sooner
No worn-out credit/debit card to worry about
No fumbling with PIN numbers
Protection for your financial data with your phone’s built-in security measures
Avoid spreading of germs due to NFC’s contactless nature
It’s clear that NFC payment technology has numerous benefits over traditional payments methods. As such, XC is taking every step to lay a foundation suitable for future NFC integration. This is just another example of the type of forward-thinking mentality that drives the XCurrency team to stay one step ahead of the curve.
Blockchain 2.0 Apps
XCurrency is built on Blockchain 2.0, a flexible digital platform which allows easy integration for current and future XC applications. A few examples of upcoming applications would include the use of the XC App for encrypted messaging and chat, and the use of the XC blockchain for decentralized cloud storage. These are just the start; the potential to build upon the XC platform is limitless. With the Blockchain 2.0 architecture already in place, the blockchain for XCurrency is like a foundation awaiting the actual building to be erected. Stay tuned to see what the XCurrency team has planned, and as always, if you have a great idea that you would like to see implemented, by all means contact us and we’ll take a more detailed look.
Web 3.0 Development
Web 3.0 represents the evolution of the World Wide Web. Poised to make the internet fully and provably secure against identity theft, fraud, and spying, Web 3.0 is a fundamental change in the architecture of the Internet. XCurrency’s platform approach incorporates Web 3.0 concepts, like decentralization and appropriately secure protocols for various types of information. As XC’s Blockchain 2.0 applications grow in number, XC will increasingly become a fundamental building block of Web 3.0.
Proof of Blockchain
Proof of Blockchain (PoBC) is such new technology, that very few understand it. Invented by Jasinlee, one of XC’s developers, PoBC will essentially allow blockchains to talk to each other. At this point, PoBC is a revolutionary concept that, if successfully implemented, will become an incredibly powerful facet of the XCurrency project, further increasing privacy and reducing blockchain size. PoBC is not going to be implemented in the immediate future due to the enormous amount of work required to code and implement it, (and there are more immediate goals, as outlined in the XC roadmap), but keep an eye out for announcements regarding PoBC, and the positive impacts that PoBC may have on XC’s future.
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