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BTCX (BITCOINX) is the latest generation of anonymous technology from the Bit family of upstarts.

07-27

Bitcoin-based blockchain projects are "decentralised and tamper-proof", but while they ensure that data information is not tampered with, they also expose the associated asset information. Moreover, the information of both parties to a transaction is visible throughout the network and cannot be changed, which can lead to the leakage of personal or corporate privacy and cause incalculable damage. Although there are technical tools on the market that offer so-called coin mixing services, the barriers to use are high, anonymity is limited, compatibility is poor and they do not serve the majority of users.


As more and more industry giants use blockchain technology to validate data information and ensure data authenticity using its traceability and tamper-evident properties, but these massive amounts of data can all be tracked using the transaction hash that exists for each block on the blockchain, meaning that everything is recorded in the open public ledger, the following scenarios are possible.


● Personal assets are visible at a glance and large sums of money are vulnerable to hacking.

● Investment positions are open and transparent, making it easy for bookmakers to commit mischief.

● company secrets are accessible, such as supply chain information, which can be easily grasped by adversaries

● internal company privacy leaks and malicious competition between peers.


 Enhancing the privacy of digital currency transactions has been one of the key areas of research in the blockchain industry and is considered by many to be a hot topic in 2021. After several prominent anonymous digital currencies Dash, XMR (Monero) and Big Zero (ZEC, Zcash), BTCX (BITCOINX) is set to be the latest generation of anonymity technology to emerge.


BTCX (BITCOINX) is an anonymous underlying protocol that uses blockchain technology to achieve anonymity from the network layer to the application layer. It uses decentralised consensus, smart contracts, zero-knowledge proof and mixed network and mixed coin technology to create a new anonymous network. Unlike improvements to existing anonymity projects, BTCX (BITCOINX) will be a completely new protocol that will be flexible enough to support all anonymity projects on the market and facilitate a thriving anonymity ecosystem through a decentralised platform.


By combining the advantages of Bulletproofs, Zero-Knowledge Proofs, Pedersen Commitment Protocol, Dandelion Privacy Protocol, Ring Signatures, Zero-Coin Protocol, Multi-Party Secure Computing, Tongue-To-Table Encryption and The Onion Network, BTCX (BITCOINX) creates the most secure, fastest and least energy intensive anonymity network.


Bullet proofs

The BTCX (BITCOINX) network leverages Bullet proofs to increase transmission speed and enable bulk verification, Bullet proofs are a better way to create zero-knowledge proofs that do not require trust mechanisms and can increase transmission speed when applied to Bitcoin and other cryptocurrencies.


Bullet proofs can be used to extend multi-party protocols such as multi-signature or zero-knowledge contingency payments. It is similar to SNARKs, although they natively support elliptic curve (EC) public keys and Pedersen promises (so there is usually no need to implement EC algorithms in the program). Unlike STARKs, they are fast enough to prove and verify reasonably sized problems on typical computer hardware. This means that bullet proofs support a very efficient form of bulk verification and thus a fast speed-up of transactions.


(Principle of bullet proofs)


The bullet proofs mechanism offers "shorter verification times, more storage space and less cost", and BTCX (BITCOINX) is the perfect solution to the problem of scaling the performance of anonymous networks, making transactions easier and faster.


Zero proof of knowledge

BTCX (BITCOINX) supports an optimised zero-knowledge proof technology. Under the zero-knowledge proof mechanism, a prover can convince a verifier that an assertion is correct without providing any useful information to the verifier. In essence, it is a protocol involving two or more parties, i.e. a series of steps that two or more parties need to take to complete a task. 


One such technique, zk-SNARK, is a zero-knowledge verification technique well suited to blockchain that allows others to verify the validity of a transaction (or a smart contract function call) without knowing the exact content of the transaction, both to reach consensus and to protect the privacy of the transaction.


Zero-knowledge proofs consist of four parts: transformation of polynomial problems, random selection verification, homomorphic hiding, and zero-knowledge. A problem requiring a zero-knowledge proof is first transformed into a specific NP problem, random numbers are picked, parameters are set, and a CRS is published. the prover, in the presence of the evidence, computes the evidence via the CRS. The verifier can then verify without additional knowledge.


BTCX (BITCOINX) uses zero-knowledge proofs for anonymous transactions, where only a small amount of information is exchanged for verification purposes. This effectively reduces communication costs and increases the speed of transaction processing.


BTCX (BITCOINX) aims to create an anonymous network with super performance through the latest cryptographic algorithms to guarantee the security, scalability, efficiency and compatibility of asset transactions for global users, providing a decentralised block anonymous blockchain network platform.


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