RAYS Network - A state of the art blockchain based on customized D...

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We are very excited to spread the word about RAYS Network with the STEEMIT community. Here is the introduction to this unique project:

RAYS Network claims to be one of the best blockchain projects announced till date for the combined effect of three reasons:

DPoS Consensus Protocol which is the most Decentralized, Efficient, and Less-Energy consuming consensus protocol known to date
Bulletproof Non-Interactive Zero Knowledge Proof Privacy implementation which is a one step ahead in performance compared to NIZKPK privacy algorithm announced by EOS
All the development proposed here by RAYS Network team is to be performed at RAYS Research Laboratory and by researchers from universities all around the world. The major portion of your contribution will be used to establish RAYS research laboratory which will be responsible for RAYS Blockchain Development.

In existing Blockchain Solutions, whenever a user accesses a wallet, the user has two types of keys. First is a public key or address for that currency or blockchain. Second is the private key which the user uses to unlock the wallet. User will never share his private key with anyone. If the user do so, the funds are lost. These two keys together however doesn’t ensure a privacy of Transaction as transaction is public and is not related to wallet. Now RAYS research team found it a bit problematic for the wallet holder and for enterprises. Suppose you are an employee and your boss is sending monthly sallary to 100s of its employees including you. No one wants that the sallary he/she is receiving should be public. There are 100s of such issues with existing blockchain. RAYS has a solution to this problem.

So what is the solution? The solution is in your RAYS wallet. All users will have three keys in RAYS system as follows:

A Public Key to receive funds.
A Private Key to access wallet
An optional Digital ID to access the specific transaction.

How will it work?

If a sender sends a transaction as a private, the receiver must enter a Digital ID to unlock the transaction. If a sender sends a transaction as public, the receiver does not need to enter the Digital ID. So in RAYS System, Private Key will be used to unlock the wallet, and Personal (optional) Digital ID will be used to unlock a transaction.

The industries and enterprises need a blockchain which should be Secure and Private. General cryptocurrency users require Low Transaction Fee, Fast Speed, and Security.

We have a solution for both; a Secure and Private blockchain for industries, and a Secure and Fast cryptocurrency for general users. Our technical team is working on a Flexible Blockchain Network (FBN) which may switch between General and Enterprise users as required by the users for their needs. Sufficient progress has already been made and a Minimum Viable Product (MVP) has already been developed to prove the FBN concept.

Imagine that you are the head of an enterprise (company) and you want to send the enterprise data or make a payment to your employees at public blockchain network. In all the traditional blockchain systems, whatever you will share on the public blockchain can be seen by anyone using the same blockchain. This is against the rules of privacy and one’s right to privacy. Your employees may not want their salaries to be shown on public blockchain network. Regulations such as GDPR prohibit such practices. As a result of this, all activities performed on a public blockchain network are non-compliant to the rules set by such regulations. Blockchain networks such as Ethereum fail in these scenarios and may be violating the laws.

In this scenario, one may consider a blockchain network which is private or offers complete privacy. Doing so kills the essence of blockchain technology and is against the basic principles of this innovation. Is there a solution in this situation to still ensure individuals privacy while making the use of a public blockchain network? Yes! RAYS Network exactly aims to solve this problem. Each transaction to be made at RAYS blockchain network will have an option before transmission whether the transaction should be public or private. A public transaction at RAYS public network will be like a normal transaction such as the transactions made at Ethereum blockchain.

It is possible to make a Private transaction on a Public blockchain network. In this way, everyone can see that a transaction is made. But no one except the intended receiver can see what is inside the transaction. This will be made possible with the use of a Bulletproof algorithm. Each transaction will be locked by the sender and can only be opened by the intended recipient.

RAYS 3S wallet will be a highly secure hybrid wallet with the encapsulation of keys using KEMs on hardware by means of highly advance cryptographic primitives such as data protection, hash functions, digital signatures, and OAKMD schemes. it will be protected by NIST approved advanced cryptographic primitives, supported by 2FA, 9 digit-long pin key, and anti phishing measures. the smart security policy of a key management system (KMs) will provide the rules that are to be used to protect keys and metadata that the KMs supports.