What exactly is Hexxcoin? Did someone use black magic and put a HEXX on the cryptocurrency markets? Are we heading for another round of the Salem Witch Trials with a Blockchain-based twist?
You can breathe easy, nobody has put a curse on you or anything! The only magic that HEXX actually contains is the ability to make things… Dissappear (or become anonymous)!
The Hexxcoin project was started to address the anonymity problem facing Bitcoin. Bitcoin, being the first cryptocurrency released on the market, comes with a host of legacy-based problems that jam the network with resource overload and is vulnerable to compromise of semi-anonymous user data revealed through malicious actors. While the development of Bitcoin has been very important to cryptocurrency and blockchain; It is fundamentally lacking in many areas that the Hexxcoin project has targeted for improvement.
For instance, with Bitcoin it is not possible to prevent analysis of past transaction history on the blockchain. All transaction history is publically available and anyone with a full node client running the Bitcoin network can access it. It also suffers from the ability to be de-anonymized (by malicious actors).
Bitcoin can be de-anonymized at the following 3 points:
- Transaction Origins
- Transaction Destinations
- Transaction Amounts
Hexxcoin Privacy Protocols
There are many different protocols that have been developed to increase anonymity and lower the possibility of your information being revealed in a transaction: Transaction mixers, Ring signatures, Ring confidential signatures, ZK-Snarks and Zerocoin protocol are just a few.
Hexxcoin is a cryptocurrency solution that utilizes Zerocoin protocol to ensure anonymity in the network. Users can convert bitcoin (or other cryptocurrencies) into anonymous tokens which can then be sent to users on the Hexxcoin network. It utilizes a core wallet and is unable to be traced by third parties.
Enjoy these Fast Facts about Hexxcoin
HXX has a faster block time than bitcoin, a higher network transaction capacity and maintains a 2 Hexxcoin per block reward for all mining nodes (the Hexxcoin community may decide to change this in the future based on community vote).
The coin operates on a Proof-Of-Work Algorithm known as lyra2z330 which makes it easier for CPU mining to take place and compete on the network with a difficulty retargeting per each block mined. This helps stabilize the network through prevention of sudden fluctuations in network hashing speed. The PoW also works to prevent/reduce the prevalence of ASIC-GPU mining to increase decentralization amongst users. Computers and even Smartphone mining are encouraged!
Xnode and the future of Hexxcoin
Anyone holding over 2,000 HXX can run and operate an Xnode and generate passive income on the network. On average, around 403.2 HXX is generated as income per day.
The future of Hexxcoin is set to bring Cloud CPU mining services, Cloud Xnode services and a core update to implement a hybrid Proof-Of-Stake algorithm through what is known as a “co-fork” of Bitcoin and Hexxcoin; Leading the creation of what will be known as BitcoinZeroX (though development on Hexxcoin will definitely continue!).
In 2019, HXX is looking to increase community integration through an improved voting system and release of a light wallet. As for BitcoinZeroX, the point of the merge is to extend the new technology to cryptocurrencies with lower markups. Basically Bitcoin will merge with the Zerocoin protocol by combining Unspent Transaction Outputs of Hexxcoin and Bitcoin at a 1:1 ratio.
This is a very promising project that has weathered the storm of development work more than once. It is a a very resilient coin that has refused to die even after the project has been abandoned multiple times by development teams. Those running it now are leading Hexxcoin into a very bright future. Keep your eyes on this coin!
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