Undoubtedly, Bitcoin has had its fair share of success; a large one for that matter. Despite its prosperity, the world’s pioneering has shortcomings, namely traceability of transactions, bulky scripts, bugs in the proof-of-work mechanism ad many more.
The Pyrex Coin PYX Technology
PyrexCoin will implement the following procedures to overcome the failings of Bitcoin.
Traceability of Transactions
Usually, users involved in Bitcoin transactions have two keys, one public and one private key. In PyrexCoin’s proposed model, the sender will generate a one-time public key related to the address of the recipient along with some random data.
Also, a transaction from the same recipient is forwarded to a one-time public key and not to unique address as is the case with Bitcoin. Only the recipient can decipher the private key to be used to withdraw the funds. During the withdrawal process, the ring signature mechanism is implemented to maintain unrecognizability of the transaction.
Typically. Bitcoin addresses become public in virtually every transaction, making it possible to link it back to the actual owner. For one to circumvent this deficiency, they have to end their pseudonym to the sender via a private channel.
Moreover, if the recipient wants to make repetitive transactions from the same sender and still make the transaction difficult to track back, they have to undergo the cumbersome process of generating multiple private addresses.
PyrexCoin will solve this problem by enabling users to publish a single address and in turn receive unlinkable and unconditional payments. The destination of each coin is a public key derived from the recipient’s private key as well as the sender’s random data.
Unlike in Bitcoin transactions, each private key is unique, unless a sender repetitively sends money to the same address. Thus, ‘address reuse’ is impossible, as is the possibility of linking two addresses involved in a certain deal and tracking back to their respective owners.
One-time Ring Signatures
Another method used to arrive at unconditional unlinkability is the use of ring signatures. However, normal cryptographic signatures have backdoors through which third-parties can trace back the address of the sender and recipient.
PyrexCoin will solve this by using a ring signature that relies on a set of keys rather than the conventional single public key. This will make the identity of the signer indistinguishable from the other keys in the set, until the sender produces a second signature used for verification.
Pyrex Coin PYX ICO
To fund its ambitious plans, PyrexCoin will conduct a crowdsale, during which a total of 33 million Pyrex Coin PYX will ebb minted. Below is an overview of the ICO.
- Name: PyrexCoin
- Symbol: PYX
- ICO date: January 2018
- Algorithm: Cryptonight
- Price: from $0.5 upwards
PyrexCoin’s strategic plan is divide into five key stages. Currently, the first two stages, the developmental and early distribution stage have elapsed. After the completion of the crowdsale, the launch an affiliate program, upgrade the coin by listing in on coinmarketcap and finally engage in an aggressive marketing campaign.