Send it in a wrapped parcel, or even better, put a seal on the parcel, probably sending the information in cryptic letters will be the best… humans continue their struggle to achieve absolute privacy amidst high frequency of human contacts and the increasing curiosity of humans. We strive so much to ensure that all the transaction which we desire to be clandestine goes through the way we’d love it.
Human privacy takes many shapes, from resisting third party influences and censorship to maintaining anonymity as an initiator/sender in a transaction. Privacy becomes paramount when the eavesdropping alters the goal of the transaction and a third party censors the content of a message. In financial transactions, privacy serves important security purpose as the possibility to trace the source of a transaction sometimes puts the security of the parties involved in jeopardy, hence the need to keep the identity of the sender as anonymous as possible.
With the advent of blockchain technology as a sophisticated financial Information management system, the need to privacy also comes into play as sometimes the need for privacy in financial transactions on the blockchain becomes a matter of importance.
Amongst the numerous problems faced by the blockchain technology, achieving unbreakable security and privacy system and developing a truly infinite scalable blockchain is the most pronounced.
With many blockchain projects coming up with proposals of an immutable security system and an absolute privacy systems which have been proven penetrable over and over again, some capable projects have since this time put up some great privacy and security protocols which have worked out so well. One of these very impressive privacy protocols is the NIX GHOST PROTOCOL.
Engineered by NIX platform, the ghost protocol which also consists of the sigma protocol achieves both user privacy and blockchain scalability respectively it replaces the initially used Zerocoin protocol and solves the major problems encountered with the Zerocoin protocol…
NIX network employs well crafted privacy elements to provide every user with just the sort of privacy option which suits their carve for privacy at any situation by enabling the user to conceal his address or the recipient’s address during the transaction; when both of these options are applied in one transaction, the NIX ghost protocol here keeps the recipient and the sender’s identity anonymous. These privacy elements are the sigma protocol, the commitment key packs and the Tor anonymity network.
The sigma protocol primarily conceals the sender’s address while also providing some levels of scalability to the blockchain, it resolves the flaws encountered while using the Zerocoin protocol. While the Zerocoin protocol encrypts information over the blockchain by the application of two large prime numbers which are very hard to determine, (this concept of pre-determined parameters forms a major weakness of the Zerocoin protocol), the sigma protocol goes many steps further to apply the 3-move structure concept to verify statements over the blockchain, making it even harder to crack, these 3-moves parameters (challenge, commitment and response) are even more advanced encryption parameters which further strengthens the sigma protocol over the Zerocoin protocol. In addition to this, the sigma protocol allows NIX to significantly scale its privacy transactions, decreasing on-chain size by over 90% hence enhancing the blockchain scalability by reducing the data intensity of transactions and producing light weight transactions which consumes lesser space on the blockchain.
The sigma protocol enables the sender conceal his own address, some users may also wish to conceal the address of the recipient too, this could be done using the Commitment Key Packs , the commitment key packs presents a two way ghosting by enabling Zero knowledge Proof (ZKP) transaction between the sender and recipient.
The Zero knowledge Proof (ZKP) in a two way ghosting transaction conceals the identity of the sender as well as that of the intended recipient. This however requires a partial interactive payment set up between the sender and the recipient, commitment key packs creates a privacy environment which cannot be broken by any external parameter.
The Tor anonymity network is an application which provides a location privacy during transactions on the NIX network, using the Tor anonymity network users are able to conceal their geographical location.
Stay Ghost, Stay secured
A platform which provides you with several privacy options leaves you with two principal options –to stay anonymous or carry out all transactions normally being assured of the absence of eavesdropping on the transaction, third party interferences or strange enquiries into the details of the transaction, however, when any of this is feared, it’s advised to keep all concerned transactions ghosted. While normal transactions makes for transparency, anonymity also keeps the parties involved in control of the transaction and also sustain the these of the shared information and transactions.