Present day banking institutions practice annualized percentage gain on savings, just like the saying goes ‘let your money do the work for you’. Keeping so much liquid money in a bank earns you a dividend after a specified period of time–usually a year.
Emerging as an advanced financial and management system, the blockchain technology’s move to reward the saving habit have added more utility and exceeds the reward system of the banking institution while providing a more sophisticated financial technology, a decentralized data management system and here, you are your own bank!.
To save on the blockchain, coin holders stakes their tokens/coin and receive annualized dividends on the staked coins. This is practiced by many popular and emerging blockchains. Cryptocurrency staking however, is currently a transparent process, hence all staking transactions can be traced down to the sender and the recipient.
In an rapidly growing and developing world, protection of very personal and confidential information becomes vital, this allows for flexibility and freedom of activities especially where it concerns private financial transactions.
The NIX platform team in the quest to achieve an absolute privacy per request of the user are also developing a privacy focused staking technology – The Ghost Vault staking
The ghost vault staking involves staking your NIX coins contained in your ghost vault. The Ghost vault creates a medium where users can store their coins on the blockchain with absolute privacy, by ghosting your public NIX into your ghost vault, an outside observer has no proof that your wallet still Posses these coins, these coins on the ghost vault can be sent in privacy.
With the ghost vault staking technology in the works, NIX platform team hopes to develop a medium where these ghosted NIX can be stakes in the vault allowing the holder receive annualized dividends on the staked coins.
Ghost Vault Staking incentivizes users opting to store their minted NIX coins in their secret Swiss account over a period of time, ensuring they do not miss out on block rewards.
This move hopes to achieve two principal goals:
Financial safety and liberty: When the coins are in the vault, you’re in charge of your identity display, to go public, or to stay ghost…you choose. This empowers coin holders to spend their funds daily freely. When you can also earn more from staking these coins right inside the vault, breathtaking!, just how it feels to be in the cryptocurrency universe, every dream comes through. You not only enjoy your privacy, you also get paid for it! That’s like getting paid for drinking coffee… lol
Encourage the use of NIX privacy facility: Incentivizing the ghost vault will surely encourage coin holders to use the ghost vault technology, hence creating a wider user community and widening the scope of the ghost protocol and its elements which includes the sigma protocol.
Currently in development, the NIX ghost vault staking will be available on the NIX platform once this is fully developed.