AN INNOVATIVE BLOCKCHAIN INFRASTRUCTURE SUPPORTING ABSOLUTE PRIVACY
Privacy has been an issue of major concern in this digitalization era, but to date, modern technology has been unable to provide this basic digital need.
Hitherto there has been an increasing rise in the software and app development of integrated payment systems such as we have in WeChat, Facebook. Also, an increase in mobile internet technology has seen an increased number of people integrated into communicating, trading and collaborating. But regardless, this platform has failed to give user’s full data privacy raising so much concern as accounts, every action can be traced and link. In addition, user data are being stored in a central system, a target for advertisers, hackers who would make terrible use of that information.
On the other hand, we carry our life details in our pockets and hands (mobile phones, laptops, etc.). our privacy status has been compromised, at an alarming rate, we are asked to reveal our identities at any given opportunity; leaving us very vulnerable.
Block chain And Privacy
Block chain came with decentralization and this has facilitated an era of digital privacy and security. It has proven to a more effective method of keeping private information private. Although the current block chain solution has been discovered to possess some lapses resulting from being slow and not really being private to being too techy and ambiguous to the regular users. Hence, crypto is falling to keep up with trends.
The solution, therefore, is configuring block chain platforms to have a nice user appeal as we have On Facebook, etc. whilst also ensuring perfect privacy and anonymity.
In respect to this Stegos is the first block chain to actually conceptualize these needs, the need for privacy and anonymity. Unlike other messaging services, it is completely decentralized, private and doesn’t leave any trace of the user. No connection whatsoever can be traced.
Overview of Privacy Coin
Common privacy coins include Zcash, Monero, Dash, Grin. Theses coins will be compared based on the following factors
1. Un-linkability: this is the power of a block chain to make impossible the proving of a transaction being sent to the same person
2. Un-traceability: the power of block chain to ensure that each incoming transaction was not traced to the same person
3. Confidentiality: making analyzing block chain data near impossible
4. Sharding: this is the verification of block sealing process
5. Interactivity: senders and receivers interacting with each other off-chain
6. Trusted setup: refers to smart contract
7. Consensus: proof of work and proof of stake
All these parameters were tested and none was able to meet the full requirement except Stegos which showed capability in all parameters except third in third party apps.
What is Stegos and what does it offer?
In summary, it is a unique block chain that supports absolute privacy, it’s efficient and stable. It operates using the utxo coin model and the gamifies proof of stake consensus. It also runs a fully scalable privacy block chain and application platform
Fundamental Features of Stegos
1. Absolute privacy: every data and information shared on the platform are untraceable and un-linkable. Every transaction has a new address assigned thus making it impossible to trace transaction history.
2. Payment and Messaging services: popular privacy coins like ZCASH, Dash and Monero can only be used to process payments and they all have a unique weakness if privacy, scalability, and security. Stegos can be used to make payment with an improved security system it also allows developers to build apps that communicate privately and efficiently. It is also not just restricted to making payments, it allows for users to exchange data messages with the same privacy.
3. Proof of stake: doesn’t require much electricity to mine and its proof of stake system is such that each block must be verified and confirmed by a group of validators who also are coins or token holders.
4. Mobile app: Stegos is developing an app that would be the only access in the framework, it syncs the functionality of a crypto wallet and a chatting platform. Just like the way WeChat runs but more privatized.
5. Complete privacy: when the Bitcoin whitepaper came out in 2009, privacy was defined as the inability of transactions made to be linked to the owner or instigator. But this has continually been proven wrong by analysts and hackers alike. Today we have that most block chain that followed in this footstep has the; amount of money sent, addresses of sending and receiving wallets received which has been a target for attacks. But the rise of privacy concerns the block chain should be fully private. In view of this Stegos is fully unlikable, untraceable and confidential.
6. Private marketplace: by combining the functionalities of fast messaging apps, private payments, and TAC, Stegos is offering a market place where items can be exchanged completely anonymously and private.
CONCLUSIONS AND TEAM
Stegos, a private, confidential and scalable block chain made to store and transmit data and payments. Supporting great features beyond just making payments it combines chat and an on-chain app store. The project is also planning on integrating its own block chain which can be accessed on Github. Stegos has promised to pursue privacy to its fullest and integrate it into mainstream applications.
For more insight please click on the links below
Website: https://stegos.com/
Whitepaper https://stegos.com//docs/stegos-whitepaper.pdf
Telegram: https://t.me/stegos4privacy
Twitter: https://twitter.com/stegos4privacy
Youtube: https://www.youtube.com/channel/UCeYp3J_rqsTvfliowTHvfDQ?view_as=subscriber
Reddit: https://www.reddit.com/r/stegos4privacy/
Medium: https://medium.com/@stegos
Facebook: https://www.facebook.com/stegos4privacy
Github: https://github.com/stegos/stegos
Author: Janet Obomanu
Email: Obomanujanethart@gmail.com
Published at Sat, 19 Oct 2019 08:13:39 +0000
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