You may be wondering what’s so special about Index Coin, and why you should care about it. Index is unlike other cryptocurrencies, in that it uses a state of the art, upgraded Proof of Stake algorithm which provides a fair distribution of coins, rewarding miners with a fixed 1 coin per block. Alongside added security, top-notch quality of life features, and built-in incentives, the world of cryptocurrencies will never be the same!
Here are some of the specific technologies we utilize with Index Coin.
Specifically function as the computer’s wallet, operating as a virtual ledger that remains current and accurate in real time within the coin network. Possessing a full copy of the blockchain in its entirety!
We bring along the entire blockchain system of Index Chain, implementing the Exodus protocol, facilitating the use of smart contracts, personalized currencies/tokens and even decentralized exchange functions. This layer expands the utility and functionality of the IDX blockchain so as not to affect its core functions as a digital currency.
The Exodus protocol is a fork of the Omni protocol (Link: https://www.omnilayer.org/), best known for having Tether built into it. Exodus allows people to build our blockchain protected by an alternative PoW algorithm that, with the next MTP, will be resistant to ASIC.
Briefly, Exodus allows:
Index Coin is the first cryptocurrency to artfully merge Proof of Work and Proof of Stake algorithm systems in a meaningful way, and when combined with Masternodes, they provide top of the line privacy, security, and efficiency which makes many of the Index features possible!
The use of Sigma Protocol moves Index Coin from a trusted setup to a trustless setup, minimizing the possibility of tampering by hostile entities, and reducing the risk of false funds being generated. In addition, Sigma Protocol has a reduced proof-size which allows the system to run more efficiently, creating a network that is highly scalable do to the decreased processing demand. Together, these Sigma Protocol features make Index Coin the number one contender for the next big cryptocurrency!
The Tor community with the Crypto community, shared the ideal of privacy and decentralization. And in 2017, researchers from the University of Waterloo and the University of Concordia, both from Canada, introduced a system based on blockchain technology using onion routing techniques to facilitate anonymous deliveries.
Using the TOR network by the Index Chain protocol protects your IP address and the origin of the transaction with a deep level of anonymity, and as the number of IDX blocks increases, more nodes are added, which makes the network increasingly flexible and secure.
In a simplified way, the system works as follows:
Within the network, the TOR protocol finds an Entry Node in the network (or Entry Node) which is the initial connection node to the encryption protocol. The Entry Node is the place where IDX transaction data will enter the TOR network securely and anonymously
X16RV2 created by Ravencoin on the 1st of October 2019 to make it increasingly ASIC resistant while increasing the hash rate. Index also employs that strategy. To introduce X16RV2, the algorithm Tiger was introduced into three parts of the X16R algorithm. The Tiger hash is designed to perform before the three algorithms Luffa512, Kecca512, and SHA512. The previously used X16R used 16 different algorithms operating in chain fashion, and the ordering was dependent on the last 8 bytes of the hash of the previous block.
The Dandelion ++ protocol is an enhanced version of the Dandelion Protocol (which was originally proposed in 2017), to help improve the privacy of the Bitcoin P2P network. Dandelion ++ addresses concerns with the original protocol and has been implemented by the research team with a positive response from Bitcoin development teams.
Dandelion ++ is a direct network layer solution with anonymity being incorporated into the IDX network, explicitly enhancing the ideals of the original Dandelion proposal and differs from most broadcast communication anonymity protocols in addressing usage objectives and analysis metrics
Proof of Stake was invented to solve many of these problems created by Proof of Work.
Proof of Stake security has proven itself reliable & effective over years of testing while at the same time solving Bitcoin’s issues caused by the Proof of Work (PoW) protocol. The latest Proof of Stake (PoS 3.0) have solved the issues faced with Coin-Age, Block Reward, Blockchain Precomputation. The PoS 3.0 protocol is now robust and keeps nodes connected to the network while disincentivizing inactive nodes
Index is the first cryptocurrency ever to utilize both PoW and PoS in recognizable forms and merge them together to produce a multi-factor or hybrid consensus mechanism in the blockchain. It also uses Masternodes in the hybrid blockchain technical infrastructure – combining all these additional layers of privacy and efficiency to leverage the following features: