When Bitcoin was created, it gave birth to a whole world of varied and diverse cryptocurrencies. A key attribute of this new cryptocurrency technology was anonymity. Satoshi Nakamoto, the creator of Bitcoin, was a champion of privacy, and to this day no one knows their true identity. Over time, however, privacy became a polarizing topic in the crypto industry.
Fast forward to this past year, and privacy is an issue that has become incredibly dominant again. Hackers are more advanced, governments agencies are getting better with blockchain tools, and even some of those who took the extra step to use cold storage (hardware wallets) recently had their personal details leaked on the internet.
Simply put, privacy is more important than ever. As crypto and digital economies take hold, preserving privacy will become one of the most crucial factors for the success of the technology. As such, we’re digging into Oxen – a private cryptocurrency at the center of a more private digital universe.
What Is Oxen?
Oxen is an anonymity protocol with advanced tools to build a more private internet. Those tools include a secure and encrypted messaging platform called Session, a network anonymity layer called Lokinet, a private and instant payment mechanism called Blink, making OXEN one of the fastest and most anonymous privacy coins on the market.
OXEN tokens are at the center of the experience which allows both users and developers globally to tap into the power of decentralized blockchain networks, without the risk of exposure of private or personal information. Work, browse the web, chat with friends, and more, all without the fear that your info could end up on the dark web, or in the hands of a cyber criminal.
The Oxen protocol relies on an innovative proof-of-stake mechanism called Pulse. Pulse is essentially the heartbeat of the OXEN cryptocurrency, and all connected privacy products and services. Through its tech stack, Oxen offers the development community a variety of powerful open-source tools and libraries to empower disruptive new privacy technologies.
Oxen Staking
One of the most valuable aspects of the OXEN token is the staking function. By locking up tokens and operating Oxen Service Nodes, users can earn rewards and bolster the network’s security and censorship resistance.
Staking is also central to powering the various services offered through the Oxen network, including Session, Blink, and Lokinet. Rewards are paid in even more OXEN tokens, providing a long-term value to holders and stakers alike.
Right now, Oxen node contributors can even get in on the $FLIP airdrop, providing even more incentive for staking.
Blink, Session, Lokinet, And More
Blink is Oxen network’s revolutionary instant anonymous payments system. Using Blink, transactions are made within a blink of an eye, with no compromise whatsoever to privacy or security.
Session is a fully decentralized and private user messaging platform. Service nodes assist with both message routing and temporary message storage, which are then onion-routed through the service node network, obfuscating the identity of sender and recipient. Service node “swarming” takes place if a recipient isn’t online, to allow for offline message syncing. A pro version of Session is also planned, with premium features for users that desire the most out of their privacy package.
Lokinet is a powerful general-purpose onion router that utilizes Oxen Service Nodes as routers. Encrypted data packets are routed through a number of service nodes, so no single server ever knows a packet’s sender and recipient. Because Oxen Service Nodes are incentivized by staking, they are as reliable as it gets.
Using these tools, developers can build, for example, a fully private and decentralized version of Zoom or Slack, and other collaborative applications. The potential for innovation is endless, and it is all centered around privacy.
Learn More About Oxen
Oxen is an ambitious privacy project that is an all-in-one solution for anonymity. OXEN tokens provide long-term value for token holders, and ensure the ecosystem stays strong and secure through a high-reward staking process.
Combined, Oxen is one of the most revolutionary products in blockchain today, and one that will soon have the industry buzzing as privacy rights online become increasingly important. Get ahead of the trend by learning more about Oxen today at the official website.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
