NIX Bridge — Development Update I

For more info: Discord AMA on Friday, Nov 6th — 12:00 PM CDT!

After the successful launch of both the NIX Bridge Token (NBT) and NBT Dock (+480% APY) the team is now focused on the development of the NIX Bridge and evolving the NIX ecosystem on which it’s being built.

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NIX — ETH Agents

For NIX Bridge to secure and provide privacy for decentralized finance applications, a service that constantly writes data back and forth between chains is required. This is mandatory to allow trustless cross-chain linkage between ETH and NIX. Since NBT has become an essential element to power the development of the NIX Bridge ecosystem, NIX Platform will allow users holding NBT to get involved and earn fees/rewards from NIX Bridge onboarding and deflation fees from the NBT ecosystem. This addition is a system that permits leverage liquidity solutions and ERC-20 farming to crowdsource funding for NIX-ETH Agents.

Sapling/Halo2

The addition of Sapling/Halo2 protocol to NIX’s native privacy protocol greatly improves the way that NIX Bridge proposes to solve privacy layers, outweighing any time-based coin mixer via the Ethereum chain. This protocol, adopted and modified from Zcash and Electric Coin Co., adds a powerful feature that eliminates previous privacy limitations by allowing users to seamlessly send and receive tokens without the need for fixed amounts. With denominations removed completely, the NIX Bridge can deliver a scalable, never seen before privacy set operating cross-chain which could only be improved by the unlikely scenario of advanced privacy being rolled out on layer-1 Ethereum itself.

Deterministic Masternode Support: Increased Network Security

Aiming to improve the security of NIX Network, we have decided to leverage ChainLocks; with this implementation, a 51% attack becomes essentially impossible by allowing masternodes to add to chain security. The most important effect is that transactions can be considered fully confirmed after the first on-chain confirmation inside a block protected by ChainLocks. Transactions can no longer vanish from the chain since reorganization of signed/locked blocks is not possible. This means that there is no need anymore to wait for additional confirmations until a received transaction can be considered secure.

Chain Swap

NIX will be transitioning its blockchain to a clean state, meaning the creation of new coins or burns will not be taking place. This decision has been made based on the need to remove any legacy code and protocols that have been bogging down the current chain. To proceed with this chain swap, we will communicate in advance with exchanges and will snapshot all coins on the network and transition them to a new one, granting a smooth transition where nothing will need to be done on users end.

Don’t Forget the AMA!

We’d love you to come to the upcoming AMA being hosted in our Discord server — we’ll be there to explain more about the NIX Bridge, NBT and more detail on the developments mentioned above.

Written by

Total Privacy For All. https://nixplatform.io

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