NIX Bridge — Development Update I
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.
A NIX Bridge Dev Update will be shared periodically on our Medium page in order to keep you all informed on the progress that is being made. A lot of exciting things are coming up — it isn’t easy to express the gravity of them in an article since they are part of the much larger development of something that has genuinely never been done before. We will however, do our best!
We encourage everyone to read the development points that are mentioned below and also to join the Discord AMA on Friday, Nov 6th — 12:00 PM CDT. This will give you a chance to hear from the developers themselves on what they are working on and to ask them any questions about our novel privacy solution for DeFi.
The dev teams from NIX Platform and Blockchain Foundry have started the development for the NIX Bridge in September and are currently working on the architecture. Here are some of the important points that are currently being worked on, or that will be implemented in the near future:
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.
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.
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.
It’s on 6th November, 12:00pm CDT (which is 18:00 UTC) — see you there!