Privacy & Blockchain
You have probably heard claims of how Blockchain is transforming businesses in today’s digital world. Many people believe that it is the future of private, secure, and safe transactions plus data storage. However, Blockchain hasn’t found significant and beneficial importance to satisfy the privacy demands of many industries.
Cryptocurrency, as a product, has been worse as several of them haven’t delivered their promises. The few that have tried to deliver are facing strict state rules or other inconveniences. So, there is a high need for privacy of information and business transactions.
What is Private Network
A private network is a controlled system where whoever can write or read data in the network is automatically kept in check. It enables businesses to guarantee protection, confidentiality, agreement, achievement, and other features suitable for the private channel.
For Private Blockchain, transactions are managed by designated nodes in the Blockchain, making it more private and secure. The consequences of using public networks are real. Many governments and companies regularly use the information to predict human behaviour which can easily be predicted by all these data. Therefore, it is crucial to change the way business communications and transactions are done by embracing private blockchain networks.
What is the difference from those we are using now
A private blockchain network is faster. It distributes the nodes locally with only selected individuals to engage in the ledger; hence making completion much quicker compared to the natural systems we use.
A particular program regulates the resources and access to the Blockchain, making it private and authoritative.
It is more Scalable compared to the standard networks, making it possible to add nodes and assistance on demand. This gives significant support both to the company and users.
What LOKI Private blockchain network offers
Loki network interface is an open-source design generating a fully private and separate transaction chain, which compensates users to operate nodes and process information. Loki network is developed from a transformed version of the Monero source code. All transactions on the Blockchain are private and secure. These sets of functions can mainly be accessed by cryptographic systems, which can be purchased or mined using the invisible currency well known as LOKI.
For Loki to distinguish itself from other private blockchains, it has the following exclusive features.
Service Nodes
Service nodes are the staking elements of the mixed work proof and stake proof agreement prototype on the Loki network.
For you to operate any of these service nodes, you have to lock a specific proportion of your LOKI tokens to receive part of the block rewards. It protects the LOKI network from Sybil attacks brought about by market established incentives. If an attacker attempts to collect extra ‘coins’ to control the system, the cost of remaining supply increases making the attack extra costly. The Service Nodes are also able to develop Service Node Apps to administer and reserve private information.
Mixin Distribution
Ring signatures generally include a valid, unused product and several decoys known as mixins. The Mixins resemble unspent proceeds but established on spending manners. It means a third party can’t determine the oldest mixin in the network. The ratio of picked outputs represents the chances of an older unspent mixin comprised in the ring signature.
Loki Messenger
The Loki messenger is the first Service Nodes designed for the Loki network. It is a decentralized encrypted and confidential messaging service. Other messaging apps are entirely made using servers that can be a victim of fraud and scammers. With Loki Messenger, public-private key cryptography is utilized to preserve privacy.
The sender publishes their message to three randomly assigned Service Nodes, and it is approved with the receiver’s public address. The receiving address is the owner’s public key. Every Service Node is capable of holding messages for 24 hours in the message corner.
Lokinet
Loki has built a unique kind of network for anonymous browsing known as Lokinet. The net uses a market-oriented Sybil assault obstruction blended with onion routing to develop a new unique channel to access the internet.
Onion routing means every node only focus on where they receive their data from and where they send it. They can’t recognize the origin of the package, so they don’t know whoever you are and your location. You can access the Loki SNApps or any other site of your choice without disclosing your location and IP address.
There is still a demand for a smart set of mechanisms that can enable users to transact and communicate privately and confidentially. However, with LOKI blockchain network in place, we believe industries and individuals can transact safely, securely and privately with confidence.