Following the creation of block number 232000, the Sigma protocol has been successfully implemented on the NIX blockchain. Thanks to this update, crypto enthusiasts now have access to privacy levels that rival market leaders like Monero and in addition – even more decentralization. Both NIX stakers and masternode operators will be able to submit and vote on proposals – all off-chain.
Sigma and Privacy
So, you might be wondering, what makes Sigma so special? For starters – it’s an upgrade to the already existing Zerocoin protocol. You won’t need to perform a trusted setup which was many people’s main gripe with that protocol and in turn, you’ll have high anonymity and scalability that rivals projects like Monero. In addition, transaction size is reduced by up to 94% and thus we have much more optimized blockchain data – good news for people with less powerful machines and limited by storage space.
If you’re interested in diving deep into Sigma’s inner workings, visit the official post describing every detail.
Adding on top this improvement, we have the first ever governance solution that isn’t hosted on the blockchain itself. No matter if you’re a masternode operator or an average staker, securing the network, you all have the power to introduce change to the community. Proposals can be submitted and voted on by everyone, while keeping all data off the main chain, thus avoiding bloat. There have been plenty of interesting propositions already and I’m keen on following where the project goes from here on out.
What is NIX?
NIX is an energy-efficient Proof-of-Stake network that utilizes privacy features like a Tor Network, Ghost Protocol and Sigma. This secretive network offers users multiple layers of operation, including dApp capabilities and smart contracts. Provided you’re interested in making use of its offerings, all you need to do is visit their official website and download the most up-to-date wallet version.
Once you’ve funded your wallet with the amount you feel comfortable, you’re free to submit any proposal you deem fits the network and would lead to its improvement. You can do so on the dedicated website or simply view the already submitted ones and vote on them if they fit your vision as well.
In conclusion, NIX promises a lot in terms of community support and decentralization. Where it would take the network and how it’s going to work out in the long-term, remains to be seen. In any case, I’ll keep you updated.