Securypto- A Zerocoin Masternode based Blockchain Project

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Whenever you first heard about Securypto, you might have listed the sentence called “Securypto is a Zerocoin Masternode based blockchain project.” If you are an experienced one on the blockchain space, then it’s not a big deal for you, but the problem occurs when you hear about the Zerocoin Protocol for the first time. Today in this article, we are going to discuss the Zerocoin protocol in the Securypto Block.

Let’s have a look at what is in this article:

What is Masternode?

What is the Zerocoin Protocol?

What are the advantages of Zerocoin Protocol?

What is Masternode?

Before turning to a node, lets us know about node first. A node is an active device such as a computer or a phone that is connected to the internet and has an IP address on a blockchain network which supports the system by maintaining a copy of blockchain and process transactions. Every cryptocurrency has its nodes and these nodes are arranged in binary trees.

There are three types of nodes in common, they are:

  1. Ordinary Nodes: Ordinary nodes are the backbone of any cryptocurrency. They help secure the blockchain and prevent double spending
  2. Full Nodes: Full nodes are different in that they hold a complete copy of the blockchain in real-time which an ordinary node can’t perform. Also, a full node can connect to over 124 other nodes, whereas ordinary nodes can only connect to 8.

3. Masternodes: Masternodes are full nodes with extra abilities. They provide different services, such as Private Send, Instant Send, and storing the entire blockchain, and for so doing, they receive block rewards. It’s worth noting that masternodes are essentially full nodes in the PoW and PoS consensus methods. These nodes pull double duty and not only process the blockchain’s information, but they also perform the task of verifying transactions like miners do for proof of work cryptocurrencies.

What is the Zerocoin Protocol?

The Zerocoin protocol was conceived in 2013 by Johns Hopkins researcher Matthew D. Green, as an extension of Bitcoin, providing for optional anonymity in the Bitcoin network. In Zerocoin networks, there are two types of tokens (coins)—public tokens, known as base coins, and anonymous tokens, known as Zerocoins.

The anonymity afforded by Zerocoin is the result of cryptographic operations involved with separate Zerocoin mint and spend transactions
The Zerocoin protocol can be seen as an inbuilt anonymizer where you don’t have to trust any third parties. You mint a coin by burning it up, and then at a later time, redeem it for a new coin with no transaction history. The link between the old coin and its associated transaction history is completely broken. Though Zerocoin was proposed for use with the bitcoin network, it can be integrated into any cryptocurrency. Zerocoin is not currently compatible with Bitcoin.

Advantages of Zerocoin Protocol: At this point, we are picking out some advantages of Zerocoin protocol:

  1. Anonymity: High anonymity since your plausible deniability is of all people who have minted on a particular noticeboard (RSA accumulator)
  2. No Transaction Graph: Transaction graph analysis cannot be done as the link between the old coin you burnt up and the new one you redeemed is broken completely
  3. No Need to Trust any Third Party: You don’t need to trust any third party.
  4. Use of RSA: Uses battle tested cryptography such as RSA which is used to secure much of the internet (HTTPS, SSH, etc.).
  5. Auditable Supply: Total Zcoin supply remains auditable, so if there are any issues in the coding or cryptography, this can be detected.

Being a Zerocoin, Masternode based blockchain project, Securypto is focusing on anonymous storage & transferring of encrypted data,  monetizing anonymous content distribution, creating a new emerging market, Transfering or storing genuinely untraceable encrypted messages & files across the internet as well as Linking to an open source hardware wallet for an extra security layer.

More about the Securypto Blockchain is coming soon.

Thanks for reading.