XenixCoin Universe is completely decentralised
Since the begining of digital currencies, the main purpose was the complete lack of involvment by authorities, governments, financial institutions and organizations. The world of P2P financial systems is relatively new, constantly changing and improving and the XenixCoin Universe makes no exception. By releasing the source code under an open-source licence, we’re giving the community an opportunity to be part of changing the future of financial systems. If the system is held together by users all around the world, this means that there is no central storage of information, no central management and no central point of vulnerability.
XenixCoin Universe – A self-sustained system due to its users
The Xenix network is one that relies on itself to develop and flourish, eliminating any third party involvment. Decentralization of all operations means that the XenixCoin universe relies on the group effort of its users, who participate with their processing power, unused hard drive space and data connection. The power belongs exclusively to the individuals owning XenixCoin, as opposed to large organisations or governments. The rewards are distributed based on transparent meritocracy and involvement in the community.
This autonomy is based on several factors:
01 Self-Encryption of data
When you upload or save a private file to the network you don’t want it to be visible for others. In order to avoid that, we have implemented Self-Encryption software that makes sure your files aren’t recognizable as data and can’t be subject to decryption. Each file you save or upload is broken up into a minimum of three chunks, which are encrypted by randomly assigning each chunk the hash of another. In this way, your data becomes unreadable and unidentifiable and we can store your files on the computers of other XenixCoin members. Only you will able to access it, by entering your password. The process of self-encryption assures the privacy of your data and, also, major improvements to disk space.
02 Opportunistic distribution of files around the network
Self-encryption of files allows for the safe distribution of our user’s data all over the world. The most requested pieces of information will be stored closer to where they are being requested in order for websites and data feeds to access them faster and run smoothly. This feature is called Opportunistic Data Caching and prevents popular websites from crashing when they’re massively accessed.
Spreading the data accros multiple devices around the world means that a centralised attack is not likely, due to no central point of weakness.
03 Efficient use of resources
The mining process is backed up by the X11 algorithm which gives users with medium performance computers the opportunity to mine for coins. The process requires minimal software and hardware resources, assuring greater power efficiency and increased protection of the hardware. It takes the power away from centralized groups of interest and scatters it accross the globe, empowering tens of thousands of users to be a influential part of the community.
Usually when you sign in using a password, you do so by asking someone’s permission to access your own account and data. The password might get stored on an external server and is prone to cybernetic attacks and frauds. Owning a Xenixwallet means that the network is located on your computer, and that the password belongs to you and no one else. Operating with XenixCoins means you will have a usernamne, keyword or a PIN that is used to find your data on the network and you will enter your password to decrypt it locally. You will have complete power over the information in your Xenixwallet and you don’t have to ask a third party for permission to acccess it.
05 Constant copying and transferring of files
Your data has to be available for you at any times. If a user of the XenixCoin network shuts down his computer, the files that are saved on his hard disk are copied and stored on other machines in order for you to be able to access it. The constant changing of the data locations is another means of preventing hacker attacks, due to the fact that the files are perpetually moving from one storage space to another.
06 Removing duplicate files
If users upload the same file to the network, the copies will be deleted and, upon accessing it, they will be automatically referred to the original. This is a great solution for saving computing resources.