Staying updated on cryptocurrency news is one sure way of knowing new cryptocurrencies with potential in the coin market. If you’re a regular in Reddit crypto forums and Crypto Twitter spaces, it will be easier to identify new projects worth putting on your radar. Privatixy protocol (PXP) is one such new project. The new cryptocurrency is set to storm the crypto market before the year ends, and there’s great enthusiasm surrounding the coin already due to its features and use cases.
Privatixy protocol will launch as a privacy token and it’s set to rival existing top privacy tokens like Monero (XMR) and Zcash (ZEC) for the top spot in the cryptocurrency market. It’s left to be seen if it can achieve such a feat, but this article reviews all there is to know about the yet-to-launch token.
What is Privatixy protocol (PXP)?
In a world plagued by deliberate sales of users’ data, security breaches, and encryption system compromises, Privatixy protocol (PXP) chooses to stand out. The decentralized system leverages the right technologies, including blockchain, to address data security and privacy. It is an open-source framework that enhances transparency and users’ control over their data, without compromising privacy.
The Privatixy protocol network integrates encrypted smart contracts into its ecosystem, providing digital creators uncensored ability to create decentralized applications and other digital creations. This improves the growth potential of the platform. Privatixy protocol (PXP) boasts different privacy-preserving solutions, giving users an alternative to privacy-invading services.
High scalability, seamless interaction, optimization of privacy preservation, integration of web3 technologies, and improvement of multi-chain interoperability are the core things the platform aims to achieve in the long run.
Use cases of Privatixy Protocol (PXP)
Being an open-source platform, Privatixy protocol ensures transparent data storage and prevents possible data manipulation or tampering by operators. It combines blockchain and zero-knowledge proofs (similarly used by Zcash) to provide optimum privacy protection for users.
The ecosystem also utilizes strong computation to create a blockchain that functions efficiently for privacy preservation and data protection. Implying that data privacy and protection are the core functionality of the Privatixy protocol. Ultimately, the platform aims to satisfy three privacy standards — anonymity and transaction confidentiality. This makes it an upgrade on existing privacy tokens.
According to the developers, several risk assessment procedures are in place to ensure optimal security of the network and protect it from cyber-attacks. The ecosystem guarantees optimum blockchain security by implementing cyberattack frameworks, security testing methodologies, secure coding practices, privacy-preserving audits, and more. The Privatixy protocol (PXP) ecosystem won’t fail to deliver on its core function.
Unique Features
Beyond the core function of being a privacy token that will allow discrete and encrypted transactions, Privatixy protocol will also provide users and community members with the following benefits:
Multi-Chain Interoperability
The network will allow its users to benefit from the advantages different blockchain technology provides by allowing seamless, cost-effective, and swift cross-chain transactions. Multichain interoperability will aid the platform’s scaling solution and enrich users’ blockchain experience.
Smart Contracts Integration
With encrypted smart contracts on the platform, digital creators will be opened to endless design possibilities. Smart contracts will connect service providers with trustworthy consumers and allow them to interact without third-party intervention. Digital creators can build decentralized applications and digital creations on the network.
Web3 Integration
Privatixy protocol aims to improve the adoption of decentralized technology while also improving its functionality. Thus, the network will implement web3 to achieve a truly decentralized platform, while improving the platform’s scalability, data security, and data privacy functions, enabling users to seamlessly navigate the wide mega internet platforms.
Liquidity Provision
Privatixy protocol will be one of the few privacy tokens with Defi-related functions by allowing users to contribute to liquidity pools, and earning rewards in return.
PXP Token
Privatixy protocol’s token will be PXP and it will drive the major functionalities of the platform. It can function as a governance token, used as transaction fees, staking, and also rewards for liquidity provision.
Privatixy protocol is an exciting project with great prospects. It could rise to be a top privacy token in the long run. If you’re feeling inspired by this project, you can purchase it in presale currently.
Disclaimer: This is a paid post and should not be treated as news/advice.
Source: https://ambcrypto.com/privatixy-protocol-leveraging-blockchain-to-address-data-security-and-privacy/