What is Hexxcoin? A practical guide for beginners

Hexx or Hexxcoin (HXX) is a private coin with a chess past, which has forked and died more than once. Now under the control of a new development team, Hexxcoin is back again from death. The current team hopes that Hexxcoin can establish its place among the growing list of private currencies on the market today, along with other benefits besides privacy. This guide will cover:

How it works

Hexxcoin is a private currency that uses the Zerocoin protocol, similar to ZCoin. The Zerocoin protocol allows users a complete anonymity in sending and receiving payments, unlike Bitcoin, where each transaction is traceable to a wallet address.

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Just like ZCoin, you spend your Hexxcoins destroying them and replacing them with Zerocoins neo-mint. This means that when you come to spend them, they convert to Hexxcoin without attached transaction history. This significantly increases the level of anonymity in the use of Hexxcoin compared to other cryptocurrencies.

Zero Knowledge Proofs

This anonymity is obtained using zero knowledge tests combined with RSA-2048 factoring encryption parameters. The tests with zero knowledge in blockchain allow the network to verify a transaction without having any knowledge of the details of the transaction. In this way, the person who made the transaction can protect his anonymity.

The Zerocoin protocol uses RSA-2048 encryption as parameters. The RSA cryptography standard multiplies large prime numbers to reach an even larger number that is difficult to break down, ie to determine which numbers have been multiplied to form the product. The factoring challenge RSA-2048 has existed unresolved since 1991. While it is possible that quantum computing can at some point solve the challenge, currently the Zerocoin protocol remains secure.

While other private currencies exist, both Hexx and ZCoin point the Zerocoin Protocol as the safest. ZCash is another privacy coin that also uses zero-knowledge evidence. However, the ZCash protocol uses parameters defined by the developer community, which Hexxcoin emphasizes means that it is susceptible to abuse by bad actors.

Monero is another competitor, which uses ring signatures, or fake transactions, as bait that masks real transactions as a way to protect privacy. Hexxcoin claims that the Zerocoin protocol is superior because the ring signatures put an undue load on the network.

A forked coin

The Hexxcoin main USP compared to other private currencies is its role as a bifurcation coin. Other cryptocurrencies can bifurcate with Hexx to take advantage of the Zerocoin privacy protocol and incorporate it into their networks.

Hexxcoin is currently undergoing a fork with Bitcoin, to form a new currency called BitcoinZero that will have features of both Bitcoin and Hexx. As the Hexx team calls it: "Bitcoin on steroids for privacy."

Hexxcoin plans a further fork with Litecoin by the end of the year. The Hexx white paper alludes to the fact that other currencies could benefit from the Zerocoin privacy protocol.

Controversies

Some members of the team behind Hexxcoin did not make themselves known publicly. Perhaps this is not surprising for a coin so focused on privacy. Although some team members are present on the website and are reasonably identifiable, the main developer is known only as James, aka Dev007, and his identity is otherwise unknown.

  Hexxcoin team "width =" 2354 "height =" 1228 "srcset =" https://coincentral.com/wp-content/uploads/2018/08/Team.png 2354w, https://coincentral.com/ wp-content / uploads / 2018/08 / Team-300x156. png 300w, https://coincentral.com/wp-content/uploads/2018/08/Team-768x401.png 768w, https://coincentral.com/wp-content/uploads/2018/08/Team-863x450. png 863w, https://coincentral.com/wp-content/uploads/2018/08/Team-600x313.png 600w "sizes =" (maximum width: 2354px) 100vw, 2354px

Something tells me that James is not His real name …

It seems that in June one or more members of the development team (who were also anonymous) were accused of being part of a community fund. Message screens between the developer team were posted online, amid speculation that it was a scam at the exit or someone trying to sabotage the project through FUD. It has not been of great help to the members of the developer community who have chosen to remain anonymous, although things seem to be quieter since then.

At one point, the Zerocoin protocol was also subject to a bug. When a Zerocoin transaction occurs, it generates a unique serial number that must be verified as unique by the network for the transaction to pass. An encoding problem had led to an attacker using the same serial number for multiple transactions, thus allowing more Zerocoins to be spent than had been coined. The Hexxcoin team tweeted that there was no effect on Hexxcoin as a result of this bug.

Despite all these problems, the planned Hexxcoin fork looks set to continue making Hexxcoin investors happy.

Hexxcoin for mining activities

Hexxcoin is resistant to the ASIC to prevent centralized mining platforms from occupying the network and that extraction does not even require a GPU. Therefore, anyone can extract Hexx coins using only one CPU.

The network also has master nodes, called Xnodes. The Xnode operators must aim for 2000 Hexxcoin as proof of their commitment to the future of the network. However, Xnode holders will earn a passive income in daily premiums. The amount depends on how many Xnodes are participating in the network.

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Supply and sustainability of coins

Hexxcoin currently has a small circulation of about 1.7 million coins, on a total stock of 9,999,999. The team believes that low circulation will contribute to creating a stable market value.

Each block has a transaction time of 2.5 minutes with a block premium of 2 Hexx. Miners take 0.7 coins, Xnods take 0.7 coins and the rest go into a community fund. The fund pays for development, exchange of listings and marketing efforts. The community votes on the expenses made by the fund.

History of Hexxcoin

Hexxcoin started his life in 2015 as a fork from another coin called Crave. The original developer had abandoned the project shortly thereafter, and was taken over by a second developer a couple of years later.

The second developer issued an exchange and updated Hexxcoin on a ZCoin fork. Shortly thereafter, the second developer also abandoned the project until the current team took over in January 2018.

History of exchanges

Developments in the history of Hexxcoin are evident when looking at the graph of the chronology of trade . Note the blip in 2017 when the second developer took over.

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Hexxcoin value over time

The future value of Hexxcoin will most likely fluctuate according to its bifurcation activities. There may be investment potentials in the purchase of Hexx coins before a fork is made, as those holding Hexxcoin will receive newly forged coins. Therefore, it is worth observing the price around the time when Hexxcoin announces that a new fork will occur.

Of course, it is also possible that investors will sell after a fork has been made, which will lower the price. The Hexx white paper recognizes this but underlines that future forks will help keep the price stable.

The Hexx white paper also states that due to the complex history of the HEXX coin, tens of thousands of coins currently in circulation are "permanently inactive and probably lost forever." It is true that the rich list of Hexxcoins shows some wallet addresses that have not been accessed in more than a year.

It is also true that currently there is a huge price differential in Hexx coins compared to this time the last year which provides a great incentive for these portfolio owners to sell. However, if the owner (s) of these portfolios suddenly decide to unload all their Hexxcoins, this could have a serious impact on the price.

Where to buy and how to keep it

You can buy Hexxcoin in the following bags: [19659044] Cryptopia

  • Livecoin
  • Cryptobridge
  • TradeSatoshi
  • Sistemkoin
  • Many of these are rather obscure exchanges, however , Hexxcoin says others will soon arrive

    As far as archiving is concerned, there is little choice. Hexx is in the beta version of its online portfolio / exchange called Hexxchange. Allows the storage and exchange of forked coins by Hexxcoin. It is a browser-based portfolio that is also compatible with the TOR browser, as one would expect from a coin with such a strong focus on privacy. The lack of cold storage options can deter some users.

      Hexxcoin Hexxchange "width =" 2072 "height =" 1258 "srcset =" https://coincentral.com/wp-content/uploads/2018/08/Hexxchange .png 2072w, https://coincentral.com/ wp-content / uploads / 2018/08 / Hexxchange-300x182.png 300w, https://coincentral.com/wp-content/uploads/2018/08/Hexxchange-768x466 .png 768w, https://coincentral.com/ wp-content / uploads / 2018/08 / Hexxchange-741x450.png 741w, https://coincentral.com/wp-content/uploads/2018/08/Hexxchange-600x364 .png 600w "sizes =" (maximum width: 2072px ) 100vw, 2072px

    Hexxcoins Hexxchange wallet

    Conclusion

    If privacy is your primary concern during the encryption transaction, Hexx takes it seriously. However, the project is not without controversy. It is likely that the success of the outstanding fork to form BitcoinZero will determine the success of the general re-launch of Hexxcoin. If BitcoinZero proves to be effective, it will make Hexxcoin a more attractive forking partner for developers of other cryptocurrencies.

    Further information

    Hexxcoin white paper

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