RAYS NETWORK

adehilmne (25)in #raysnetwork • 6 years ago

What is RAYS Network Project?

RAYS Network is based on a whole new blockchain technology which is growing and improving all the time. For a few years now, blockchain technology has been increasingly adopted, but there are still many problems that hold this technology back from going mainstream. RAYS Network is looking to solve many of these problems.

RAYS Network is a cryptocurrency that aims to revolutionize your experience within the cryptocurrency world. We have identified common cryptocurrency issues ranging from usability to how decentralized systems operate. We are adopting known features in the cryptocurrency world such as Delegated Proof-of-Stake (DPoS) and Bulletproof algorithm but we have modified features to accommodate our community’s needs.

RAYS Solution - Flexible Blockchain Network (FBN)

We have a solution for both; a Secure and Private blockchain for industries, and a Secure and Fast cryptocurrency for general users. Our technical team is working on a Flexible Blockchain Network (FBN) which may switch between General and Enterprise users as required by the users for their needs. Sufficient progress has already been made and a Minimum Viable Product (MVP) has already been developed to prove the FBN concept.

RAYS Enterprise Privacy Blockchain Solution

Imagine that you are the head of an enterprise (company) and you want to send the enterprise data or make a payment to your employees at public blockchain network.

▪ In all the traditional blockchain systems, whatever you will share on the public blockchain can be seen by anyone using the same blockchain.

▪ This is against the rules of privacy and one’s right to privacy. Your employees may not want their salaries to be shown on public blockchain network.

▪ Regulations such as GDPR prohibit such practices.

▪ As a result of this, all activities performed on a public blockchain network are non-compliant to the rules set by such regulations.

▪ Blockchain networks such as Ethereum fail in these scenarios and may be violating the laws.

▪ In this scenario, one may consider a blockchain network which is private or offers complete privacy.

▪ Doing so kills the essence of blockchain technology and is against the basic principles of this innovation.

▪ Is there a solution in this situation to still ensure individuals privacy while making the use of a public blockchain network?

▪ Yes! RAYS Network exactly aims to solve this problem. Each transaction to be made at RAYS blockchain network will have an option before transmission whether the transaction should be public or private.

▪ A public transaction at RAYS public network will be like a normal transaction such as the transactions made at Ethereum blockchain.

▪ It is possible to make a Private transaction on a Public blockchain network. In this way, everyone can see that a transaction is made. But no one except the intended receiver can see what is inside the transaction.

▪ This will be made possible with the use of a Bulletproof algorithm. Each transaction will be locked by the sender and can only be opened by the intended recipient.

▪ Bulletproof is a type of Non Interactive Zero-Knowledge Proof algorithm.

RAYS Ecosystem

Types of Wallets

How will we achieve real Privacy and Security?

▪ We will achieve real privacy and security by choosing the right algorithm (in this case the Bulletproof Algorithm). By refining it in our unique way, we will be able to achieve really high network scalability and keep the highest standards of safety at the same time.

▪ The implementation of one of the two additional protocols such as TOR or I2P will allow our users to enjoy total privacy. Thanks to these two protocols, none of the transactions can be traced in any way.

▪ The implementation of the bulletproof protocol will make the RAYS Network also immune to attacks from quantum computers.

RAYS 3S Wallet - Secure, Safe, & Smart

RAYS 3S Wallet will be a highly secure hybrid wallet with the encapsulation of keys using KEMs on hardware by means of highly advance cryptographic primitives like data protection, hash functions, digital signatures, and OAKMD schemes.

▪ Secure

Zero Trust: RAYS Wallet’s security will be based on the principle of zero trust and will be protected by NIST approved advanced cryptographic primitives.

2FA: RAYS Wallet will have Two Factor Authentication.

Anti Phishing: RAYS Wallet will have Anti Phishing Measures.

▪ Safe

Pin Key: RAYS Wallet provides currency holders with a high degree of security via the use of a unique PIN key that can be up to 9 digits long.

Total Privacy: RAYS Wallet will use extra level of protection that doesn’t log private information when connecting to network.

Recovery: In the event of lost of the wallet seed, the user can easily backup his/ her wallet credentials via of a “recovery scheme”.

▪ Smart

Automatic Disable Feature: if a person tries to hack/ access the wallet forcefully, it will automatically disable itself after a certain number of failed attempts.

Accountability: RAYS Wallet needs physical approval for all internal transactions to be executed.

Smart KMS: The smart security policy of a key management system provides the rules that are to be used to protect keys and metadata that the Key Management System supports.