One token that recently came to market is a project called Tixl – a token that carries the features of being fast, free, and secure/private. However, the premise of this token is different than what you’d expect— many claim these features but Tixl actually places them front and center.
There has been no shortage of cryptocurrencies that advertise themselves as a cash system, promising a utilization of their coin to be used as a means of transaction. Taking a historic tour, we can see there have been promises of payment based coins for everyday use since the beginning of blockchain based currency. Bitcoin started it all in 2009 and Litecoin was the second major coin to deliver on the list according to the earliest snapshot from CoinMarketCap in 2013. Other names included Monero and Nano that brought something new and different to the space. However as history unfolded, issues with these currencies arose as a result of insufficient security, speed, and privacy; foundational traits that according to some, believe cryptocurrencies should have by default.
Many cryptocurrencies, Bitcoin included, do not offer the privacy that many prefer. Other blockchain systems and protocols work great on local environments or a small mainnet, but fall short when brought to a larger scale, even big hitters like Ethereum. This can lead to high network costs, where many argue that there should be negligible to zero costs to be involved in a transaction, no different than most standard cash systems.
Tixl – A Tokenized Triple Threat
Tixl offers a solution baked into their blockchain to combat these issues. They have proposed a token that eliminates the common hurdles that many of Cryptos early coins fell at. They simply plan to have a token that offers the privacy and security innate with the blockchain itself, while also producing a fast network for the token to run on, while having the additional feature of being free on a native level. It’s a triple crown of simplicity that Tixl believes should be built into the foundations of a cryptocurrency.
The Tixl whitepaper is comprehensive in comparing numerous key players in the cryptocurrency space and discussing their limitations in creating a “fast, free, and private” network. They address issues like the lack of privacy in using XRP with banks and its endless debate of it being a security or not, issues with how decentralized Dash could be with their masternode networks, or the increased speeds of Nano overtime. In the same document, Tixl promises their own network composed of Direct Acyclic Graph, or DAG, an increasingly popular method of block-lattice style of ledgers, an AES-256 encryption system accompanied by NTRU, in addition to transaction times as fast as half a second. Finally, this is all used on the consensus of the Stellar Protocol, known as SCP.
Let’s take a look at Tixl’s underlying model starting with the DAG system. Direct Acyclic Graphs are not necessarily a new thing but a relatively new feature brought into the cryptocurrency space. A vast majority of cryptocurrencies and blockchains used a link list or linked tree that uses hashcash style methods of linking. This “standard” style of ledger is what you think of visually by the word ”blockchain” as they are simply “links to a chain”. DAG ledgers work differently because they use two methods uncommon with “traditional” blockchains. The first is DAG’s use a directed graph (hence the first part of the name) to order blocks within a ledger, while combining the second method of using indirect cycles. In short, this allows the ledger to operate much more efficiently than regular blockchain methods.
Another major aspect of Tixl is the use of the Stellar Consensus Protocol. This protocol is foundational in its success because of its use of quorums and quorum slices (a set of nodes) in the midst of using different types of Byzantine Tolerances to accomplish an agreement among nodes within the system. Tixl also uses features like zero-knowledge proof, which is a cryptographic method where information received must be proven by the verifier instead of the one giving the information.
All of these methods help Tixl be fast, free, and private by default.
In essence, Tixl is designed to be something that should have been all along according to the Tixl project – that cryptocurrencies should be private and protected, that they should have speeds of transactions as high as retrieving information from the internet itself, and that is shouldn’t cost anymore that it does to trade one dollar for four quarters (it should cost nothing).
Tixl has placed a lot of effort into creating a project that can handle all of these important features, taking advantage of several key innovations like the Stellar Consensus Protocol and DAG system. Having a trio of features like this makes for a good measure of what a cryptocurrency can be.
For more information visit the Tixl website.
The Daily Chain
*Disclaimer – Tixl are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.