PROJECT MoX ($MoX)

Current price: 2550 Satoshi

Circulating supply: 2,900,000

Max supply: 18,400,000 + tail emissions

Market cap: $440,000

Exchanges: STEX

Type: PoW

ICO: None

Main Features: Fork of the privacy cryptocurrency Monero. Dedicated to advance research and development on the CryptoNote ecosystem to make $MoX cryptocurrency the most resistant to specialized mining hardware (FPGA/ASICs) available which is also Quantum resistant and uses mnemonic (easy to remember) addresses.

PURPOSE

To create a cryptocurrency with privacy features that is resistant to specialized mining hardware which will allow more community members to mine without the requirement of expensive equipment. The introduction of easy to remember mnemonic addresses will make the transfer of coins simpler and more user friendly.

INTRODUCING MoX: The user friendly mineable privacy coin with post-quantum security

The developers of MoX have three main objectives in mind to improve on the CryptoNote (Monero) algorithm. First, they wish to help advance research and development into the CryptoNote ecosystem in order to make MoX the most resistant cryptocurrency to specialized hardware mining (FPGA/ASICs). They give props to Monero for making huge steps towards ASIC resistance, but they feel it is important to also introduce resistance to FPGA. They intend to accomplish this by adding an extra layer of FPGA hard cryptography into the Proof-of-Work.

The second objective is to make MoX more user friendly, especially to those who may be new to cryptocurrency and confused by the process of using a wallet and transferring coins via a hard to remember jumble of letters and numbers. They think they can come up with a better address system which uses an easy to remember mnemonic phrase as the address instead.

The final objective looks to a future where quantum computers could potentially destroy the concept of cryptocurrency in its current form. The developers claim to know how to solve this problem by implementing changes to the CryptoNote algorithm.

FEATURES

The MoX project chose a fork of the popular privacy coin Monero as a starting point, which is a smart move considering Monero’s Market Cap is currently over 1.7 Billion USD, ranking them number 9 on CoinMarketCap. Even better, these developers identified some vulnerabilities inherent in the CryptoNote algorithm that could become a problem in the near future and they are striving to make necessary improvements that will help with user friendliness and future survivability. This is impressive considering how many new projects are only thinking of viability as an afterthought beyond their immediate concern of making short term gains.

As of this writing, they have released two litepapers. The first one explains their solution for overly complicated wallet addresses, which uses a complicated code to make a not so complicated mnemonic address that is carefully designed to be easily remembered. The second litepaper relates to the creation of a new CryptonightRedQR algorithm using a new signature scheme called PICNIC. This scheme uses  a zero-knowledge proof system with post-quantum security and symmetric key primitives like hash functions and block ciphers to secure against attacks by quantum computers in addition to classical computers. If you are familiar with code, both litepapers give an example of how their objectives can be achieved.

According to their Telegram channel, a third litepaper and a whitepaper are soon to be released. They are currently working on their first MoX protocol upgrade which will contain bulletproofs. Additional exchange listings are also planned and they pledge to file an application for a CoinMarketCap listing once the 2nd exchange goes live.

EXCLUSIVE INTERVIEW WITH ALFRED, CEO OF PROJECT MoX:

Caribro interviewed Alfred, CEO of MoX to learn more about his background and plans for the project.

What is your background related to cryptocurrency?

I’m a software engineer, mostly working in data science before crypto. I heard about Bitcoin and other cryptocurrencies awhile back but only really got into it I’d say around 2 years ago. At first I wasn’t developing but was mostly learning about the tech and its potential. I also had a little bit of fun trading/speculating. I used to make testnets to see the process of creating and running a coin but never made one live. My associate had a lot more experience which also helped to get me more into it.

How did you get to the point of starting your own project?

The project went live on July 23rd but we were talking about it for awhile before that. We were doing a lot of research and loved CryptoNote so we saw an opportunity to make our own coin based on that. At first we were thinking of it as a hobby or experiment but we came to the realization that if we were going to do something we should do it big and full time: and MoX was born.

What did you love about CryptoNote?

Privacy. We also love what Monero is doing, we believe it’s a great ecosystem.

Why do you think CryptoNote needs improvement?

CryptoNote needs improvement as much as any other blockchain technology out there, and a lot of people are already working on improving it every day. I wouldn’t call what we are doing an “improvement” but rather an option for the future of this tech that could be beneficial for others.

How could Quantum Computing be a threat to cryptocurrency?

I’m going to quote an article for the context here: https://www.theregister.co.uk/2017/11/09/quantum_computers_could_crack_bitcoin/

“An international group of quantum boffins reckons Bitcoin could be broken by the year 2017. The researchers from Singapore, Australia and France say that scenario represents the worst case, and would see a quantum computer able to run Shor’s algorithm against the cryptocurrency’s protective elliptic curve signature quicker than the 10 minutes Bitcoin needs to record a transaction in the blockchain.”

Basically, it’s not a threat for tomorrow, but definitely an area that needs research now. In the case that does happen, all the value of cryptocurrency would be destroyed in the snap of a finger. To put it in layman’s terms, The cryptography algorithms that protect our coins now would be rendered completely useless by quantum computing. The algorithms used for signatures are based on the fact that they are very hard to reverse with actual computer architecture even if we made way more powerful computers. Quantum is a paradigm shift though. It’s not only a concern for cryptocurrencies, that’s why researchers are already at work to make quantum safe algorithms for the future. The good thing is we know how to do that and have time ahead of us to implement them.

Do you think privacy will be important going forward?

I don’t think privacy is important, I’m one of those who think it’s mandatory. Some people will argue that it allows criminals to do their activities easier, but I’m just thinking about John Doe that wants to keep to himself what he is doing with his money. Also with the data leaks we have seen, the facebook dramas, the NSA/Snowden dramas, privacy will become more and more important in the era of information. It’s a protection. Not to mention the people that got in trouble because some robbers wanted to steal their cryptocurrencies. There were even cases of physical assaults.

What updates are coming up with your project in the next couple of months?

We’re still in the early days of our project. We’ve been planning our steps forward, we have written the first papers and are working on the next ones. We are also planning our first protocol upgrade (hardfork) which makes me a little bit nervous but also excited. The major changes are the inclusion of Monero’s bulletproofs, and we might change our Proof-of-work algorithm a little as well. There were some surprisingly time consuming tasks that I didn’t expect at first like reaching out to exchanges, handling and building the community (I’m thankful for the help we got there as it’s really not my strong point), basically you have to do a lot of talking…

My final question is what is it about your project that makes you the most excited?

There’s one thing that I’m really excited about. We didn’t reveal it yet, but aside from being a Tech research project there is something else that’s really important for us, and it’s gonna be MoX usecase. I can say these things: It’s going to be about personal data, which as you probably noticed is an important topic for me, we’re envisioning a solution to allow people to take control of it.

OPPORTUNITY

With the current environment of new cryptocurrency projects being mainly Proof-of-Stake or Masternode coins, miners have been left out in the cold. MoX gives miners the opportunity to get back in the game, and even better, levels the playing field with ASIC and FPGA resistance. This project is looking toward a future where quantum computing could put all cryptocurrencies at risk and coming up with a proactive solution. They also plan to be a privacy contender with their intended usecase. The low max supply makes this project particularly attractive. MoX did not have an ICO, instead, they pre-mined 10% of the supply in order to generate funds for exchanges, bounties, etc. This ensures they will have funds for development without needing to go to the community for donations.


Researched by Brownmoose | https://twitter.com/br0wnmoose

Design by Analyser | https://twitter.com/Analyserxx

You can find the author of this article at https://medium.com/@pattonwriter