Myztic :: Myztic is Fast, Anonymous, and Low-fee Global Money Transfer System.

vijaybit786 (27)in #cryptocurrency • 6 years ago

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Myztic is fast, anonymous, and low-fee global money transfer system. It is a peer to peer and untraceable digital cash system with infrastructure for a payment gateway to accept payments online. Derived from the word "Mystic" the project aims to embody the principles of concealment while also facilitating the transfer of "Hidden truth."

Myztic Features

Myztic will have many features of the cryptonote & monero codebase but with added focus on providing the features that will best help facilitate adoption and usage globally as a money transfer/digital cash system.

Untraceable Payments : Transactions using myztic are completely anonymous, low fee, and fully encrypted. Myztic provides both anonymity and security using the cryptographic technology of ring signatures and ring confidential transactions. Derived from the monero codebase and the cryptonote project, myztic makes it impossible to view and trace the signiators of the transaction. Privacy is further guaranteed by also making the executor of the payment completely anonymous as well. Each transaction is secured utilizing robust cryptographic proofs and then distributed anonymously through a peer-to-peer consensus newtwork.

Unlinkable transactions : A key drawback with other cryptocurrencies is their inability by default to obfuscate incoming transactions to a wallet address. Myztic adopts a similar protocol to cryptonote where a receiver will have multiple addresses derived from a single public address. Funds that are sent to the addresses are only redeemable by the receiver and make it impossible to link payments.

Analysis Resitant Blockchain : Analysis of the blockchain fundamentally calls into question the privacy of many users as associations and links are made using various methods of tracking. As a result, myztic adopts an analysis resistant blockchain that ensures that a users privacy is guaranteed for both their wallets and any transactions.

Analytical tools that are used to examine the blockchain like those employed to analyze bitcoin for example are ineffective in tracing, monitoring, and mapping myztic.

Double-spending Proof :Myztic By Design Is Protected From A Double Spend Attack By Having A Unique Signature Within Each Transaction. This Unique Signatures Are Created Using A Secure One Way Cryptographic Proof And Ensures That Double Spending Is Not Possible.

Double Spend Attacks Will Not Be Possible, Which Is Integral For An Easy To Use Peer To Peer Currency Meant For Quick And Reliable Transactions.

Egalitarian Proof-of-Work : Myztic Uses An Egalitarian Proof Of Work Algorithm (Cryptonight) So That Anyone Can Mine The Blockchain, Without Being Constrained By Algorithmic Specific Mining Hardware. Utilizing Cryptonight As A Voting Mechanism, All Parties Have Equal Voting Privilege.
Miners can utilize their pcs and basic cpus to mine myztic without having to purchase specialty mining equipment. By implementing this equal distribution of work, myztic avoids problems of centralization as miners begin to process transactions.

Fast and Low-Fee Transactions : Myztics blockchain will process transactions quickly to ensure a stable and secure blockchain. Blocks will be processed every 120 seconds alongside a difficulty adjustment after every block. Myztics transaction speed ensures quick delivery of transactions and allows for the full security of the distributed ledger. Myztic also guarantees low fee for transactions thereby ensuring use of myztic as a viable means of transacting value on a day to day basis.

Ease of Use : Encourage adoption, myztic will be fully compatible with every os across any device and will allow for a seamless user experience. Users will be able to download the myztic client and send transactions within minutes using an easy to navigate interface. Ease of use also applies to myztic mining, using the cryptonight algorithm, myztic allows for easy cpu mining from your computer without any specialized equipment thereby allowing real decentralization while ensuring security.

Community Engagement And Targeted Focus : Myztics community will be an integral part of development, adoption, & integration. Built using open source code, myztic is not only fully transparent in its development but actively relies on community engagement to further the project. Myztics core offering looks to work hand in hand with its community as well as in order to facilitate adoption and further scale.

Token Details

Max Supply : 100 Million MZT
Total Pre-mine : 20 Million Mzt *please Refer To Pre-mine Distribution*
Miner Rewards : 80 Million Mzt
Time Per Block : 120 Seconds
Blocks Per Day : 720 Blocks [24 Hrs * 60 Mins 60 Secs / 120]

Development roadmap

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