GravityCoin: Sigma explanation and usage guide

GravityCoin makes use of the Sigma protocol in order to achieve anonymity in transactions. Instead of having to trust the development team with a trusted setup, like zkSNARKS, Sigma takes a non-anonymous coin and exchanges it for a “SigmaCoin” (ZeroCoin) which can’t be traced back to a specific user.

These “SigmaCoins” can then be exchanged back for non-anonymous coins. This is all integrated into the core wallet, which also supports use with TOR for added protection for your identity. We believe that the financial independence afforded by distributed ledger technology is a freedom with inherent rights. One of these rights is privacy. In the dawn of this new age in financial privacy on the blockchain and at a time where Sigma technology rules, GravityCoin reigns supreme. The Sigma layer is where you will anonymise your coins and it works through the Mint and Spend transactions. You can think of the Sigma layer as a form of coin laundry where you will put in your existing “dirty” coins (that have a long transaction history) and then redeem new “clean” coins that appear to be brand new and have no prior transaction history. Unlike other coin mixing solutions, Sigma does not rely on trust of other people you’re mixing with and is built directly into GravityCoin’s protocol.


GravityCoin or GXX: This is the base coin that you use to do transactions including receiving or sending. This coin works just like any other cryptocurrency.

SigmaCoin: A SigmaCoin is a token you receive after destroying GravityCoins. It’s a token that you have destroyed a certain number of GravityCoins. SigmaCoins cannot be directly transferred to other people, in the future this is something GravityCoin makes possible. For SigmaCoins to be transacted they need to be “spent” to turn them back into GravityCoins before they can be used for transactions.

Third-party: With Third-party spend, another extra privacy layer, you can choose the output address you want to send the minted coins to. Without this feature you could use the same wallet address twice and that could expose you.


Minting SigmaCoin

Minting means destroying a fixed number of GravityCoin and turning them into “SigmaCoins” which are tokens to redeem completely new “clean” GravityCoins.

Start the GravityCoin wallet. Click on the Sigma tab on the top section. In the dropdown menu at the bottom, choose a denomination (1, 10, 50, 100, 500. 1000 or 5000) in which to mint the SigmaCoin. A mint fee of 0.001 GXX will be charged regardless of how many coins you mint.

After an amount is chosen, click on the Mint button. It takes about 6 confirmations before you can spend the SigmaCoin you have just created. The newly minted SigmaCoin will appear as “Mint” in the list.

Note: It is always recommended to backup your wallet.dat whenever you do a mint. You can do this by going to File > Backup Wallet.

Spending SigmaCoin

The longer the time between the initial mint and the subsequent spend, the more potential privacy you have. We recommend minting some coins beforehand and spending them when you require them rather than immediately spending your mints as soon as they are confirmed.

If the mint has 6 confirmations or more, select the denomination of the coin you minted (1, 10, 50, 100, 500. 1000 or 5000) that you want to spend. After that click on the Spend button. This will take awhile, and your SigmaCoin will appear as “used” after it is completed.

Your SigmaCoin is now redeemed into GravityCoin and will be sent to a chosen (Third-party) GravityCoin address with no previous transaction history.

Happy Minting, Your Team

Recource:

https://zcoin.io/what-is-sigma-and-why-is-it-replacing-zerocoin-in-zcoin/

GravityCoin $GXX official

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GravityCoin GXX (SIGMA protocol) is a Proof of Work (CPU mineable with pools) payment coin with Masternodes.

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