Jan 11, 2022
Securing wallet to wallet transfers across the network: Rubix solved it differently
Developers have a hard time securing wallet to wallet transfers. The blockchain is an immutable ledger that cannot be altered in any way. The biggest challenges developer face today are: Solving the latency problem. How do you ensure consensus of an immutable ledger? When you’re processing thousands and millions of transactions per second, latency is a huge issue. This means that the network must be able to confirm the legitimization of assets in a very short amount of time. Ensuring data security. How do you protect against double spending attacks? Double spending is one of the most difficult issues for blockchain developers because it’s an attack vector that persists across many different protocols such as Proof-of-Work, Proof-of-Stake, Proof-of-Authority and Proof-of-Elapsed-Time.
The transactions on top of the blockchain are not the only thing that matters. Costs and scalability are important factors for the future of cryptocurrency. Rubix solved the problem of secure transactions between businesses differently than other platforms. By being able to run a Rubix node even in a personal computer efficiently, average users can protect their coin/token within their wallet without relying on an exchange or mining farm by taking advantage of our easy to use wallet. So if you have a business that wants to accept payments from customers or suppliers, all you will have to do is configure the node that’s it. You don’t need to worry about setting up an entire mining farm or dealing with an exchange. This makes the process of securing your coins extremely easy for people that are not tech savvy.
All transactions (includes validations) happening with the involvement of your node will sign the transaction using your image based private key known as private share.
Decentralised identity is at the heart of Rubix. It is our means for establishing a secure identity for every person, business and application that needs to be identified on the network. It provides a way to link arbitrary data to each person or entity, which can then be referenced when performing transactions or accessing information on the network. Decentralized Identity (DID) solves the problem of how to represent an identity in a secure and scalable way on the blockchain. To get your own decentralized identity for the network, run /create API requests to your running local node by providing the 256x256 PNG image available for the network. Rubix is securing this data using SHA3–256 hashes Non-Linear Secret Sharing Mechanism based generation of public share and private share.
A wallet can be vulnerable to theft through an attack on the node or via malware. In the first situation, we want to avoid having the 1898 port accessible to the public. To achieve this, you can check if the firewall is not down or not disabled for the port. In order to communicate with other nodes, we need to use one of the other ports. This will let us have a connection between two wallets and validators during a transaction. Also providing your PrivateShare image only during a transaction will protect your tokens from unauthorised transaction from your wallet.
In this post, I have explained Rubix’s solution for securing wallet-to-wallet transfers across the network. The key feature of this protocol is the use of token chains instead of relying on a single chain for the entire transactions from the network. This method allows transactions to be sent across multiple chains while still providing protection against DDOS attacks and double spending. By smartly and elegantly designing the protocol, Rubix is able to achieve transaction speeds, security and interoperability with minimal risk. This solution has the ability to create a true peer-to-peer world.
Rubix is hosting events around the world to educate people about their mission and to scout for contributors who are ready to help build the future of transactions. In the following you can find an overview of all Rubix events across the globe.
Who should come?
Anyone who cares about decentralization and wants to help building it. We are looking for developers and designers who want to build a new protocol for transactions, as well as artists, writers and speakers who want to share their visions with us. We are also looking for people interested in joining our contributor team. If you like what we are doing and want to help us change the world of payments, please drop us a line!
