KredX (KRX) Cryptocurrency
Kredits (KRX) will be the new Cryptocurrency that is released with KredX and will be used as a base Currency for all in-app purchases and advertising costs.
Kredits will be the recommended and encouraged currency for use across all features of the KredX App.
Kredits was designed as a Git-Fork of the CryptoNote currency and will be an Anonymous Cryptocurrency with an analysis resistant Blockchain to protect the privacy of its Users and add to the functional Value of the Currency.
Keeping with CryptoNote’s values Kredits will be an open-source, forkable project on Git-Hub and once created will be the framwork for all Cryptocurrencies created using the KredX Blockchain Creator.
Fungibility is a property that can be defined as “Inter-changable value” for example a dollar is interchangeable with another dollar and therefore is fungible.
Bitcoin and other Cryptocurrencies that have transparent blockchains however are not fungible. This is due to the fact that any Coin with enough effort can be traced back to it’s origin and in fact there are many agencies and organizations that primarily do exactly that.
Bitcoins are often blacklisted by certain organizations and not accepted as payment due to their previous use in illicit activities among other reasons.
But if you aren’t engaging in illicit activities there’s no need to worry right? Wrong, any coins you receive could have been used in illicit activities further down the blockchain potentially creating complications for you.
Imagine you’re at the grocery store and the clerk tells you that you can’t pay for your groceries using your $100 Bill because it was used to buy drugs 3 years ago, doesn’t seem reasonable does it?
That’s why it has been concluded that any Cryptocurrency with a transparent blockchain is not fully fungible, due to the long history attached to every coin, one Bitcoin simply does not equal another.
We’ve ensured that every Kredits are totally fungible and free of any influencing factors that could lead to any form of “Blocking”, “Flagging”, or otherwise denial of use.
Security has been a hot topic of discussion when it comes to Cryptocurrencies for a long time. The security of many Cryptocurrencies is being called into question due to the inherent dangers of the online world such as hacking attacks and data breaches.
The KredX team has put our minds together and formed a security policy to prevent, deter, and eliminate the threat of external malicious attacks on our system.
We’re all about dynamic security, there’s no such thing as a 100% impenetrable system however we’re doing our best to come awfully close with planned regular security updates and enhanced security measures.
Cryptocurrencies as a whole are on the forefront of online security and encryption. Cryptography is quite literally the study of secure communication and encryption. When it comes to the safety and security of our users we take no short cuts, keeping our user’s private information private is one of our top priorities, and we’ve got the technology to make this possible.
Privacy is without a doubt one of the most important features of any Cryptocurrency.
Bitcoin and other Cryptocurrencies with transparent Blockchains are generally perceived to be anonymous when in actual fact they are pseudo-anonymous.
We touched on earlier how transparent blockchains detract from the fungible value of a coin, but they also pose a serious privacy risk too.
Using a pseudonym to conduct Bitcoin transactions is much like wearing a baraclava in public, while you might be hiding your identity in the short term, anyone following you and seeing what stores you go to, who pays you money, and who you give money to will soon be able to piece together who exactly you are.
The only difference here is that using Bitcoin all this information is public and accessible at any time online, no one has to actually follow you around.
When you use Kreds, dynamic ring signatures and our analysis resistant blockchain render you 100% anonymous allowing you to immerse yourself in complete privacy, and you can breathe easy knowing that while conducting your business, your information is inaccessible to prying eyes.
One of the core elements incorporated in designing KredX was it’s use as a feasible investment vehicle.
We want KredX to be a beacon of success in the Cryptocurrency world and we’re of the belief that all our users, big and small, are entitled to a share in the prosperity.
To make this possible we’ve made sure that using Kredits makes not only practical sense, but Financial sense as well. It’s well known that Mining is the most profitable Cryptocurrency activity, however for many pseudo-annoymous coins this is fast becoming untrue.
However mining Kreds is not only easy, affordable, and fair due to our egalitarian proof of work algorithm. But it’s also private, when you mine Kredits you are truly mining a Cryptocurrency in every sense of the word, your identity and how much you mine are kept totally enigmatic from start to finish.
“Slow and steady wins the race” The tortoise said to the hare. KredX hasn’t strayed far from this ancient proverb.
While KredX is about profit we also keep the concept of sustainability close to heart.
There can be no shortcuts to getting KredX to the level we ultimately desire. That’s why KredX was designed for the long run, incorporating measures to make sure that KredX can withstand the test of time, and build a large user base with a dynamic network that’s always adapting along with it’s users.
Speed is an often touched on point by many Cryptocurrencies, and rightfully so, having a fast network works wonders, especially in the complex world of Cryptocurrency.
Our team has devoted a good portion of our time to make sure that our Network is as fast as possible. From transaction speed to Wallet syncing we’ve optimized every angle to get KredX running as fast as it should, and it’s an ongoing process!
We’re devising new ways to save our users even more time and add to the convenience factor of our currency. Nothing is more frustrating than waiting hours for a Transaction to be processed or a function to work.
To us, speed isn’t a luxury, it’s a necessity. After all, Time is money!
Generic Cryptocurrency verification processes include using the public key of the transaction signer, this is needed because it proves that the signer is in possession of the private key that matches his public key. However this generic verification process creates a large security gap.
Kredits employs Ring Signature technology. The Ring signature verification method makes use of multiple different public keys during one verification in a group of people, still each with their own public and private keys.
The main difference here being that looking from an external perspective it’s impossible to determine who within the group is actually requesting the transaction.
Using this concept to send Kredits transactions ensures users that: A- Transaction creators are eligible to spend the correct amount and B- Transaction creators’ identities are indistinguishable from the other users’ public keys used to make the Ring signature. Ring signatures combine functionality with privacy seamlessly.
Ring Signature ambiguity
It’s worth mentioning that even though your public key will appear in many Ring signatures that you didn’t request hiding other users’ identity, it will in no way affect you, or your ability to Send/Receive Kreds.
Double spending proof
100% Anonymous Ring signatures would let users spend the same funds over and over again without consequence, logically this can’t work with any financial system.
KredX fixes this problem by employing a modified traceable ring signature system with a built in feature to restrict Double-spend attacks that are common in other Cryptocurrencies.
If a malicious user attempts to create more than one ring signature using the same private key, even if the public keys used are different, the signatures are then linked by the system and flagged as a double spending attempt.
To do this we use “Key images”, these are one-way cryptographic imprints of private key, No two Key images are going to be the same, exactly like no two private keys are going to be the same.
While key images stand as a measure to prevent double spending, they don’t let anyone discover the private key they belong to.
All KredX users will have installed on their wallets an updated list of all currently used Key images, when you compare the file size to Bitcoin which requires you to download the entire Blockchain (Full record of all transactions), you’ll find the Key image database size is much smaller and more convenient.
Using Key images is our way of preventing Double-spending, while also keeping our Users’ identity safe. If you make committing the crime impossible you won’t have to punish anyone.
When using most Cryptocurrencies, any time you make use of your public address anyone can conduct blockchain analysis to determine your wallet balance by comparing data from your transactions.
Even when you’re protected by Ring signatures your incoming transactions can still be analysed. One can attempt to solve this problem by creating a new public address over and over again with every new transaction, but doing this would soon develop into a chore detracting severely from your convenience factor.
Our solution for our currency is to implement a system in which we automatically create multiple one-time transaction keys derived from your public key for every transaction you conduct. This is possible by modifying the Diffie-Hellman exchange protocol which originally allows two users to produce a mutual secret key which is a derivative from their public keys. We use the receivers public key and random data generated by the sender to generate a unique one-use key to verify the payment.
Senders can only generate the public part of their keys, while receivers can only read the private part. Therefore third-parties can’t possibly analyze transactions as they are a strictly peer-to peer in the truest sense of the term.
Blockchain analysis resistance
It’s possible for anyone, with enough time and resources on their hands, to fully trace any Bitcoin all the way back to when it was mined, finding out the exact path it went along the way, often leading people to conclude who owns what, who sent what, and sometimes who people are.
This is attributed to Bitcoin’s transparent blockchain, due to it’s nature, every transaction has unique variables that are all traceable.
What makes tracing these transactions even easier is users reusing the same addresses multiple times (Even though Satoshi recommended using a different wallet address for each
transaction, not that it actually helps much.)
The KredX team makes a much different approach, our system is designed to eliminate the risks involved with key re-usage, and traceable variables. We learned earlier that Ring signatures are derived from a mixture of sender and receiver data, by doing this we provide an
anonymous, private, secure platform for our users.
By their very nature Ring signatures are anti-analytical, depending on the size of the signature, the analyst could be trying to determine the original sender in a group of anywhere from 2-1000 people, with every new transaction added to the list making tracking coin paths an increasing impossibility.
Egalitarian proof of work
Kreds’ proof of work system is a true rendition of Satoshi’s famous phrase “One CPU – One Vote” Our users have the right to vote on New features, transaction order, and supply distribution.
One CPU, One Vote
A Key part of the democratic system is each vote holding the same power. That’s why we made sure that all users have equal voting rights.
We employ an Egalitarian proof of work function that is perfectly suited for a multitude of devices.
Our scripts are designed to be complex and lightweight, perfect for a CPU to process, but way too difficult and expensive for advanced mining hardware like ASIC cards and dedicated mining hardware.
Our function depends on a slow stream of memory with an emphasis on latency dependence, every 64 byte long block directly depends on all previous blocks. The resulting effect is an exponential increase in calculation speed.
The algorithm requires only approximately 2 MB per instance, this is because it fits perfectly into the L3 cache present in every core of modern processors, which have been in circulation for many years.
Also a megabyte of internal memory usage will render any ASIC card impractical for use. GPUs and ASICs can run hundreds of instances in parallel but are limited by GDDR5 memory which is infinity slower than an Average CPU’s L3 cache.
The KredX team believes that for a currency to be viable, it must not depend on a single person, or a small group of peoples’ decision (Someone tell the fiat currencies!).
Bulky Hard-coded constants and magic numbers present in the code of most Cryptocurrencies act as an inhibiting factor for their growth, stability, and overall functionality.
Our solution is to incorporate dynamic, auto-recalculating variables in place of these constants to provide a platform for a currency that improves alongside it’s users.
Almost every crucial limit from Block size to Block Reward is fully adaptive and reactive. Each Kredit Block recalculates difficulty using an algorithm that adds the sum of the work done in the previous 720 blocks and divides it by the amount of time used to solve them, while cutting off 20% of the outliers in the data set.
As for our Block size, we employ an algorithm that prevents a bloated inconsistent blockchain, but yet still doesn’t apply a “Hard Limit” onto blocks, allowing for steady growth of blocksize overtime as the network grows and needs to meet the demands of more users.
KredX is an organization founded in 2016 for the express purpose of the creation, development, and management of the KredX Multi-Platform Cryptocurrency Application.
KredX is an International Team that has it’s vision set on joining the ranks as one of the most prominent pioneer groups in the fast growing Cryptocurrency industry. KredX will be providing its Users with a never before seen or conceived app that will condense the entire world of Cryptocurrency down to a Mobile level, while not losing, but gaining functionality along the way.
The KredX Team’s Mission is to develop KredX into a force unto itself.
We have identified several traits that we believe a Cryptocurrency based Application Platform needs to not only be successful, but to transcend the ordinary.
And they are:
* User friendliness
* Wide-spread adoption
KredX was born to embody all of the above traits while still having the flexibility to improve and adapt to an ever changing Financial and Crypto-environment.
Another important aspect of the Kredit project’s mission and the core reason for the Application’s creation is the introduction of Cryptocurrency into the lives of new users. It’s been proven time and time again that Cryptocurrency is a life-changing catalyst of financial freedom and change in people’s lives, and the KredX Team wants to expose as many people as it can to the benefits of using Cryptocurrency in daily life through KredX.
One new user is one step closer to a complete Crypto-World, and the KredX Team believe that we have the potential, technology, and skill to add a substantial amount of mileage toward this goal.
The KredX Team’s ultimate vision is to see our App become the leading Cryptocurrency Application in a Crypto-economy that is functional, developed, widely used, driven by it’s users, and adapting to their needs comprised of strong, developed Cryptocurrencies.
A decentralized world is a free one, and the completion of our Application will bring the world ever closer to this ultimate goal.
10 years down the line we see KredX being an expansive network with users around the globe enjoying the many benefits and features of the KredX App and Cryptocurrency as a whole. With KredX marking the history books forever as one of the most successful, integrated, and widely used Applications of all time.
But it doesn’t end there! There’s no end in sight for KredX, the way it was structured and designed it will continue to exist and thrive long after the founder’s mortal bodies have perished. It’s our sincere hope that generations to come will directly benefit from KredX as a complete Cryptocurrency Ecosystem.
Teamwork is an integral part of any organization, at the project we take this a step further. All KredX team members exhibit a unique blend of passion for Cryptocurrency, Professional work ethic, and raw talent.
We’ve built and are continuing to build a team that is able to take our platform to the place it was meant to be. The top.
The Existing KredX Team brings a different type of essential resource to the table, Cryptocurrency business experience. There KredX team has members who are long time Crypto-professionals with a long successful history of Crypto-trading and development.
It’s often said that there can be no substitute for experience, that’s something that we’ve heard loud and clear, The KredX Team is a blend of valuable experience, practical implementation, and cutting edge technology. A true Cryptocurrency recipe for success.
A concept close to mind when creating KredX was Adoption.
Adoption not only of KredX and Kredits but all Platforms and Cryptocurrencies is important.
The more Cryptocurrencies are directly linked to real-world usability, function, and value, the more they will be adopted further increasing the overall user base.
Although globally Cryptocurrency adoption is on an upward trend, we at KredX want to make sure that we’re doing the most we can to bolster and nurture user adoption by making our App user-friendly on all fronts.
We want to make it simple and easy for everyday users to adopt Cryptocurrency into their lives seamlessly from the moment of KredX Download.
The KredX team has made many connections with local Television Celebrities in South Africa that have expressed interest in the project, and are currently planning to involve themselves in our long term adoption campaign. many Businesses and Corporations have Expressed major Interest in the Project.
The Executive Team
With 22 years of high level involvement in web development and more specifically financial software, Dan's career followed a natural progression towards Cryptocurrencies in 2011. Being an early Bitcoin investor and successful Crypto-Trader with a strong technical background gave Dan the unique skillset and experience needed to project manage the creation of the KRX blockchain.
David Rees is a South African actor, for over 30 years he has been on South African TV screens and he is a true believer in the power of cryptocurrency and who better then to introduce cryptocuyrrency to the masses.
With over a decade of experience in customer support and CRM systems development, Raff brings his hard earned experience to the team. His problem solving abilities always provide an object viewpoint to build on when the team is faced with issues. Raff excels in customer relations and he will run our London based support center.
The Development Team
A battle hardened IT Director from both - the business and technical sides. I understand exactly what it takes to be successful using technology in today's economic climate, because I'm focused on delivering breakthrough results that translate into real-world value.
Experienced in services and product marketing, Have been involved in several marketing and business development projects. Worked closely with Technology/Marketing/Promotions professionals.
Over last 2 years,I had been in the development field and got a rise efficiently.My skills force me to provide a quality of work to the clients.I have experience in ,PHP,Wordpress especially in social networking websites and codeigniter.
A hard working professional with 4+ years of experience in Java & Android development and consulting. An excellent communicator with the ability to deal with issues with precision & accuracy.
I have 2 years of experience in web development,which allows me to better cooperate with the development team. I have developed many websites for different industries, including fashion, retail and catering.