EVERYTHING YOU NEED TO KNOW ABOUT STEGOS
We are increasingly losing our privacy as a people and as an individual,it’s easier to spy on one today than decades ago,with increasing connectivity comes decreasing privacy.
Many have envisaged privacy blockchain applications to come to the rescue but the results is left to be desired as a number of factors makes them inaccessible to end users.
Stegos attempts to solve both privacy in payments and messaging,and also create an enabling environment for developers to build an ecosystem of applications that leverage its privacy features.
Time is of the essence,the internet is here to stay,software is eating the world,data is the new oil.
The list is almost endless,veterans who have contributed immensely to what we concurrently enjoy are coming back to say this is not the future we envisaged.
The founding fathers envisaged a world where anyone,anywhere could communicate and connect with ease and in the most private way but many third parties be it government or government regulations,software vendors,telecom providers,search engine companies,social network sites and other blogs or websites are increasingly building their business model on a model that’s not privacy compatible with users.
The US senate and masses are questioning Facebook over its Libra project,many are bringing back to memory the ugly incidents of privacy breach,the Cambridge Analytical issue not to be sidelined.
The European Union slammed Google with a fine over disregarding user privacy as the company was found to breach GDPR laws.
One may want to ask what is the solution,a number of solutions have been proposed and have been in operation so far ranging from centralized projects like Telegram to its decentralized counterparts.
Facebook Messenger,Whatsapp,Wechat,Telegram etc are among the top messaging apps in the world and they both support messaging and payments but with little privacy.
A lots of attempts have been made to create decentralized alternatives of communication like a decentralized email system, decentralized login system,decentralized web hosting etc.
Another attempt has been in the area of decentralized payments like joining transactions using coinJoin,making bitcoin private using bulletproofs and other attempts at privacy payments.
A lots have been done and research is still in full swing but a number of factors account for the reason why decentralized alternatives have not garnered the needed attention and usage.
Not building for users
Google started penalizing websites that are not mobile friendly many years ago,the largest search engines take building for mobile very serious but over 80% of content,apps are best consumed on mobile
Mobile accounts for a large percent of internet users,they are sleek and handy and portable hence they are easily transported with their users.
Most decentralized solutions require users to go back to the early days of the internet where one was required to be a geek to use the internet and the services available.
Today,one can see that the user experience of most platforms are poor,hence only a handful of people use their platform.
Most solutions take on the proof of work path,this path is both proven to be uneconomical and environmentally friendly.
The average electricity consumed by a Proof of Work transaction in a year surpasses what most countries consume.
The messaging app Wechat handles millions of chats and transactions per time but where decentralized alternatives handle less than a thousand,this is too insufficient for mass adoption.
Stegos design features
Stegos is innovative in its approach to privacy payments and messaging,its is not a work put together by just forking an existing project and changing certain parameters, the Stegos team puts privacy and accessibility in the forefront,hence they have developed a number of innovations.
The incentive approach
Stegos adopts the UXTO form of accounting and the proof of Stake protocol for consensus but has made a number of changes to it,dubbed GPOS(gamified proof of stake),it rewards users based on weighted stakes and users based on network uptime using the validator service reward,to enable users with less stake who have contributed a considerable amount of network liveness,it will distribute tokens to such users.
To drive adoption also,it will enable the creation of red packets similar to Wechat’s red packets to facilitate ease in organizing airdrops and giveaways that will further drive adoption
A privacy ecosystem
Data is the number one citizen on the Stegos ecosystem,it will develop a mobile app for both messaging and payments.
Users will be able to access and download privacy apps from the Stegos App Store.
Before now,users had the difficulty of transacting their privacy tokens for actual goods and services,to solve this,Stegos will create a marketplace where buyers and users can meet and transact.
It uses stealth addresses and public keys are disguised with two random values and amounts are hidden with perdesen commitments and employs the Valueshuffle protocol for untraceability.
The Stegos blockchain supports three main nodes,the bootstrap nodes(to help get new incoming nodes up and running,they store unpruned version of the network ),the compact nodes(these stores the crunched or compact version of the blockchain) and the lightclient nodes(mostly mobile devices who just keep track of headers and earn rewards).
To solve the growing data problems in current blockchain designs,Stegos employs the blockcrunch protocol to prune the blockchain from time to time and make it compact.
Stegos pulls together a team of experts in finance,cryptography,aerospace,distributed system,software engineering
Joel Reymont CEO, The Buck Stops With Me
He brings to Stegos, 25years of software engineering experience,a former CTO at a top 100 blockchain and crypto company.
Vladimir Lebedev CTO
Former CTO of the Russian stock exchange,worked with VEON,mail.ru,Lucent technology,Moscow city telephone network etc,he brings 25 years of telecom experience to Stegos