RAYS Network Project - a whole new blockchain technology with a revolutionary feature called Bulletproof Protocol

OK but first off - what the hack is RAYS Network Project?

Well, RAYS Network is based on a whole new blockchain technology which is growing and improving all the time. For a few years now, blockchain technology has been increasingly adopted, but there are still many problems that hold this technology back from going mainstream. RAYS Network is looking to solve many of these problems.

RAYS Network is a cryptocurrency that aims to revolutionize your experience within the cryptocurrency world. We have identified common cryptocurrency issues ranging from usability to how decentralized systems operate. We are adopting known features in the cryptocurrency world such as Delegated Proof-of-Stake (DPoS) and Bulletproof algorithm but we have modified features to accommodate our community’s needs.

RAYS Solution – Flexible Blockchain Network (FBN)
We have a solution for both; a Secure and Private blockchain for industries, and a Secure and Fast cryptocurrency for general users. Our technical team is working on a Flexible Blockchain Network (FBN) which may switch between General and Enterprise users as required by the users for their needs. Sufficient progress has already been made and a Minimum Viable Product (MVP) has already been developed to prove the FBN concept.

RAYS Enterprise Privacy Blockchain Solution
Imagine that you are the head of an enterprise (company) and you want to send the enterprise data or make a payment to your employees at public blockchain network.

▪ In all the traditional blockchain systems, whatever you will share on the public blockchain can be seen by anyone using the same blockchain.

▪ This is against the rules of privacy and one’s right to privacy. Your employees may not want their salaries to be shown on public blockchain network.

▪ Regulations such as GDPR prohibit such practices.

▪ As a result of this, all activities performed on a public blockchain network are non-compliant to the rules set by such regulations.

▪ Blockchain networks such as Ethereum fail in these scenarios and may be violating the laws.

▪ In this scenario, one may consider a blockchain network which is private or offers complete privacy.

▪ Doing so kills the essence of blockchain technology and is against the basic principles of this innovation.

▪ Is there a solution in this situation to still ensure individuals privacy while making the use of a public blockchain network?

▪ Yes! RAYS Network exactly aims to solve this problem. Each transaction to be made at RAYS blockchain network will have an option before transmission whether the transaction should be public or private.

▪ A public transaction at RAYS public network will be like a normal transaction such as the transactions made at Ethereum blockchain.

▪ It is possible to make a Private transaction on a Public blockchain network. In this way, everyone can see that a transaction is made. But no one except the intended receiver can see what is inside the transaction.

▪ This will be made possible with the use of a Bulletproof algorithm. Each transaction will be locked by the sender and can only be opened by the intended recipient.

▪ Bulletproof is a type of Non Interactive Zero-Knowledge Proof algorithm.

RAYS Ecosystem

Types of Wallets

How will we achieve real Privacy and Security?
▪ We will achieve real privacy and security by choosing the right algorithm (in this case the Bulletproof Algorithm). By refining it in our unique way, we will be able to achieve really high network scalability and keep the highest standards of safety at the same time.

▪ The implementation of one of the two additional protocols such as TOR or I2P will allow our users to enjoy total privacy. Thanks to these two protocols, none of the transactions can be traced in any way.

▪ The implementation of the bulletproof protocol will make the RAYS Network also immune to attacks from quantum computers.

RAYS 3S Wallet – Secure, Safe, & Smart
RAYS 3S Wallet will be a highly secure hybrid wallet with the encapsulation of keys using KEMs on hardware by means of highly advance cryptographic primitives like data protection, hash functions, digital signatures, and OAKMD schemes.

▪ Secure

Zero Trust: RAYS Wallet’s security will be based on the principle of zero trust and will be protected by NIST approved advanced cryptographic primitives.

2FA: RAYS Wallet will have Two Factor Authentication.

Anti Phishing: RAYS Wallet will have Anti Phishing Measures.

▪ Safe

Pin Key: RAYS Wallet provides currency holders with a high degree of security via the use of a unique PIN key that can be up to 9 digits long.

Total Privacy: RAYS Wallet will use extra level of protection that doesn’t log private information when connecting to network.

Recovery: In the event of lost of the wallet seed, the user can easily backup his/ her wallet credentials via of a “recovery scheme”.

▪ Smart

Automatic Disable Feature: if a person tries to hack/ access the wallet forcefully, it will automatically disable itself after a certain number of failed attempts.

Accountability: RAYS Wallet needs physical approval for all internal transactions to be executed.

Smart KMS: The smart security policy of a key management system provides the rules that are to be used to protect keys and metadata that the Key Management System supports.

RAYS Coins Distribution

SKYMAP – It’s not just a ‘Roadmap’, It’s a ‘Road to Sky’

More Info
Referral: https://www.rays.net.work

Whitepaper: https://rays.network/whitepaper1.0.pdf

Website: https://rays.network

Telegram: https://t.me/RaysNetwork

Facebook: https://www.facebook.com/RaysNetwork

Twitter: https://twitter.com/Rays_Net

Well and now to the Bulletproof Protocol - the so named revolutionary feature of the RAYS NETWORK

This post is aming to review a path-breaking feature of the upcoming blockchain project, RAYS Network which promises to disrupt the crypto industry. RAYS Network is a cryptocurrency that will revolutionize the way you interact in the crypto world by providing customised solutions to the existing problems of speed, security, and privacy along with issues surrounding usability and the operations of decentralised systems.

RAYS Network offers a new solution which includes innovative and customised features such as Customised Delegated Proof-of-stake (DPoS) and Bulletproof Protocol to suit the needs of the community. RAYS promises to offer two solutions:

1)Secure and private blockchain for industries

2)Secure and fast cryptocurrency for general users

In this post, let us dig deeper into what exactly is a Bulletproof Protocol

Bulletproof Protocol is the latest development currently under extensive research which will revolutionize and determine the privacy aspect of cryptocurrencies and blockchain. Bulletproofs are zero-knowledge arguments of knowledge. A zero-knowledge proof of knowledge is a protocol in which a person verifying the transaction can convince a verifier that some statement holds without revealing any information about why it holds.

Bitcoin and other similar cryptocurrencies use a transaction-output-based system where each transaction fully spends the outputs of previously unspent transactions. These unspent transaction outputs are called UTXO. In comparison to other privacy protocols such as ZK-SNARKs, Bulletproof Protocol which is logarithmic in size, reduces the block transaction size tremendously. For instance, if all the Bitcoin transactions were confidential and used Bulletproof instead of other proofs, the total size of the UTXO set would reduce from 160 GB to 17 GB. Hence, Bulletproof Protocol is logarithmically smaller as compared to other linear privacy protocols.

Bulletproofs are short interactive zero-knowledge proofs which does not require a trusted setup unlike SNARKs and rely only on the discreet logarithmic assumption. A verifier can be convinced that an encrypted plaintext is well formed. For example, the person verifying the transaction can convince a verifier that a confidential transaction is valid without revealing why that is the case, i.e. without leaking the transacted values.

The proof is designed in such a way that an efficient confidential transaction in Bitcoin and other cryptocurrencies can be enabled without revealing the actual transaction. It basically hides the amount transferred within the confidential transaction. There is a cryptographic proof in every confidential transaction which validates a transaction. Bulletproofs shrink the size of the cryptographic proof from over 10kB to less than 1kB. Moreover, Bulletproofs support proof aggregation, so that proving that m transaction values are valid adds only O(log(m)) additional elements to the size of a single proof.

Application of Bulletproofs in cryptographic protocols include shortening proofs of solvency, short verifiable shuffles, confidential smart contracts, and a general drop-in replacement for Sigma-protocols.
Microtransactions via Bulletproof
One of the greatest challenges in the blockchain technology is its potential to be used for microtransactions. The transaction fee for microtransactions could be very high. Why would you pay a transaction fee of $1 for a payment of $0.01 worth of transaction? With a Bulletproof Protocol, RAYS Network will offer a zero transaction fee to its users. This is made possible as Bulletproof Protocol features a built-in capability to facilitate bundles of transactions in each block.

Multi-Transaction System via Bulletproof
Can you imagine a wallet where a user can send payments to hundreds of his/her contacts just by a single click? With the Bulletproof Protocol, RAYS NETWORK will allow a single user to carry out multiple transactions at the same time.

The implementation of the Bulletproof Protocol will make the RAYS Network also immune to attacks from quantum computers.

In a nutshell, RAYS Network is a state of the art blockchain project which promises to revolutionise the world of cryptocurrencies with its disruptive innovations such as the Bulletproof Protocol. You can be a part of the RAYS Network and earn RAYS through their referral program.

Referral Program

Click here to join the Referral Program (up to 140$ in Free RAYS)

Click here to join the Ambassador Program (up to 15000$ in Free RAYS)

Some of the RAYS Partnerships are:

Blockchain Implementation Guide: Shield Cryptocurrency

Blockchain Research: Complexty Labs

Wallet Development: OPOLO.IO

Marketing Partner: The ARCADIA Media Group

Mobile Apps Development: Appzilla

To know more about RAYS Network, read their Whitepaper or follow them on:

Website — www.rays.network

Telegram — t.me/RaysNetwork

Github — github.com/RaysNetwork

Twitter — twitter.com/Rays_Net

Facebook — www.facebook.com/RaysNetwork

Watch out for RAYS Network, the new disrupter in the world of blockchain technology and cryptocurrencies!