Bitcoin as the pioneer cryptocurrency has gained considerable attention over the years. Bitcoin which is the first blockchain powered currency proposed a trustless, transparent, quick and immutable means of carrying out transactions. Nevertheless, eyebrows have been raised lately over its functionality as a medium of exchange due to problems related to scalability, throughput, security and lastly privacy. With growing concerns over the governments of the world prying eyes into transactions and interactions by the populace, solutions to this problems have led to the creation of privacy coins such as ZCLassic, Zcoin, Bitcoin private (BTCP), Monero, Verge and a host of others. However, the majority of this privacy coins have failed as means of carrying out payments either due to poor network architecture, security threats, lack of scalable services and lastly centralization threats. For a coin to be considered fit for anonymous transactions it first needs to be fit for any form of transaction by exhibiting sublime transaction performance, freedom from centralization threats in the mining process, high throughput and ease of integration with service providers.
uPlexa is a blockchain project that seeks to harness the computational power of IoT devices in order to operate a high performance and anonymous payment system. By giving incentivizes to IoT device owners In the form of UPX, uPlexa institutes a Peer to peer (P2P) payment system backed by the computational power gotten from a portion of over 18 billion IoT devices. With so much computational power and widespread distribution of the computational power on IoT device,uPlexa is set to be one of the most decentralized and scalable blockchain projects, thereby making it better suited for transactions compared to other coins privacy coins. The table below shows uPlexa in comparison to other coins offering similar services.
uPlexa institutes the renowned cryptonight algorithm also used by monero to facilitate untraceable payments and transactions on the uPlexa blockchain. In order to ensure IoT mining remains profitable yet anonymous, uPlexa utilizes a modified variant of the cryptonote protocol. The use of IoT devices scattered across the world will go a long way to prevent the threat of centralization which is associated with an entity gaining large control of mining operations on a blockchain.
The uPlexa Anonymity solution goes beyond the platform architecture and also touches on future partnerships. Using a privacy coin to make purchase or access services on platforms where KYC is enforced is against the motive of the uPlexa platform and in order to mitigate this, the uPlexa platform seeks to make partnerships with merchants, internet and Telecom service providers which do not make KYC compulsory on their platform. Remaining Anonymous is key to safeguarding private information and data from getting into the wrong hands, prevention of identity theft, blackmails, acquiring products and services that are normally unavailable in restricted geographical locations, ensuring security from the malicious works of hackers and keeping some transactions secret.
In conclusion, the uPlexa platform proposes a cheaper and much more reliable option in perpetuating anonymous transactions compared to some big projects in the blockchain-community and with the uPlexa platform already boasting of functional products like mobile miners which actually work, the uPlexa project is definitely one to watch out for.
For more information on uPlexa check out the following channels
Website: https://uplexa.com
WhitePaper: https://uplexa.com/content/uPlexa-Whitepaper-EN.pdf
Discord: https://discord.gg/a7mAQwJ
Medium: https://medium.com/@uplexa
Reddit: https://www.reddit.com/r/uPlexa/
Github: https://github.com/uplexa/
Twitter: https://twitter.com/uPlexaCoin
Facebook: https://www.facebook.com/uPlexa
Writer's info:
BTT username: Mrsparks
BTT profile link: https://bitcointalk.org/index.php?action=profile;u=1197564;sa=summary
