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Infinity Economics

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Infinity Economics (XIN)
Infinity Economics Logo.png
Developer(s)Infinity CoreDeveloper
Initial release2017
Written inJava
Engine
    Operating systemWindows, Linux, MacOS
    Available inEnglish
    TypeElectronic money
    LicenseGPL
    Websitehttp://www.infinity-economics.org

    Amazon.com Logo.png Search Infinity Economics on Amazon.

    Infinity Economics (XIN) is a Cryptocurrency introduced in 2017, which is based on the proof-of-stake (PoS) approach and is managed by a decentralized community. Infinity Economics is the next generation financial ecosystem. Its main goal is to integrate cryptocurrencies into the traditional financial world and to create a single gateway to the market for normal users, traders, investors and financial institutions by building a new full service and limitless decentralized financial ecosystem and digital economy. In the initial phase, Infinity Economics primarily targets community­based and humanitarian development and projects. To that end, decentralized voting and messaging are implemented to allow for a DAO­like experience (Hybrid Governance) in managing community projects, whilst remaining straightforward from a technical aspect. 

    Mission and Goals[edit]

    Infinity Economics Mission is to make the daunting cryptocurrency market accessible to everybody, accelerating adoption of Blockchain technology and democratisizing ownership of cryptocurrencies. Infinity Economics makes cryptocurrencies easier to purchase and transfer allowing the average individual to participate in the New Economy. The Infinity Economics foundation believes in the philosophical mission established by Satoshi Nakamoto. By creating a secure layer that is accessible to the average person, they put the power in the hands of the people - where it belongs.

    The future success of cryptocurrencies relies on their widespread use. While crypto certainly has the potential to rise as a global payment method, it remains the victim of speculation. Currently, most users are treating cryptocurrencies as speculative assets rather than using them in daily life. Given the sector’s exponential growth and the way Blockchain technology is becoming increasingly mainstream, many are optimistic that digital currencies will be used more as a currency and less as a speculative asset. Though several new blockchain technologies and cryptocurrencies have emerged over the past few years, none have yet achieved the breakthrough success required for mainstream adoption - primarily due to negative publicity, bubble speculations, scams and complicated userinterfaces. Hacking and other cyberattacks on crypto exchanges and directly on unsers devices and wallets have also contributed to the overall uncertainty which accompanies this new technology.:[1] 

    Concept[edit]

    Proof-of-Stake[edit]

    Proof-of-Stake (PoS) is a kind of algorithm that uses a cryptocurrency blockchain network to reach a distributed consensus. In contrast to proof-of-work (PoW) cryptoscripts (such as Bitcoin), where the algorithm must solve complex cryptographic computing tasks to validate transactions and create new blocks. In the case of PoS-based cryptoscripts, the creator of the next block is selected in a deterministic (pseudo-random) manner. The chance that an account is chosen depends on the respective account balance (i.e., the stake). In PoS Cryptocurrencies, the blocks are usually forged or embossed instead of being dismantled. This means that the blockchain from Infinity Economics requires much less energy than the Bitcoin blockchain. Also, usually all the coins are created at the beginning and the total number of coins never changes afterwards (although there are other versions of PoS where new coins can be created). Therefore, in the basic version of PoS, there are no block rebates (such as Bitcoin); So, the Forger only receive the transaction fees. The so - called 51% attack with a large amount of computing power is not possible with PoS. Nevertheless, comparable attack scenarios are possible with a very high amount of held coins.[2]

    Brain Wallet[edit]

    The standard client uses a so-called brain wallet. This means that entering a password is sufficient to access the wallet. Since there is no further hurdle (eg the knowledge of a user name), a very secure password must be used. If a password with fewer than 35 characters or 15 words is entered in the XIN clients, a warning is displayed. It is recommended to select the longest possible passphrase. However, a brute-force attack is virtually impossible. Because you end up in a wallet. This means that the XIN client does not give feedback, whether or not this is an active wallet. Open-source software like KeePass generates strong passwords and simultaneously allows encrypted storage on the local computer.

    Forging[edit]

    Unlike many other coins, there is no mining at Infinity Economics's XIN. This means that all coins have existed from the beginning (at Infinity Economics, this is 9`000`000`000 XIN). In order to create an incentive for creating a node in the network, there is forging. A small transaction fee is charged for each transaction on the blockchain. In forging, the transaction fees of the last transfers are awarded to the person who "found" the block using the proof-of-stake principle.

    The more coins you have an your wallet, the more often you have the possibility of a block to borrow (forging). A certain amount of preliminary work must also be undertaken in the case of forging. Similar to the bitcoin strong hardware for the mining needs to be procured, it is necessary for the forging to have many coins to find more often blocks and earn transaction fees. A new block is created in Infinity Economics every 60 seconds.

    A node or node can be used on any PC, server or on a Raspberry Pi.

    Decentralized autonomous organizations (DAO)[edit]

    What is a DAO[edit]

    Decentralized autonomous organizations have been seen by some as difficult to describe. Nevertheless, the conceptual essence of a decentralized autonomous organization has been typified as the ability of blockchain technology to provide a secure digital ledger that tracks financial interactions across the internet, hardened against forgery by trusted time-stamping and by dissemination of a distributed database. This approach eliminates the need to involve a bilaterally accepted and trusted third party in a financial transaction, thus simplifying the sequence. The original theory underlying the DAO was that by removing delegated power from directors and placing it directly in the hands of owners, the DAO removed the ability of directors and fund managers to misdirect and waste investor funds. The first known DAO was/is Bitcoin, but it lacks some important functions to fulfill the 'optimal' DAO. Simply defined, a mechanism called e-Governance is missing to function as an expression of the token holder’s will.

    Voting[edit]

    The standard vote model for polls, initiated by the Foundation, is the balance-model to ensure tamper-free results. A simple majority is used (+50%) on all votes, weighted by voters balance, no matter on total participation. The Foundation always discuss upcoming votings in the community's forums, with a sufficient time-frame, giving every users the chance to make a final vote on proposals. These discussions are also important to define a clear and easy to understand poll header and choices on each proposal. After discussion, the Foundation announces the poll to vote on with an additional timeframe of 1-2 weeks. The final poll will be run at least for another week. This ensures that even users, not online often, have a fair chance to vote o all proposals. Once a poll from Foundation is created the result is binding to the Foundation and the Foundation will start to allocate resources and to monitor the progress on those projects.[3]

    Foundation[edit]

    The Infinity Foundation is non-profit by itself and based on meritorious community members with the right off anonymity if they wish. Foundation members manage the Community Funds (see below) by a multi-signature account, ensuring that those community funds can't be spent without a community decision. The Foundation's range of work reflects the variety of the property under its care. The Foundation tasks can be summarized as follows[3]

    • Provide infrastructure (Nodes/Webservers/Forum)
    • Provide marketing tools
    • Provide further platform and service development
    • Provide technical assistance for corporate integration
    • Provide peer reviews and code auditors
    • Provide proposals and voting
    • Provide resource allocation and project monitoring
    • Provide platform/chain securing (Block generation)
    • Provide for-profit/business solutions to create value for the community
    • Provide donators for special projects and marketing tasks

    Characteristics[edit]

    Advantages of Infinity Economics versus other cryptos[edit]

    • It is not possible to manipulate the blockchain by a 51% attack (providing the majority of the computing power)
    • Low energy consumption
    • Lower memory requirement of the blockchain
    • System can be extended as desired and already offers various functions like an asset marketplace, encrypted messages or votings.
    • There is a fixed number of coins (9`000`000`000 XIN)

    Disadvantages of the XIN[edit]

    • The Proof-of-Stake system may offer new attacks, such as the Nothing-at-Stake attack[4], but has never been done.

    Weblinks[edit]

    References[edit]

    1. "Whitepaper" (PDF). Infinity Economics Foundation. 2017-10-03. Retrieved 2017-10-13.
    2. "What Proof of Stake is and why it matters". Bitcoin Magazine. 2013-08-26. Retrieved 2017-10-13.
    3. 3.0 3.1 "IE Documentation". Infinity Economics Foundation. Retrieved 2017-10-13.
    4. "It Will Cost You Nothing to 'Kill' a Proof-of-Stake Crypto-Currency". 2014-02-11. SSRN 2393940.


    This article "Infinity Economics" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Infinity Economics. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.


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