Infinity Economics

Infinity Economics (XIN)

Developer(s)	Infinity CoreDeveloper
Initial release	2017
Written in	Java
Engine
Operating system	Windows, Linux, MacOS
Available in	English
Type	Electronic money
License	GPL
Website	http://www.infinity-economics.org

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 community-based and humanitarian development and projects. To that end, decentralized voting and messaging are implemented to allow for a DAO-like experience (Hybrid Governance) in managing community projects, while remaining straightforward from a technical aspect.

Mission and Goals

Infinity Economics' mission is to make the daunting cryptocurrency market accessible to everyone, accelerating adoption of Blockchain technology and democratizing 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 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 susceptible to speculation. Currently, most users treat 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 speculation, scams, and complicated user interfaces. Hacking and other cyberattacks on crypto exchanges and directly on users' devices and wallets have also contributed to the overall uncertainty that accompanies this new technology.

Concept

Proof-of-Stake

Proof-of-Stake (PoS) is a type 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 PoS-based cryptoscripts, the creator of the next block is selected in a deterministic (pseudo-random) manner. The probability of an account being chosen depends on its respective account balance (i.e., the stake). In PoS Cryptocurrencies, the blocks are typically forged or embossed instead of being mined. This means that the Infinity Economics blockchain requires significantly less energy than the Bitcoin blockchain. Also, typically all coins are created initially, and the total number of coins never changes afterward (although there are other versions of PoS where new coins can be created). Therefore, in the basic PoS version, there are no block rebates (such as Bitcoin); so, the forger only receives transaction fees. The so-called 51% attack, involving 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.

Brain Wallet

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 (e.g., the knowledge of a username), 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 provide feedback as to 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

Unlike many other coins, there is no mining at Infinity Economics' XIN. This means that all coins have existed from the beginning (at Infinity Economics, this is 9,000,000,000 XIN). 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. During 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 in your wallet, the more frequently you have the possibility of forging a block (forging). A certain amount of preliminary work must also be undertaken in the case of forging. Similar to the bitcoin mining needs, strong hardware must be procured for forging to have more coins to find blocks more often and earn transaction fees. A new block is created in Infinity Economics every 60 seconds.

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

Decentralized Autonomous Organizations (DAO)

What is a DAO

Decentralized autonomous organizations are sometimes difficult to describe. Nevertheless, the conceptual essence of a decentralized autonomous organization has been typified as blockchain technology's ability to provide a secure digital ledger that tracks financial interactions across the internet, protected against forgery by trusted time-stamping and a distributed database. This approach eliminates the need for a bilaterally accepted and trusted third party in a financial transaction, thus streamlining the process. 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 necessary for an "optimal" DAO. Specifically, a mechanism called e-Governance is missing to function as an expression of the token holder's will.

Voting

The standard vote model for polls, initiated by the Foundation, is the balance-model to ensure tamper-proof results. A simple majority is used (+50%), weighted by voters' balance, regardless of total participation. The Foundation always discusses upcoming votings in the community forums, with sufficient time frames, giving all users the opportunity to make a final vote on proposals. These discussions are also important for defining a clear and easily understood poll header and choices for each proposal. After discussion, the Foundation announces the poll to vote on, with an additional timeframe of 1–2 weeks. The final poll will run for at least another week. This ensures that even users who are not frequently online have a fair chance to vote on all proposals. Once a poll from the Foundation is created, the result is binding to the Foundation, and the Foundation will begin allocating resources and monitoring the progress of those projects.

Foundation

The Infinity Foundation is a non-profit organization itself, based on meritorious community members who have the option of remaining anonymous. Foundation members manage the Community Funds (see below) via a multi-signature account, ensuring that these funds cannot be spent without a community decision. The Foundation's range of work reflects the variety of the property under its care. The Foundation's tasks can be summarized as follows:

• 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 audits
• Provide proposals and voting
• Provide resource allocation and project monitoring
• Provide platform/chain security (Block generation)
• Provide for-profit/business solutions to create value for the community
• Provide funding for special projects and marketing tasks
• * 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

Advantages of Infinity Economics versus other cryptos

• A 51% attack (controlling the majority of the computing power) is not possible to manipulate the blockchain.
• Low energy consumption.
• Lower memory requirements of the blockchain.
• The system can be extended as desired and already offers various functions, such as an asset marketplace, encrypted messages, or voting.
• A fixed number of coins (9,000,000,000 XIN).

Disadvantages of XIN

• The Proof-of-Stake system may offer new attacks, such as the Nothing-at-Stake attack, but one has not yet occurred.

Weblinks

• Official Website Archived 2019-01-24 at the Wayback Machine
• Official Community Forum
• Extensive wiki of Infinity Economics
• Open source source code
• Infinity Economics Whitepaper
• CoinMarketCap
• Bitscreener

References

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.

📰 Article(s) of the same category(ies)

• Nova (text editor)
• Everest Cast
• ChatGPT
• DaVinci Resolve
• StealthGPT
• Naeon
• Pretendo Network

---