What is it? NYX is a decentralized solution to validate identity, restore and authorize access to crypto assets, inheritance and similar problems.
Losing credentials (passphrase/private keys) is a serious problem in cryptocurrency world. Estimates on lost BTC already go to 23% and considering that 17% users on world wide web forget their passwords to sensitive data with more non-technical audience entering blockchain world the problem is going to grow. Storing restore data in cloud services is a risky way to ensure access recovery, both at the level of network interaction, and at the level of provision security of servers from hacker attacks. Hardware (cold) wallets break regularly or can be lost, and let’s not even start on keeping the passphrase written down physically.
How it worksCurrently we are working on the applied solution as part of our identity validation feature - the access recovery.
This mechanism works as follows:
-The owner records a video where he orally announces the information confirming his rights to the NYX account, performs specific actions which will protect from video (or generated) footage attack;
-Then he provides a passphrase to a new account to which assets will be transferred;
-Recovery request event is created on the blockchain;
-Any other user can find a recovery request using NYX client applications;
-The user can view the video, compare it with the original photo and other data;
-When a threshold of a sufficient number of ratings is reached, which depends on the amount on the target NYX account, a consensus evaluation will be performed based on the Schelling point – the average number from the number of voices is found and the voices that significantly differ from it are discarded;
-The users whose votes were close to the average a fee for their work - similar to miners;
-Assets are transferred to the target account.
If the recovery process is activated user gets notification on all devices which will allow him to block the fraudulent request by entering original credentials. User will have access to the video on suspicious attempt.
Simplified variant (in alpha):Currently we are finishing developing a simpler but powerful solution:
-User creates an explicit list of other accounts which can be authorizers;
-Currently auth request doesn’t require tokens;
-Neural network is used only for face detection and capturing a proper footage;
-This helps fight account flooding when authorizers would be selected randomly, there would be a chance that somebody generates a ton of accounts to get into this set;
-This also allows reducing known problem with high error rate when identifying people from other races.
Starting from a simplified variant allows an assumption on criteria for validated authorizers in the future - if the user has been identified even once, he’s suitable for randomly selected authorization because his identity is proven. User is still anonymous for anybody except from his whitelist.
ProspectsNYX account opens up to possibilities beyond access recovery:
Authorizing sensitive actions based on person’s identity, for example transferring big amounts of money;
Inheriting assets;
Voting (decentralized democracy) from validated persons;
etc
Despite having our own wallet and a small ecosystem, we plan to integrate with existing wallets, like Jaxx, Trezor, etc.
ICO and tokenomics15M tokens will be distributed (hard cap) with 3M soft cap. 300k will be available for pre-sale with 20% discount. Initial price is ~0.001 ETH, we plan to correct with ETH price to get closer to 1 USD per token.
Standard ties smart-contract will be used to transfer tokens to investors.
Based on etherscan.io data for 2017 Q3-Q4, number of unique accounts in Ethereum will increase at last 6 times to 90 000 000 in 2018. Statistically 17% accounts are lost as a result of corresponding data loss (i.e. keys, passwords). 17% - 15.3 mln accounts (at least) will be lost in 2018. Let’s assume, that NYX, as the only possible solution for now, will handle the task to take the market share in amount of 7.5% of all new ethereum accounts in 2018. This results in total number of NYX accounts of 7.5% of 90 mln = 6 700 000 accounts. 17% of users will lose access to their Managing accounts, thus requiring NYX tokens to restore access to their funds. This is about 1 mln accounts. To recover access to 1M accounts there will be demand of about 80 mln tokens, while the maximum available to the public sale is 12 mln. At price of 80 NYX (20-30 confirmations) for a single access recovery request there’s 6 times lack of NYX tokens on the market which will increase the demand. It will be flexible though, likewise the miner’s fee you can spend smaller amount of tokens but wait longer.
Current roadmap2017 Q3
NYX concept developing. Smart-contract implementation and testing. Developing NYX for Android alpha.
2018 Q1
ICO Launch
2018 Q1
Decentralized identity validation dAPP, Integration with popular wallets, Marketing
2018 Q2
Neural-network based anti-fraud system, Formal verification. Token trade on exchanges
2018 Q3—Q4
Altcoins implementation, full decentralization (token holders control further development of the technology), validated accounts are used for things like voting
