Undoubtedly, Bitcoin has had its fair share of success; a large one for that matter. Despite its prosperity, the world’s pioneering has shortcomings, namely traceability of transactions, bulky scripts, bugs in the proof-of-work mechanism ad many more.
PyrexCoin is an altcoin that seeks to address the inadequacies of Bitcoin and thus avail full anonymity in dealings involving digital currencies.
PyrexCoin will implement the following procedures to overcome the failings of Bitcoin.
Usually, users involved in Bitcoin transactions have two keys, one public and one private key. In PyrexCoin’s proposed model, the sender will generate a one-time public key related to the address of the recipient along with some random data.
Also, a transaction from the same recipient is forwarded to a one-time public key and not to unique address as is the case with Bitcoin. Only the recipient can decipher the private key to be used to withdraw the funds. During the withdrawal process, the ring signature mechanism is implemented to maintain unrecognizability of the transaction.