The Maxcoin network is a robust & secure cryptocurrency that is underpinned with several but 2 main modifications that differentiate it from the crowd. Keccak (pronounced like "ketchak") and Schnorr.
Keccak SHA-3 algorithm for Proof of Work.
- Maxcoins transaction security has been upgraded with next-generation, Keccak SHA-3 algorithm for Proof of Work, that was designed and peer-reviewed by independent cryptography experts to succeed SHA-256.
- Keccak is not vulnerable to length-extension attacks, which in certain circumstances can be used to create valid signatures to deceive a recipient whilst remaining invisible.To mitigate against these attacks, Bitcoin uses two rounds of SHA-256 on the input (the input is fed into the hashing algorithm, the resulting hash is then fed into the algorithm a second time), however this additional step is not required when using Keccak, saving time and energy.
- SHA-2 was designed and developed closed-door by the NSA, whilst Keccak was subject to an open competition (NIST) and has a thicker safety margin than SHA-2.
- Keccak was chosen as the official successor for SHA-256 after being a finalist and finally winning a 5 year long international competition run by the National Institute of Standards and Technology (NIST).
- Special Note: Keccak is also much greener than SHA-256 and many other hashing functions, reducing cryptocurrencies ecological footprint.
Schnorr Signing Algorithm.
- Maxcoins addresses use Schnorr for signing algorithm (an improvement over ECDSA), allowing exciting developments such as "native multisig" to be used, and an upgraded cryptographic field for key generation and an increase in performance. Schnorr signatures are now being adopted by banks and are expected to be in included in future versions of Bitcoin.
Maxcoin uses Secp256r1 as it's cryptographic field to generate key pairs for addresses: A carefully-designed elliptical curve from which points are selected and used to initialise the public and private keys. Bitcoin, and most cryptocurrencies, use a field known as Secp256k1, which is believed to be less secure than the Koblitz family of curves (including the Secp256k1 field).
- The use of the Secp256k1 field is specifically recommended by NIST, an organisation that sets the standards for US government cryptography.
- Both of these key pair technologies were recommended during pre-development discussions with Professor Nigel Smart, a cryptography expert at the University of Bristol.