shutterstock_1112972804

XOV Core: Network Features

A hybrid solution that assures stability, scalability and accountability

XOV Core is a hybrid network – offering the benefits of centralised accountability, security and control with the scalability and independence of a decentralised ledger and community. The network will be underpinned by a community of Masternode operators to service the demand for transaction processing as part of the Core Masternode Franchise Programme.

XOV Core will service the Slipstream payments service and the XOV stable digital currency. It’s our assurance to users of the network and the services it will provide that there is a robust, stable and scalable network – with all the accountability needed to give confidence that the customer is not dealing with a faceless network.

The new stable coin will be called XOV Stable (XSTA).

Core will be released in two phases:-

Phase I – The rollout of the blockchain with stable currency and Masternode infrastructure, backed by tokenised reserves.

Phase II – The additional functionality of SPNs and Advanced Wallet Features.

Special Purpose Nodes perform special functions on the hybrid network as follows. Please note that there is no centralised capability of stopping a payment or centralised capability of accessing a wallet.

Payment Security Node (PSN)

The PSN acts as a payment delay service so that a payment is delayed before the intended recipient receives it. This allows the sender of a high value payment the ability to recall a payment and is essential in the case of an accidental address being used, to prevent fraudulent payments, and to give the sender a second chance. The services acts in a similar way to an email recall facility. The delay can be set by the sender of the payment, and the payment is sent to the recipient via the PSN service.

Payment Verification Node (PVN)

The RVN acts a DNS type server that requires two sets of information to process a payment, and verifies any network address on the Core. The information required is a unique payment address (public network address) and another ID specific to the XOV account-holder – this set is linked. The RVN is also responsible for issuing new randomly generated public addresses on the blockchain at the request of the payment sender.

The XOV Core interface will be web and mobile based accessible by XOV Private Banking clients. The XOV client will hold the private key for their wallet. We are developing some advanced wallet features as follows.

Maximum Payment Limit option

Clients will be able to set a default maximum payment limit option to ensure that the limit cannot be accidentally exceeded when making payments on the network.

2FA payment security

Payments can only be send using 2FA. This means that payments cannot be sent without two independent sets of information. This is enhanced by the payment verification service provided by the network itself.

Pooled wallets

For teams, corporations and other clients that require tighter control over their funds, we will be offering pooled wallets. This allows funds only to be released with the agreement of all wallet signatories. The XOV client is responsible for the pooled wallet.

Pull the plug option (PTP)

All clients will have the ability to attach or detach (pull the plug) their wallet from the Core. This provides protection from any attempted security risks and takes their node temporarily off the network.

Wallet Web (WW)

Wallet Web is an advanced wallet system that controls your currency by masking your private wallet with a public network address, and distributes funds to virtual private wallets, whilst providing the client with a unified balance of funds. The client will only ever be aware of their public address, to safeguard the private addresses from unauthorised theft attempts.