👁 Blink: Instant transactions
Blink is $OXEN’s instant payments mechanism. We’re leveraging the Oxen Service Node network to confirm transactions before they’re entered into the blockchain, while maintaining the privacy, anonymity, and security you expect from $OXEN. Blink is the first and only instant payment solution for a CryptoNote-based privacy coin.
Normal $OXEN transactions are sent to a pool of unconfirmed transactions (the mempool), where they sit until randomly selected for inclusion in a new block to be added to the blockchain ledger. This can take several minutes, and while this is fine for many transactions, sometimes people need transactions that are private, anonymous, and instant. Enter Blink.
When a Blink transaction is made, the transaction makes a few extra stops on the way to the mempool — but, paradoxically, those extra stops make the transaction effectively instant. Blink transactions look like this:
Blink transaction is sent to two quorums (randomly-selected groups of 10 Oxen Service Nodes)
Quorums check transaction for legitimacy
Malicious or invalid transactions (e.g. duplicates of a previous transaction, or an attempt to spend $OXEN which does not belong to the sender) are denied
Valid transactions are confirmed by the quorums
Sender and receiver see transaction confirmation
Blink transaction is passed to mempool for inclusion in blockchain
With Blink, $OXEN is the first cryptocurrency to offer secure, private, anonymous transactions in real-time. The possibilities are endless — limited only by your imagination. Powered by Blink, $OXEN presents a viable solution for privacy-conscious point-of-sale applications, and any other situation where users want security, privacy, and anonymity in the blink of an eye.