Glossary

HIN

The HibitChain Identity Number (HIN) is a unique identifier assigned to a user's wallet within the HibitChain blockchain system. It serves as the exclusive identity of the user's wallet within the HibitChain ecosystem, allowing for seamless integration without altering the user's original wallet setup.

In traditional blockchain networks, each system often maintains its own independent key infrastructure, creating compatibility challenges when interacting across different blockchains. HibitChain addresses this issue by enhancing compatibility with wallets from all blockchains. Instead of requiring users to generate new keys or wallets, HibitChain assigns a unique HCIN to map to the user's existing wallet.

To facilitate interactions between the user's existing wallet and HibitChain, a Proxy Key Mechanism is employed. This mechanism enables users to engage with HibitChain using their current wallets without adopting a new key system. The Proxy Key acts as a secure intermediary that connects the user's wallet to HibitChain, ensuring smooth and secure transactions through its own signing mechanism.

An added advantage of using an HCIN is the benefit of reduced storage space. By mapping existing wallets to a unique HCIN, HibitChain manages user identities more efficiently. This approach minimizes the amount of data that needs to be stored on the blockchain, eliminating the redundancy associated with multiple independent key systems. Reduced storage requirements lead to a more streamlined and scalable blockchain environment, enhancing overall network performance and efficiency.

By utilizing the HCIN and the Proxy Key Mechanism, HibitChain enhances interoperability, user convenience, and system efficiency. Users can effortlessly participate in the HibitChain ecosystem, leveraging their existing wallets and familiar message-signing methods. This innovative approach reduces barriers to entry and fosters a more inclusive blockchain environment where cross-chain interactions are simplified, secure, and resource-efficient.

Proxy Key

A Proxy Key is a crucial cryptographic component within HibitChain that serves as the primary means of interaction between a user's existing wallet and the HibitChain network. Rather than relying solely on the original wallet's signing method, HibitChain utilizes the Proxy Key and its own signing mechanism for most transactions. This design allows users to continue using their familiar wallets while ensuring consistent security within the HibitChain ecosystem.

When it comes to withdrawals, HibitChain enhances security by implementing a multi-signature process. This process involves both the Proxy Key and the user's original wallet. By requiring authorization from both keys specifically during withdrawals, HibitChain adds an extra layer of protection, keeping the original wallet actively involved in operations that demand higher security.

Key Points:

• Original Wallet Involvement: The user's original wallet participates in essential interactions with HibitChain, particularly during withdrawals that require enhanced security through multi-signature authorization. This ensures that critical asset movements cannot occur without the user's explicit consent from their original wallet.

• Proxy Key as Main Interaction Key: For most activities within HibitChain—including standard transfers—the Proxy Key functions as the primary interaction key. It facilitates efficient and secure transactions while maintaining a smooth user experience without the need for multi-signature authorization.

The Proxy Key is also designed to be replaceable, an architectural choice that boosts HibitChain's scalability and flexibility. While this feature isn't currently active, it allows HibitChain to adapt to future technological advancements without necessitating major system overhauls.

An additional advantage of using HibitChain Identity Numbers (HCINs) and Proxy Keys is the benefit of reduced storage space. By mapping existing wallets through unique HCINs and channeling interactions via the Proxy Key, HibitChain minimizes redundant data storage associated with managing multiple key systems. This leads to a more efficient and scalable blockchain environment, enhancing overall network performance.

Traditional blockchain systems often come with their own independent key infrastructures, which can pose significant challenges for interoperability. Users interacting with different blockchain networks may find themselves managing multiple wallets and key systems, leading to complexity and inefficiency.

HibitChain innovatively addresses this hurdle by introducing the Proxy Key mechanism. Instead of requiring users to generate new keys or adopt entirely new wallets, HibitChain assigns a unique HCIN to map the user's existing wallet within its ecosystem. The Proxy Key acts as a secure intermediary, allowing the user's current wallet to communicate and transact with HibitChain. This means users can continue using their familiar message-signing methods while effortlessly engaging with the HibitChain network.

From a design perspective, the replaceable nature of the Proxy Key is particularly forward-thinking. The architecture intentionally incorporates the ability to substitute the Proxy Key component in the future. This design choice significantly enhances the system's scalability and adaptability. By keeping the Proxy Key modular and replaceable, HibitChain ensures it can evolve and integrate new technologies or cryptographic methods as they emerge—without requiring a complete overhaul of the system or disrupting user experiences.

Currently, the replacement feature of the Proxy Key isn't actively utilized—it's a strategic reserve within the system's structure. This built-in extensibility means that while the Proxy Key presently serves its function effectively, HibitChain is prepared to unlock greater flexibility and improvements down the line. It's like having a well-designed building with provisions for expansion—the infrastructure supports growth when the time is right.

The Proxy Key mechanism not only streamlines user interaction and enhances security but also reduces storage demands on the system. By mapping wallets through HCINs and using Proxy Keys, HibitChain minimizes redundant data storage associated with managing multiple key systems. This results in a more efficient, scalable blockchain environment with better performance and resource utilization.

In essence, the Proxy Key is a testament to HibitChain's commitment to user-friendly design, security, and future readiness. It bridges the gap between diverse wallet systems and the HibitChain network, all while laying the groundwork for scalability and innovation in the blockchain space.