by Guest Post
The privacy-centric PoS/PoW DeepOnion coin is looking to pick up where bitcoin (BTC) left off and ensure security and efficiency along an anonymous network. The coin is natively integrated with TOR (The Onion Router) network, which makes all peer-to-peer transactions secure and anonymous. The project has already offered 30 airdrops with ten more distributions in the near future. Further, DeepOnion premined 18 million coins for an ICOless dispersal among their robust community.
Picking up Where Bitcoin Left Off
Evangelists have lauded Bitcoin’s anonymity feature since the cryptocurrency’s inception. The privacy earned when using Satoshi’s creation is unmatched in the fiat world. Naturally, this feature inspired malicious agents to pile in and use the virtual currency as a primary means of payment.
- Upon further investigation, this characteristic is far from accurate. This fact is made clear by the developers at DeepOnion:
- A user creates an account with the exchange and registers their details to facilitate the exchange of currency. Exchanges generate a BTC address that is thus linked to your identity.
- The user sends funds from their anonymous BTC wallet (or FIAT bank account) to their identity verified exchange wallet.
- The user performs a trade.
From this, and also understanding Bitcoin’s immutability, to protect one’s date in this network, one would need to recreate a bitcoin address to defend one’s identity manually. The personal details given to an exchange become subsequently linked to a bitcoin address and make identification incredibly easy.
If an exchange is ever audited or pursued by government bodies, these groups immediately have access to your data, your crypto holdings, and the addresses with which you have chosen to transact.
The second problem facing a network that relies solely on SHA-256 based PoW is scalability and speed. Such a network is, by design, slower despite its security benefits. While not problematic in and of itself, bitcoin should not necessarily be considered the virtual currency of the digital world.
The DeepOnion project looks to conquer all of these failings primarily via a multi-layered security model. To begin, all transactions will be anonymized and secured using the TOR protocol. On top of these, the team will introduce zero-knowledge proofs, “which will obfuscate the origins of ONION transactions to all but the sender but provide sufficient, non-sensitive evidence that the transaction did occur.”
Transactions are further hidden by using DeepOnion’s DeepSend technology, a variety of multi-sig trustless system. At the top of the pyramid, the application layer, the team is looking to partner with services who are also in favor of anonymity and decentralization. This preference includes work with decentralized exchanges, such as Bisq P2P exchange, and marketplaces that “operate in a secure, anonymous, decentralized and cryptographically verified fashion.”
To overcome Bitcoin’s scalability concerns, the DeepOnion team has combined both Proof of Work (PoW) and Proof of Stake (PoS) mining proofs. The split falls along these lines:
- x13 algorithm
- 240-second block target
- Difficulty retarget each block
- Initial payout will be 8 ONION per block
- PoW payout will be halved each year until it reaches one ONION where it will remain
- Sixty-second block target
- Difficulty retarget each block
- PoS interest will be variable per year: First year 10 percent. Second year: five percent and subsequent years one percent
- Minimum holding time before PoS generation is 24 hours
- Maximum allowed accumulated coin age is 30 days
The larger block sizes used by the DeepOnion blockchain (1.5mb) and the inclusion of PoS equate to a current average block rate of 47 seconds. This figure was determined by calculating the number of blocks executed between November 25, 2017, and November 16, 2017. The result shows 1,825 blocks in 24 hours. Concluding, DeepOnion offers “10x the throughput of Ethereum and proves that DeepOnion is more effective, scalable and suitable for mass adoption as a cryptocurrency.”
Concluding, DeepOnion (ONION) offers a TOR integrated, fully anonymous cryptocurrency. The TOR network provides multiple levels of privacy to ensure that your location, online transactions, and identity are kept entirely private.
DeepOnion guarantees true privacy over the TOR network, by using the latest TOR Version 3.3.0 with OBFS4 and MEEK support. Citizens in TOR banned countries such as China and Turkey now have the opportunity to move 100% anonymously with DeepOnion. No other privacy coin so far has developed this unique technology.
Together with upcoming new features like VoteCentral, a community-driven vote system for the future direction of the development, an Android mobile wallet, DeepSend for masking transactions on both ends and the already implemented DeepVault, an exclusive DeepOnion file notary system on the Blockchain, makes DeepOnion, compared to other privacy coins, the most anonymous cryptocurrency up to date.
Airdrops and ICOless Distribution
Unlike current token distribution mechanisms, DeepOnion is simply airdropping 18 million DeepOnion coins for free to interested parties. As the project has already done 30 airdrops, the next wave will distribute 300,000 coins each run and then 350,000 on the 40th airdrop.
As well as airdrops, active members of the DeepOnion forum community will be rewarded by ten percent of the airdrops to support events on the forum.
For more information about the project, community, or any of the technology backing the premier privacy-centric DeepOnion coin, please visit their website, review the project’s roadmap on their white paper, or find their source repo on GitHub.
Disclaimer: BTCManager does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice.