The excitement in the DeepOnion community is waxing stronger by the day as the development team keeps its promises on the release of new features and distribution of free coins via the airdrops. This commitment has further established DeepOnion as the best thing to happen to the cryptospace in 2017. If you are still in doubts about this, then I wonder if you learned any lesson from the missed opportunity associated with not investing in Bitcoins in 2008!
It has been reiterated severally that DeepOnion has the potentials of attaining the level of popularity which Bitcoin and Ethereum currently has within a short while. This is given its anonymous feature and high level of security which trumps other cryptocurrencies as a much sought feature by crypto-investors.
As we move into the second month of Q4 2017, several events have taken place and more is being expected. Many of the events that took place were tailored to ensure existing and new users have it easy from the get go while investing in DeepOnions. Top of these are the new airdrop rules and the brand new website. We also have the big one coming up – THE DEEPONION SMART CONTRACTS – which will take crypto-based smart contracts to a whole new level. Let’s have a look at all these in details:
New Airdrop Rules
The DeepOnion team recently released new airdrop rules to be implemented from the 16th airdrop. The new regulations are expected to improve the distribution of ONIONs and allow more users to participate. This will also give those who are expected to join the train more reason to invest in DeepOnion. The major highlights of the new rules include:
- There will be no 90% holding criteria to participate in airdrops. Also, you can now freely trade every single ONION you own, including the ones from the airdrops.
- As a user, you can own multiple accounts as you wish, but you will not receive more ONIONs than a single account would.
- Failure to post at least 5 messages in bitcointalk.org and 3 messages in deeponion forum weekly will only disqualify you from current airdrop and not get your account banned.
- If you have your account previously declined, you can now re-apply and get accepted without a manual review like before. However, this is subject to the satisfaction of other conditions.
- Distribution of free Onions will be based on the balance in your DeepOnion account. As a matter of fact, you will be required to have at least 100 ONIONs to qualify for the airdrops. Learn more about the new airdrop rules here: https://deeponion.org/airdrop.html
You can see the new rules on the infographic I created below:
Oncoming Smart Contracts
Of all the oncoming applications of DeepOnion, this is the bomb! Smart Contracts are programs that execute what they are created to do, hence the term “Self-executing contracts.” The rationale behind self-executing contracts is to enable the conversion of normal contracts between individuals into computer codes. The same is stored and replicated on the system which is supervised by a network of computers running the blockchain. This results in a physical exchange of value known as ledger feedback which could involve a transfer of funds or receipt of goods and services.
In case you are still not familiar with smart contracts, see it as a vending machine as illustrated by Nick Szabo, the guy who first conceived the idea of smart contracts about 24years ago. A vending machine would require a token for a cup of coffee or snack. In this case, the token would be a cryptocurrency. It operates on the “If-then” premise; in other words, certain conditions that are accepted by the parties involved in the contract will have to be met before the execution of the contract.
Smart contracts can be applied as multisig accounts which would require a certain number of people to agree for an action to be carried out. It can also be used in managing agreements between parties to a contract and store the details about an application. “Smart contract” is a familiar term with Ethereum, although bitcoins also allow you to process smart contracts.
With all the positives and potentials about smart contracts is a major setback which you should know about. A blockchain based smart contract is visible to other users of the said blockchain, making it vulnerable to violations. A typical example is the June 2016 attack on The DAO which is an Ethereum-based smart contract. On this occasion, up to $50million in Ether were carted away by the hacker. This also brings to fore the inherent loopholes of traditional cryptocoins such as Bitcoins and Ether.
As DeepOnion plans on rolling out its smart contract, I can only imagine the first Tor-based (anonymous) self-executing contract to ever grace the cryptospace. The TOR network will largely promote this and ensure details about contracts are only visible to the parties involved, thus shutting out third parties and all forms of prying eyes. Although there are many uncertainties surrounding this with respect to the implementing code and when the development will begin, DeepOnion smart contracts is definitely something to look forward to. I’m certain this will take the cryptocurrency community by storm; it should be a motivating factor to invest in DeepOnion.
Yippee!!! The new website is here. In case you don’t know DeepOnion now has a new website, visit https://deeponion.org to find out for yourself. Now, what makes this website so unique? It was created by 2 loyalists of the community - DogLover and Impressive (that's my brother and I). People ask us why we donate so much of our time to DeepOnion, despite not being part of the development team? Well, simply, I would say it is purely based on trust and belief in the future of DeepOnion. The last time I checked, this will be the first time members of a new crypto community will be going as far as building a website for a cause they so much believe in. The new website features current trading price of the Onion against the BTC and the market capitalization. So, traders have a new leverage to stay current with changing prices of the Onion in the market. There is also a trackable roadmap towards the bottom of the website that allows users to keep abreast of the different stages of DeepOnion’s development as well, information about airdrops and active participants in the community can be accessed. All these new features are in addition to the beautiful interface which the website has.
This innovative feature is another reason to join the DeepOnion train. It is a great way of maintaining the integrity of important documents by storing the file’s hashes on the DeepOnion blockchain. Read more about its features here.
Ultimately, DeepOnion plugs the privacy holes that many other altcoins have failed to address. It’s no longer news that transactions are made totally anonymous along the Tor network, thus making it extremely difficult for anyone to outsmart the system. The oncoming DeepSend is another important feature to look out for. This will function to render payments untraceable using a multi-signature method. While DeepOnion is less than 6months old, its giant strides are quite unimaginable. Considering its performance on nova exchange in spite of a few ups and downs, one cannot agree less that the future is bright. The value of ONIONs is expected to appreciate if current plans to join a new exchange succeeds. Indeed, this will happen, then it won’t be the best time to invest.
If there is a perfect time to invest in DeepOnion, it is NOW!!!