In the series "Altcoins on the Block" I will have a look at different altcoins and explain what the coins are all about. In this edition I have a look at DeepOnion.
DeepOnion Coin - Security and Anonymous Transactions
The DeepOnion Coin combines cryptocurrency technologies with those of the TOR network, providing absolute security and anonymity. The DeepOnion Wallet accesses TOR directly and thus optimally encrypts your own transactions.
What is DeepOnion Coin?
The DeepOnion cryptocurrency is a coin that is sent via the TOR network. TOR itself is based on the idea of "Onion Routing" and means "The Onion Router". Using TOR, the traffic is encrypted so that you can almost completely anonymously browse the Internet, send messages or use P2P. With the aid of the wallet, the Deep Onion Coin, also called ONION for short, can be sent via the TOR network. The development started because for the developers Bitcoin could not satisfy the growing security need. What's more, for them, it is not safe to carry out transactions with bitcoins, this cryptocurrency is actually no longer "crypto".
Transactions of coins are concealed with a multilayered (hence the original name of the network as onion) protocol. The transactions are therefore difficult to understand. The Wallet allows you to use the DeepSend option to disguise transactions even further. Behind this is a complicated procedure and costs a few additional fees. Thanks to "Zero-Knowledge Proofs", the recipient still knows that this is the right transaction and that everything has run its course. Another feature of the cryptocurrency is the DeepVault, a data store based on blockchain. Again, the team takes the cryptography to heart; the data in the DeepVault should be secure and encrypted against unauthorized access. DeepOnion Vote Central is a platform that allows confirmed holders of a DeepOnion Coin Wallet to participate in democratic decisions about the cryptocurrency. Vote Central will be implemented in the first quarter of 2018.
Another special feature of the DeepOnion development is: Two algorithms are used to create new blocks. First, the common proof-of-work algorithm is used. Bitcoin also uses this, but in the future it could lead to problems with the scaling and speed of the blockchain. Therefore, the blockchain of the coin slowly changes to the proof of stake method. Keeping and freezing the coins on the DeepOnion Wallet is important and leads to this. At regular intervals you get a few coins as a reward. There should be a maximum of 25 million DeepOnion coins. This figure should be reached at the current speed of 2027. 18 million of these coins were already mined by the developers, so that they could be sent to the users as free "Airdrops". This is where DeepOnion is different from other cryptocurrencies, most of which started with a heavily advertised initial coin offering. However, that did not put a damper on the DeepOnion Coin course.
- 5 confirmations per transaction
- 50 confirmations per minted block
- 18 million ONION (90%) will be premined at the genesis block and will be distributed FREELY to the community via airdrop
- 2 million ONION will be mineable by the public
- Connection port: 17570 - RPC Port: 18580
- x13 algorithm
- 240s block target
- Difficulty retarget each block
- Initial payout will be 8 ONION per block
- PoW payout will be halved each year until it reaches
1 ONION where it will remain
- 60s block target
- Difficulty retarget each block
- PoS interest will be variable per year: 1st year 10%.
2nd year: 5% and subsequent years 1%
- Minimum holding time before PoS generation is 24
- Maximum allowed accumulated coin age is 30 days
The DeepOnion Coin development is far from finished, the roadmap is long. However, the developers have already made some plans for 2018. In this regard, the forecast does not look so bad.
DeepOnion - Who is behind the Cryptocurrency?
In keeping with the cryptocurrency, the team behind the coin would rather remain anonymous. However, the team still seems to strive for active development and to talk about its work in a transparent way. On bitcointalk.org there is a lively exchange between the team and the community. The official website reveals that the team consists of veterans and social media experts, search engine specialists and blockchain developers.
DeepOnion Coin - Pros and Cons
TOR is not unknown, but already enjoys great popularity with those who have an increased need for security and anonymity. While this basis does not guarantee that the Onion price will continue to rise. However, it is not unlikely that the DeepOnion cryptocurrency will hold due to its anonymous transactions and the coin will also be used. TOR is already an approved network and offering cryptocurrencies on this platform seems almost obvious. The Coin should already start with an advance in confidence in the race for those who are interested in anonymity. Perhaps most of it is to buy DeepOnion Coin as a long-term investment, rather than looking for quick profits.
At the same time, the development is still in an early phase, the cryptocurrency was announced in July 2017. Many new features still need to be developed and tested before the full potential of the coin can be measured, such as the very important function of Smart Contracts. Many points in the roadmap include making the cryptocurrency more popular on social media and launching actions for the mainstream media. In addition, the acceptance of the coin on shopping sites should be increased. Whether this succeeds the team despite the disreputable image of TOR, one must wait. Finally, the privacy of the anonymization service is also used for illegal business and the operation of illegal websites.
DeepOnion Coin Course - Development - Forecast
The price started at between 60 and 90 cents on the crypto exchanges. During November 2017, a steady upward trend was evident and continued until the beginning of December. Here the price reached a value of more than 1 euro per Coin for the first time and for a short time even rose to almost 4 euro. Until the holidays, the course was held at 3 euros per coin.
This may have been the last opportunity to buy the DeepOnion Coin cheaply. At the end of December, the DeepOnion Coin price reached over 6 euros. In January 2018, the cryptocurrency was covered by the general hype and jumped within a few days to 16 euros. After that, the coin lost value as the stock markets calmed down.
As far as the Deep OnionCoin forecast is concerned, the price seems to be stabilizing at a level above that of November of the previous year. Presumably, the DeepOnion Coin will behave like most cryptocurrencies and if its value goes down, it will also lose value. It can also be the case that the DeepOnion Coin gains again and surpasses previous results. Basically, it's still too early to make accurate predictions.
Create DeepOnion Coin Wallet
The safest wallet is the official wallet, which can be downloaded from the DeepOnion website. Only the official wallet can really use the cryptocurrency network. The wallet can be easily downloaded and installed from the website. There are different versions for the different operating systems. After the installation, the wallet took a while to sync with the network.
Where can I buy the DeepOnion Coin?
The number of online exchanges on which you can buy DeepOnion Coin is so far quite small. Mostly you have to exchange them for Bitcoin or Ether, the purchase with FIAT money like euro or dollar is not yet possible. Cryptopia, Kucoin or Stocks Exchange.
Conclusion DeepOnion Coin
One or the other may have forgotten that the coins should actually be cryptographically encoded digital currencies. The DeepOnion Coin wants to do this core task of cryptocurrencies using the TOR network. And although the development is still at the beginning, the potential can already be guessed.
Personally, I find the concept promising and have invested myself in it a few weeks ago and will continue to keep an eye on it.
I hope this post provides some value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to the project of DeepOnion Coin.
- Post header created by myself
Have a nice day!
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Posted on Utopian.io - Rewarding Open Source Contributors