DeepOnion
DeepOnion is one of my favorite projects and one of the few i follow and engage with, like I do with STEEM :)
They got solid privacy tech, a very strong and friendly community, which i can testify to, along with a hardworking and knowledgeable development team!
There are 14,000 forum users and we all feel that privacy and anonymity along with decentralization is what the future needs, come and check the project out!
Problems with privacy on classic blockchains?
When you buy BTC with FIAT through Coinbase for example or any provider where your identity is verified, or even using your credit card, you will be linked to your BTC address.
You can't solve this by moving them through exchanges or other BTC wallets, you must go through a currency that completely disrupts the transaction chain, enter $ONION
How will DeepOnion be an leading developer in this area? All the answers is in the new White paper 2.0 let´s dig in!
What is a white paper?
It is simply a document where the creator of a cryptocurrency or company can express their vision and impact on society.
It usually contain a road map to show past and future implementations and technology along with more specified sections about each feature!
DeepOnion: White Paper 2.0,
DeepOnion seeks to become a premier hybrid cryptocurrency that guarantees privacy and anonymity of its users by introducing the novel blockchain technologies and improving the current state-of-the-art. The development
has integrated the latest privacy standards into DeepOnion's technology stack. The latest TOR protocol was incorporated to ensure that the finances of our community members remain anonymous and secure in every aspect.
We have gone an extra mile by adding VoteCentral, a voting mechanism that allows democratic and anonymous representation of the future development of DeepOnion.
There is a lot going on when it comes to privacy and e-commerce adaptation and $ONION has won many many polls lately and gotten in to 5 exchanges in just 5 days due to the strong community.
Privacy & anonymity highlights
Vote central, decentralization
All decisions when it comes to new applications and budget disposals go through the Vote central, where users will place their yes/no vote on all proposals. This takes decentralization to a new level, where there is no single users that can dictate where we go in the future.
This is something that all systems should implement, the users must have control of where and how the systems evolve!
There is also a task system, where you add suggestions on tasks, such as voting polls for exchange listings or similar and help out with promotion which generates DeepPoints for you! These will be converted to $ONION if you have a wallet that holds 50+ ONION which is a small investment, 45 Dollar I think right now. A fun and rewarding way to engage in a crypto centered community!
TOR Network
First of all, DeepOnion uses the TOR network to hide your physical location / IP and just provide the TOR exit node IP, which is useless for tracking. You can also use the TOR browser in general, I often do, to not be targeted by tracking from Facebook or similar sites evil sites :)
DeepOnion is also integrated with Obfs4 which is a protocol intended to solve censorship. it is intended to scramble public keys or hide message content protocols to make traffic seem random. It is implemented in the TOR network to hide that you use the TOR network, but can be used for any server setup pretty much.
Stealth Addresses
Secondly the wallets support stealth addresses, which you can generate and give to your other part of a transaction. When you receive $ONION to your stealth address, it will generate a unique new address and leave on the blockchain, no one knows where it went! This will make it impossible to check your balance as well, which is excellent if you bid on an object, no one can know your financial limit or who is helping to fund you!
I think it is or should be a basic human right to keep financial information private and not accessible for a third part, in the system we currently live in at least!
DeepSend
Lastly, if it was not anonymous and private enough, DeepOnion has developed DeepSend. If one coin owner wants to move funds to another and with full anonymity and privacy we can also scramble the transaction on the DeepOnion blockchain. This will extend the untraceable blockchain transactions beyond stealth addresses and greatly improve the functionality as well.
There are a few protocols today that achieve this, but each with its flaws
- The Zero Knowledge technologies by Zerocoin and Zerocash such as ZCoin and Zcash
- CoinJoin technologies either with the random mixers (e.g. Supercoin and Dash) or with the centralized mixers (e.g. masternodes).
- CryptoNote’s Ring Signature such as Monero and Bytecoin.
To use the Zero knowledge protocol you must mint and burn coins, to make them untraceable, which puts to much load on the block chain. DeepSend uses a CoinJoin and mixer tech based on trustless multi sig technology.
- Let's say I want to send money to another user, A -> B, that would be disclosed to the public if I used BTC!
- If A->B via C->D->E and many more iterations person Z pays person B.
- This results in a situation where multiple signatures guarantee the transaction.
- Now we have a situation where we can´t backtrack the transaction since many unrelated addresses are involved.
I like the layers of security both that the currency is untraceable on the blockchain and the fact that message content protocols is obfuscated & IP´s are hidden.
Adoption & Ecommerce highlights
I was just gonna write about the privacy part first but I decided to highlight some of the E-commerce and other adoption drivers, since many of the functions here will be big factors for DeepOnion
These are also areas where problems exist, lack of plugins or features make many coin just sit and have very few use cases. Without good use cases adoption will have a hard time and I think few projects offer the width of functions seen in DeepOnion. You can store digital content to make sure it is safe and unaltered or accept $ONION as a payment method already, let´s see what the White Paper says!
DeepVault
The ability to store information, in a safe or immutable way rather, is of growing concern in the digital era we live in. This allows us to protect our data and documents from manipulation and this is something that can be applied in my everyday situations. Any changes or attempts of changes will be visible and you can easily guarantee the validity and integrity of your documents!
In Q1 2018 the Deep Vault came online and has been working smooth ever since via integration to the users wallets.
The next step is to make it available through our website plugin and this will be a game changer for clients who needs a blockchain notary or time stamp service. Under development is also an API that will allow for mobile phones to access Deep Vault, amazing!
Atomic swaps
The possibility to exchange one crypto currency for another without the need of a third party is in progress and the development team is working on assuring that there will be no scalability problems, which has been the case previously.
There is also problems with cancellation due to time frames and value fluctuations, which will be solved by using the upcoming smart contract features of DeepOnion.
Smart Contracts
I am sure many know about Smart contracts and now DeepOnion will support this feature in the near future. The atomic swaps will use the smart contract feature to guarantee that the swaps occur within a certain time frame thus eliminating cancellation problems.
Smart contract also enables many other features which i look forward to see realized!
E-commerce plugins
The development team is currently working on producing a number of plugins where ONIONs can be used as a method of payment
WooCommerce
An open-source e-commerce plugin that has now been released. It was specifically designed for WordPress. Over 380,000 online retailers have already adopted this plugin and are also used by a number of heavy traffic websites.
There is a large number of users in WooCommerce which makes it ideal for the currency to be accepted as a method of payment on this platform.OpenCart
is an online store management system that supports many different currencies
and languages, and it is also freely available.PrestaShop is a premium
open source e-commerce solution available in 60 different languages and
250,000 shops worldwide
DeepOnion will be making plugins for some of the major e-commerce platforms such as Shopify, Magento and much more.
Today, you can sell online with DeepOnion by accepting the Onion currency on your online store. The development team is also working on a new web design and a page that will provide necessary support to all e-commerce users at no cost. DeepOnion is yet to take the anonymous cryptocurrency payment acceptance market. This is an effort to stop credit card fraud and chargeback scams by making instant payments. You won’t have to wait for weeks or months to get paid.
Marketplace
Deep onion will have its own marketplace where vendors can sell items and users shop, there will be no extra fees. The market will be similar to fiverr but only accept $ONION as payment. This might sound simple, but I think it will be a big thing in the future as chargeback scams and other scams, wont work. This will save a lot of money for companies and eliminate the risks of trading with certain areas, huge!
Mobile wallet and Trezor support
There is already a android wallet available to send and store your $ONION´s and the next stop is Trezor support.
DeepOnion will probably be the technologically strongest cryptocurrency that have Trezor hardware wallet compatibility, another step towards user privacy.
There is so much going on and if you feel as I do, that privacy and decentralization is the most important features to implement in our society going forward, join the DeepOnion community and vote central, help us make the vision come alive faster!
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Σ2 SMART(unconfirmed:Σ0 SMART).Let's see if DeepSend can be implemented according to the roadmap. I'd love to see more people use this coin.
Yeah me two!
Nice article, $ONION is an interesting coin and your article describes the most important thing to know.
Interesting coin, interesting article. The fundamental approach of the team is felt. Everything is explained, everything is clearly put in its place. A strong community, a transparent history and the fulfillment of promises are credible.
Thanks!
Great post with a lot of solid information about DeepOnion. Anyone new to the project should be much more illuminated by this read.
Yeah I hope so! There is so much going so someone had to break it down :)
Thanks for stopping by!
I love the recent "Stealth Address" feature added to DeepOnion, It adds great value to our project!
Yeah me2, strong addition!
ohoho, so great post. Upvoted. DeepOnion will dominate. Good team.
Yeah the best :)
I liked this article, and the DeepOnion community is also a great project with an interesting white paper.
Indeed, thanks for checking it out!
I love all DeepOnion updates, all this added features boost the project. No doubt. ATH will reach soon.
I think we will see some increases with DeepSend and new exchanges :)
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