Well hello, Steemians and Steemians to-be.
Because of the love that I have developed in the past few months for blockchain technology and cryptocurrencies, I am on a journey to discover all the promising blockchain solutions to world problems. I will be writing reviews of as many projects as a mere mortal can, which have a great potential to succeed in their mission. As I was scouring the net in search of the next big name in crypto, I came across Deep Onion. Ok, deep onion has been around for some time already so technically it's not brand new. It is listed on CMM and is currently listed on several exchanges like Kucoin, Cryptopia, and Trade.Satoshi
What is DeepOnion?
The reason why most people love cryptocurrencies is the fact that they are decentralized. However, the most attractive feature of cryptocurrencies is anonimity. Users feel secure knowing that they will be able to transact in crypto without revealing their identity. Lately, cryptos that offer the most anonymity have been gaining popularity. Well, DeepOnion thrives on anonymity, and to borrow the words of the developers:
DeepOnion implements the TOR protocol and is natively integrated within the TOR[2] (The Onion Router) network ensuring that all peer-to-peer connections are secure and anonymous.
DeepOnion aims to be a payment platform that is instantaneous, impossible to trace, anonymous, and secure hence protecting the identity and privacy of the user. It is a hybrid coin; this means that it will implement both Proof of Stake (POS) and the x13 Proof of Work (POW) algorithms. Users will be able to transfer funds without worrying about the prying eyes of governments and attackers. This will be made possible by using the highly anonymous Tor network. Transactions will be obfuscated which makes them untraceable.
You may argue that Bitcoin is anonymous, to a certain extent it is. Your personal details are not required to obtain a Bitcoin wallet and to send BTC from that wallet to another. However if you ever needed to change your BTC to fiat or you needed to buy BTC using fiat from an exchange. You will be required to reveal your identity by the exchange. They will create a BTC wallet for you and that wallet will be linked to your identity. If you move funds from that wallet to your anonymous wallet, that transaction is available for the public to see and the funds can be traced by anyone from each wallet to the next.
If the exchanges were required by law to provide your details to the law enforcement agents, they will be able to trace all your transactions to and from the exchange. They can be able to know how much BTC you hold and who your associations were. It could be a good thing when it comes to preventing criminal activities, like money laundering and drug dealing or funding terrorism, but if an individual was a law-abiding citizen, then it could be bad for them if that information was acquired by malicious attackers who would then use it to steal the funds or request ransom for whatever they can think of doing. The level of anonymity that Bitcoin offers is highly inadequate for mass adoption.
Besides anonymity, the other problem addressed by DeepOnion is speed and scalability. Bitcoin requires that all nodes cryptographically verify the entire ledger and most payment gateways require an average six confirmations before the transaction can be fully completed, Bitcoin is too slow and not practical for payments. One can wait for 35 hours before their transaction is fully processed! Deep onion has much faster transaction speeds, infact 10 times faster than Ethereum which is many times faster than bitcoin. This means it is a scallable solution to the slow transactions being experienced with the more established coins on the market. The calculations below will make it more clear:
- The average transaction size is about 500 Bytes. The DeepOnion blocksize is 1.5MB, so each block can hold approximately 3000 transactions.
- DeepOnion is a mixed PoW/PoS coin, PoW interval is 240 second on average, but PoS is a lot more
frequent, target at 60 sec. This means our theoretical combined block time is 48 seconds (240 / 5).
DeepOnion is a freely distributed coin. They are not doing any ICO, instead they are offering their coins completely free of charge through airdrops and you can participate in the airdrops by joining the DeepOnion forums where you will be further directed on how to participate. Please read the whitepaper here to learn more about the project. Check out their website for more information.
PSAS approves of this post (even though @sigrfolkr does not understand half of it)
Damn interesting read, and a good idea in general. Bitcoin is slow and transfer costs are very expensive, so a better alternative might just be the downfall of bitcoin.
@banjo
@cleverbot
What is 523 times 2?
1046
How are you tdy?
Homer is where the art isn't