More than just a "Privacy Coin"
In my earlier posts I have talked a lot about DeepOnion and that it is a "privacy coin" focusing on the security and anonymity of its user by integration with the TOR network. There are many other crypto currencies that are also focusing on anonymity and security of the users so how do you know which crypto has the best future?!Well to be honest that is almost impossible to know for sure. But we can make an educated guess based on the knowledge already mentioned:
- Since there are many coins focsing on the anonymity + security of the users, what else do they have?
- In order to "stick out from the crowd" a privacy coin must give something more than just security and anonymity
DeepVault
The DeepVault feature is "hash storage on the blockchain". There are softwares that can create "hashes" of files that are unique for every file. Since every file has a unique "hash value" any change to that file would result in a different hash being created for that file.By being able to store the "hashes of files" on the Blockchain, which is immutable and unchangable these hashes can be used to verify that no one has tampered with your files/contracts. This is especially important for: legal documentations, contracts, propriatary documentation etc...
With a DeepOnion wallet and Internet access you will be able to verify your files at any time against tampering. This means that Blockchain doesn't actually have to store the entire file, the file could be store off-site, thereby saving a lot of space on the Blockchain.
PoS Staking with DeepOnion
The DeepOnion wallet has something call PoS, Proof of Stake, which is "pseudo-random selection process" where a holder is selected at random and given a reward.The process of selection is based on the amount of coins you have in your wallet. The more coins you have the more "network weight" you will start out with and the longer you hold them in your wallet the more your Weight increases -> Thereby giving you a higher chance to receive the reward as time passes.
During the first year (up to block: 657'000) the annual staking reward is 10%. That means that before block 657'000, if you have been staking 1000 ONIONs for 1 week
- 1 week is 1/52 of a year. You will receive a reward of = 10 * 1/52 * 1000 * 1/100 = 2 ONIONs.
How often and when you stake will be random but the longer you have your wallet running and the more ONIONs you have in it, the higher you chance of staking.
Final Note: Between block 657'000 -- 1'340'000 (second year) the annual reward for staking is 5% and after block 1'340'000+ the staking reward will be 1% so it is best to get in early because the staking rewards are higher! Current Block count is at: 271831 at the time of writing this article. This means there is still more than 6 months left with 10% staking!
I hoped this helped explain the DeepVault and PoS features of DeepOnion. Feel free to join the DeepOnion Community for more information on how to set up your wallet for staking and start earning rewards!
Hello my friend, always good to read your thoughts on paper or rather the screen. Voted up as usual