The start of this year marked a large increase in the number of tokens/cryptocurrencies in the market. This is partly due to the smart contracts created under the Ethereum platform. Dozens of ICO's were created under it and new projects start to spawn. It created a lot of noise and saturation in the crypto space, and it's hard to sort the good from the bad ones (considering it's an unregulated market). But despite all the distractions from hundreds of different coins growing like mushroom, one coin still caught my attention, and it's called DeepOnion
I was confused what this coin is all about at first, as I have only seen this being discussed extensively in the Bitcoin Talk Forum. So I did a deep research to see what it's all about. Here's a few points I gathered about DeepOnion:
I. Technicals
I started searching for a whitepaper when I first joined the community, unfortunately it's still on the works as they still have a lot of information to add into it. I contacted their moderator and he cheerfully addressed the issue, telling me that it's on the works and will soon be released. I will provide another update once the whitepaper is out. The roadmap however is now available and you can check it out in their BCT thread - https://bitcointalk.org/index.php?topic=2006010.0.
So moving on, here are the main highlights of DeepOnion:
a. TOR-based Privacy Coin
Ok, at first glance you would probably say, "what's so special with this coin?", given that XVG already implemented the same for their private and anonymous transactions. Even BTC running through a TOR network would be the exact coin that DeepOnion is trying to achieve.
So going back to our question, what indeed makes DeepOnion special? The answer lies in their new upcoming feature called "DeepSend". It's true that DeepOnion's anonymity right now is solely based on the TOR-network, but when the DeepSend feature gets released, DO will level up and could possible be a very big game changer in the privacy niche of cypto.
DeepSend's feature is throughly discussed here - https://deeponion.org/community/threads/deepsend-explained.2203/, so I won't go much into the technical details of it. But for a quick summary, this feature would be able to obfuscate transactions by sending it randomly to either a mixer or guarantor. This in turn gets passed to a multisig address that will further hide the transaction info until it gets recorded into the blockchain.
If this feature gets implemented, it would be like a hybrid of XVG and Monero's protocols, and would definitely change how privacy coins work.
b. Acting as an Authentication Service for Documents/Files
The desktop wallet of DeepOnion has some nice features that you can use aside from the anonymity it provides. There's a messaging function from within it and another great feature called DeepVault (see screenshot below)
It's a service intended to add cryptographic signatures to documents that needs to be re-checked by a 3rd party (or receiver). It works by adding a hash code to the document and recording it in the blockchain. When the document is sent to the receiver - he can check for the authenticity by comparing the hash codes. All he needs to do is to re-upload the document and let the DeepVault feature recheck it on the blockchain.
II. Market/Price
It was solely traded on Nova Exchange for quite some time, but when the exchange released an announcement that they are closing down, DeepOnion was added to Cryptopia (
https://www.cryptopia.co.nz/Exchange/?market=ONION_BTC). DeepOnion is currently sitting at Rank 352. It may seem low but if you take a closer look in the circulating supply and market capitalization, it's less than 1/6 of the total supply right now:
DeepOnion had been on a steady recovery since its last ATH (~approx. 5USD). It's stabilizing at the ~1USD mark, and considering its previous high, it's safe to say that this coin is currently undervalued. Similar niched coins like XMR and DASH are all past the 100USD mark (with more or less same supply with DO), so it's possible that DeepOnion could reach that price as well.
Price each week drops by around ~5-10% during the weekends due to the airdrops they are conducting. Some of their participants dump the coins after each drop, but are quickly scooped up buy a very large amount of buy orders. This level of volatility shows that it's a good coin to buy and hold, instead of flipping them for quick profits as you might end up buying higher. Here's a quick snapshot of a massive buy wall from Cryptopia's order book for DO (happened after the airdrop from yesterday):
III. Community Support
DeepOnion has a massive community that grows more and more each day. They are getting larger in BCT - https://bitcointalk.org/index.php?topic=2006010.0 with almost 2,000 pages of replies to the thread, and also their community forum with around 5,000 members at the time of this writing.
One factor to consider in this massive increase in their followers is that they reward/compensate members according to participation. They have two airdrops weekly (as opposed to a single airdrop pre-round 16). First is the main airdrop, a percentage will be given to DO coin holders provided they met the requirements on the airdrop. Second is the DeepPoints airdrop they are given at the end of each week. Members earn "DeepPoints" for forum interaction. These DeepPoints are calculated in the end of each week and they will be rewarded Onion coins based on how much they earned.
I personally think that this is a great incentive provided by a project with good fundametal. You don't need to cash out a lot to get a hold of this coin, all you need is some spare time to be active in the community forum.
Conclusion:
Overall, DeepOnion is a highly recommended investment. What's holding it right now is the fact that it is on its early stages of development, and we are yet to see more updates coming out from this project. The fundamental and technical analysis of the coin though shows a lot of potential for massive growth. It's certainly an undervalued asset right now, so getting in while early is the best thing to do.
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STOPLooks like you put quite of effort forth into this blog post.
Are you new? I searched google for some of what you said, and it appears to be a unique content article.
Am I right?
Please reply.
Yes bro, I have joined the DeepOnion community to do a research and see what they are all about and they look pretty good so far from a fundamental standpoint. I'm tired of seeing articles that shill the coin non-stop so I decided to create a more objective one for people interested to get in to this crypto.