Deeponion Review – Cryptocurrency Guide
Imagine a cryptocurrency that focuses not just on a proof of stake (PoS) algorithm but also on a proof of work (PoW) algorithm. This is exactly what the creators had in mind when they made DeepOnion, a mixture cryptocurrency that uses the two algorithms and is completely integrated into the TOR network for ultimate security.
What Is Deeponion?
The cryptocurrency was launched in July of 2017. The estimated amount of coins is relied upon to reach about 25 million Onions, the offered name to DeepOnion coins, in about 10 years.
The designers of DeepOnion concluded that it would be healthier for both the community and the achievement of their cryptocurrency to pre-mine the cash instead of implementing an ICO. Along these lines the engineer team would be on the same level with the community instead of being totally chance free and wind up disengaged from other people who are willing to contribute to the monetary forms development.
There are many reasons to pick one cryptocurrency over another, but DeepOnion is offering a few advantages that stand out and will potentially be a great reason to invest into Onions.
Because DeepOnion is using the TOR, your IP address is never uncovered on the network. This offers absolute anonymity and security.
Not at all like other cryptocurrency payments, the DeepOnion network makes your payments invisible. Your payments can’t be traced by anyone.
Many monetary standards have a propensity to come up short on steam and eventually quit enhancing their network. This won’t be the case with DeepOnion. Their designer team will continue to release as good as ever usability features, as well as enhance stability and security.
Not any more waiting half a hour for transaction confirmation. DeepOnion confirmations are fast, which enables you to send and get money with fantastic paces, dissimilar to different monetary forms.
Helping TOR Network
Working with DeepOnion means that you will use the TOR network, which means you will help increase the amount of hubs on that network and you will help individuals around the world stay anonymous online.
Issue with Bitcoin
For the vast majority of the individuals who are new to the Bitcoin ecosystem, they think of it as an anoymous cryptocurrency where their use is away from according to intelligence agencies, companies and hackers. Unfortunately, this is far from reality as illustrated in the Deep Onion white paper.
When you create an account at a large cryptocurrency exchange, the law requires that exchange to direct KYC (Know Your Customer) strategies on you. This means that they will require your full name as well as your address. They will require personally identifiable information.
When you want to use this exchange, they will create a wallet that is specifically attached to you. Also, given the immutable nature of the blockchain, all transactions are tracked and any funds that are eventually exchanged for Fiat can link you with the Bitcoin that has entered your address.
Subsequently, regardless of whether you are not doing anything illegal with the funds, the minute that the exchange gets a full audit, your trading history will wind up open. There is also the chance that hackers could trade off the exchange and in this manner attribute your personal information to large Bitcoin holdings. This could make you vulnerable to social engineering attacks.
The other issue that has been illustrated is more to do with the technology that underpins the Bitcoin protocol. Given that Bitcoin depends on SHA 256 hashing algorithms, transaction speeds have turned out to be really slow.
Outline of DeepOnion Protocol
The DeepOnion has been created because of all of these worries. They have used the TOR protocol with a specific end goal to keep all of the transaction information secure as well as anonymous.
They will also use some technology that has been actualized in various other privacy coins, for example, Zcash. The transaction will depend on zero-knowledge proof technology with a specific end goal to facilitate transactions and keep all the information related to it private.
Something that is rather special to DeepOnion is the DeepSend technology which operates much like a multi signature framework. They are also looking to partner with various different services that have privacy as their center capacity. These include such operations as the Bisq P2P decentralized exchange as well as secure online marketplaces.
DeepOnion has also quite recently released Meek and OBFS4 protocols which help beat the issue of nations that block Tor access.
Another interesting addition to the project is something called “Profound Vault”. This is essentially a record notary framework that will make use of the blockchain to verify archives using the DeepOnion technology.
Mining on DeepOnion
With a specific end goal to defeat the transaction backlog that is available on the Bitcoin blockchain, DeepOnion has combined both Proof-of-Work (PoW) and Proof-of-Stake (PoS) mining.
The PoW will use the x13 algorithm which will have a block time of about 240 seconds. Payments for solving the block will be 8 ONION for each block and this will be adjusted by half each year until the point that it reaches a minimum of one ONION where it will remain.
In terms of the PoS, there will be a sixty second block target with a variable interest rate reward conspire. In the first year this will be 10% which will fall to 5% constantly year. It will continue falling in each year after that. There will also be a minimum holding time of 24 hours for PoS generation as well as a maximum accumulated coin age of 30 days.
Dissimilar to Bitcoin that has a 1mb block measure constrain, DeepOnion has a 1.5mb farthest point. This, combined with the addition of the PoS mining means that the average block rate is about 47 seconds. During past testing phases of the mining, it was discovered that DeepOnion was clearing about 1,825 blocks in 24 hours.
With a throughput rate that way, it infers that DeepOnion has about 10x the rate that Ethereum blocks can be created in. This may change eventually as Ethereum aims to rollout a PoS protocol called Casper.
Under the Hood
DeepOnion has a considerable measure of features which individuals may want to take note of. First of all, the cash uses TOR, as beforehand said. This will help enhance privacy for users, yet it is insufficient to give legitimate anonymity. It appears the project mainly focuses on private transactions through its native ecosystem. It is also important these transactions are instant, which is certainly something to anticipate. It also appears DeepOnion uses the OBSF4 open key obfuscation protocol to shroud the message content passing through the protocol. That’s an interesting approach, although it remains to be perceived how this will all work exactly.
There is also the DeepVault service to take note of, which gives an immutable information store on the DeepOnion blockchain. This apparatus can be used for storing record validation credentials within the blockchain itself. It can be an appreciated addition to DeepOnion, despite the fact that it’s not something a great many people would associate with a money focusing on privacy and anonymity. Other features will result in these present circumstances network as well, including DeepSend – for untraceable payments based on multisignature technology – and VoteCentral to determine the fate of the DeepOnion project all in all.
There are various features that will eventually be released on DeepOnion including VoteCentral. This will be a community orientated vote framework that will allow individuals to vote on development choices. This isn’t not at all like the framework already in place with Dash.
DeepOnion is also planning a release of an Android rendition of their wallets which will no uncertainty assist in user encounter.
Regardless of whether DeepOnion will offer a legitimate alternative to any semblance of Monero and other privacy coins, for example, Verge is uncertain. However, their use of the latest TOR technology to scramble traffic and conceal user IPs is indeed very one of a kind.
How To Buy Deeponion?
While reading this review you must be wondering about how to buy Deeponion. Well, this section will help you to know how to buy it and where to buy it. First of all, you will need to know the exchanges where you will be able to buy it. At the moment, you can make use of KuCoin and Cryptopia to buy this coin.
DeepOnion is certainly a one of a kind cryptocurrency. We think that one of the major advantages that it offers over different monetary standards is finished anonymity because of the TOR network. This total security can make an enormous difference in the achievement of any cryptocurrency. Their dedication to the community and carefully engineered timeline guarantee us that this cryptocurrency will be fruitful later on.