ADSactly - Spotlight on Cryptocoins -- DeepOnion/Onion -- 5th feature "private" coins
ADSactly - Spotlight on Cryptocoins -- DeepOnion/Onion -- 5th feature "private" coins
Hello Steemians
In this series of articles I want to put a spotlight on a specific cryptocurrency and write about the details in all these aspects:
Aim of the currency
Technical details
Market position
Forecast
The cryptocurrency in focus currently will be one of the so-called "private" coins. Coins that create the possibility to be more or less in private while doing transactions. How private you are is one of the main questions to be answered in this articles.
In this 5th article of the series, the spotlight will be on DeepOnion.
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Aim of the Currency
What is this currency about? What does it do differently than the rest?
Where is the unique selling point and at what audience is this coin targeted.
All that questions and more will be answered in the following paragraph.
DeepOnion is a quite recent cryptocoin, dating back only to July 6, 2017 when the official announcement was done on Bitcointalk. DeepOnion has the focus on the privacy of the user, the name already is making a clear statement that this is connected to the TOR network, for increased privacy and obfuscation of all IP addresses. Therefore the location of the sender and receiver are kept a secret within DeepOnion.
In the next step, on the roadmap for Q4 2017, the DeepSend algorithm will be introduced, making it possible to also hide the address of the sender and receiver, this will be done by using a mixer and guarantor approach.
Technical Details
The standard wallet for DeepOnion(available for Linux, Mac, and Windows) already features the connection to the TOR network and should work out of the box. This coin is still under heavy development so the DeepSend module, making it able to also hide the addresses of sender and receiver is not yet implemented.
Other important services like DeepVault, a place where you can store hashes of files in an immutable way, making it possible to always see if a file has been altered or tampered with, are already up and running.
You can see the most recent roadmap of DeepOnion here
Distribution details of DeepOnion are quite special since 90% of the coin has already been premined with the genesis block. Additional 2 million coins are available for mining using the X13 algorithm.
From the 90% premine, 70% is used in Airdrops, the rules to apply for this can be seen here, 20% is used for creating bounties and the last 10% is for the development team.
This coin is also using POS (Proof of Stake) with the following interest rates:
1st year: 10%
2nd year: 5%
3rd and subsequent years: 1%
Market Position
At the time of writing this article (12/21/2017) DeepOnion is placed 307th in market capitalization, with the total value of 16.547.064 $. The 24h Volume was $259.470 which is a average number compared to the last month.
The DeepOnion Marketing team is very active, having launched campaigns on all major social media platforms as well as twitter.
Looking back one month into the past, we see that the price is now almost 4 times what it was end of November. 3.6$ today versus 0.89$ on Nov,21 .
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If we are taking a look at the lifetime graph of DeepOnion, we can see directly that the ATH (4.89$ on August 29) is still a bit away and that from this point in time a price drop to 47 cents on Nov 12 started. Since then DeepOnion has started a great comeback to the point in which we are today.
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Forecast
Just like all the other private coins DeepOnion for sure has a valid point in trying to keep the privacy of the sender and receiver.
The unusual distribution strategy is for sure a clever way to get more people attracted, earning DeepOnions with blogging or collecting bounties is for sure a valid offer from the development team.
Currently, DeepOnion is doing great in regaining old strength, if the development can deliver the DeepSend module soon prices should rise significantly.
Conclusion
DeepOnion enables you in the current release to obfuscate your IP making it untrackable where the transactions origin is. This is achieved by integrating the TOR network. The DeepSend module will then also allow masking sender and receiver within the blockchain.
DeepOnion is developed by a small team of experts, the code is completely open source.
Last but not least there are also some drawbacks and they should not be unmentioned:
PoW Coin, mining can be seen as a waste of energy.
Distribution method with such a high premine can also be seen as a possible scam.
Privacy of transaction has been also viewed with criticism.
