Layers Upon Layers: A Technical Analysis of DeepOnion
DeepOnion is an anonymous and 100% untraceable cryptocurrency sent through the The Onion Router or as it's more commonly known as the TOR network. You may be familiar with the TOR network but in case you're not, it essentially adds anonymity to your web browsing experience by hiding or altering your IP Address. The DeepOnion wallet is natively integrated with the TOR network which means activity within the DeepOnion wallet can not be monitored by network surveillance. DeepOnion's integration with the TOR network protects your IP but it doesn't shield your transaction history from those that know your wallet address. Fear not, because the TOR integration is but one layer to this Onion.
DeepOnion is going to perfect its privacy features with the upcoming DeepSend release which is slated for release in the coming weeks. DeepSend is most similar to SuperCoin's tried and tested mixer service. It's very complex but it is a true anonymous trustless system. DeepSend will require the sender to escrow some Onions and pay a small fee for mixing service but the service is completely optional. The end result of using DeepSend is that neither the senders wallet address nor IP address will be visible to anyone. Even the person that receives the DeepSend transaction will not see the sender's address. TOR integration combined with the DeepSend feature will make DeepOnion a serious contender for the top privacy coin.
DeepOnion's wallet currently has a DeepVault feature. DeepVault uses cryptographic hashing to imprint a documents hash value directly to the DeepOnion blockchain. DeepOnion's blockchain is immutable which means the validation credentials of the uploaded document stays on the blockchain forever; unaltered. Then, anyone can scan any document purporting to be that document through the DeepOnion wallet along with the original hasher's wallet ID. The DeepVault will interact with the blockchain to confirm the hash value of the document scanned is a perfect match to the hash value of the document originally uploaded. If the slightest change is made to the document then the person scanning it will be notified that the document has been altered. This has real world use today and no one else is using their blockchain in this manner. Contracts, photos, music, videos can all be verified for accuracy through DeepVault today.
Then in the 2Q of 2018, DeepOnion is scheduled to support smart contracts. This is what I'm most looking forward to because if an effective platform is built then others can build upon it. The possibilities are grand, such as a third party exchanges built off DeepOnion's blockchain. Potentially, even ICO's could even be run off of it. Participating in ICO's from nations which scrutinize the activity could potential be viable since the wallet activity would occur over the TOR network.
Finally, the coin is being airdropped to DeepOnion members. Its free to join but there are certain requirements, such as having 100 Onions in your wallet and having a Bitcointalk profile created before December 1, 2017. That said, you can easily earn 100 Onions in a week through their bounties and DeepPoint airdrop which is similar to a bounty. At the conclusion of the airdrops (there are 18 or 19 additional weeks of airdrops out of 40), vote central will be implemented which will allow "founders" of the coin to vote on the future developments. A founder is someone who has been apart of DeepOnion's airdrops for at least 20 weeks, hodled 90% or more of the airdropped Onions and participated in the final airdrop. alternatively, someone who doesn't meet this requirements can still be deemed a "founder" if they make extraordinary contributions to the community. If you want to find out more about DeepOnion, check check out the following link: https://deeponion.org/?ref=1077972
Useful links
DeepOnion Webpage: https://deeponion.org/
CoinMarketCap: https://coinmarketcap.com/currencies/deeponion/
Bitcointalk Announcement: https://bitcointalk.org/index.php?topic=2006010.0
Cryptopia [buy Onions]: https://www.cryptopia.co.nz/Exchange?market=ONION_BTC
NovaExchange [buy Onions]: https://novaexchange.com/market/BTC_ONION/
Special Thanks
Zmaku for making the banner at the top!
Night Hawkz for feedback on the DeepSend section
