DeepOnion is a cryptocurrency that focuses on privateness and anonymity. The staff at DeepOnion states that the privateness of their customers is the top concern of the corporate and safety of data is how they plan to ship essentially the most personal product within the cryptocurrency area.
An attention-grabbing characteristic of DeepOnion is that it mixes PoS or Proof of Stake and PoW or Proof of Work to implement what has been known as a “hybrid” cryptocurrency.
“Mining” in cryptocurrency refers back to the course of the place 1000’s upon 1000’s of computing hours and energy are mixed to validate transactions referred to as proof of labor. A coin is produced by processing tens of millions of calculations to resolve a sophisticated mathematical drawback.
The x13 proof of labor algorithm mixed with proof of stake processes is deployed by DeepOnion to offer the advantages of holding by way of the staking of cash but in addition encourage decentralization by permitting the general public to freely thoughts a portion of the entire cash.
DeepOnion runs on the TOR community. TOR is brief for “The Onion Router”, and permits DeepOnion to be not solely nameless and personal, however the tech additionally ensures extraordinarily quick transaction occasions that make rivals akin to Bitcoin appear sluggish.
When utilizing DeepOnion, an individual’s IP deal with just isn’t recorded wherever on the protocol. The TOR community creates a novel and nameless ID for every transaction to make sure complete privateness.
With no outsiders in a position to view a DeepOnion consumer’s IP deal with, nothing may be traced again to the unique transaction, and anonymity is ensured. The corporate additionally intends to roll out its challenge DeepSend, which provides one other stage of safety to the coin when making transactions.
As with every new expertise, particularly within the cryptocurrency world, DeepOnion has its detractors. Some declare that the hybrid plan of PoS and PoW is destined to fail and never scalable to mass adoption. Whereas some doubt the promise of completely nameless transactions, many consultants are excited concerning the path DeepOnion is transferring in.