DeepOnion is a cryptocurrency that focuses on privacy and anonymity. The team at DeepOnion states that the privacy of their users is the pinnacle concern of the company and security of information is how they plan to deliver the most private product in the cryptocurrency space.
An interesting feature of DeepOnion is that it mixes PoS or Proof of Stake and PoW or Proof of Work to implement what has been called a “hybrid” cryptocurrency.
“Mining” in cryptocurrency refers to the process where thousands upon thousands of computing hours and power are combined to validate transactions known as proof of work. A coin is produced by processing millions of calculations to solve a complicated mathematical problem.
The x13 proof of work algorithm combined with proof of stake processes is deployed by DeepOnion to provide the benefits of holding through the staking of coins but also encourage decentralization by allowing the public to freely mind a portion of the total coins.
DeepOnion runs on the TOR network. TOR is short for “The Onion Router”, and enables DeepOnion to be not only anonymous and private, but the tech also ensures extremely fast transaction times that make competitors such as Bitcoin seem slow.
When using DeepOnion, a person’s IP address is not recorded anywhere on the protocol. The TOR network creates a unique and anonymous ID for each transaction to ensure total privacy.
With no outsiders able to view a DeepOnion user’s IP address, nothing can be traced back to the original transaction, and anonymity is ensured. The company also intends to roll out its project DeepSend, which adds another level of security to the coin when making transactions.
As with any new technology, especially in the cryptocurrency world, DeepOnion has its detractors. Some claim that the hybrid plan of PoS and PoW is destined to fail and not scalable to mass adoption. While some doubt the promise of totally anonymous transactions, many experts are excited about the direction DeepOnion is moving in.
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