Review on DeepOnion by Stephen Toluwani
DeepOnion provides Anonymity at it's Peak
With the true aim of achieving complete anonymity was DeepOnion project developed in early July 2017. The DeepOnion project uses the Tor network open source code for it's development of which the Tor network has never leaked an IP address of its users which makes it ideal for DeepOnion to use for it's development. The project is a community focused project as it refused an ICO but opted for Airdrops to make it's coins available to the general
Speaking of its coin, The onion is the native coin of the DeepOnion project and is currently trading at around 10 cents a coin but with a low volume. The coin has a total supply of 25 million coins for the next 7 years from now and a Circulating supply of 16 million coins. Looking at this empirical values and the multiple use cases of this coin, I expected a higher price and volume on exchanges but the reverse was the case as the coin is listed on only 5 exchanges after being delisted on KuCoin due to low volume, it's use is still confined to a small number of people which might be due to it's market competitors such as Ghost, Dusk, Zen, Xmr and a lot of others who occupy a high coinmarket ranking compared to it's 700th position
The Onion coin is hosted on its native wallet which is accessible for Mac OS, Android devices and Windows PC. It is also a mineable coin through it's hybrid Proof of Work and Proof of Stake as the combination of this two makes a 51% attack virtually impossible providing more security to its blockchain. Looking through it's use case, I took special note of DeepSend which permits complete anonymity to carry out a transaction privately by changing the data of both parties involved. It's DeepSend technology allows sending of payments from random addresses through Stealth Address which hides user balance from privy eyes. It also supports a moderate transaction fees of fixed 0.0001 Onion + 1% of the total amount to be
It's roadmap for a launch of Atomic swap is another breathtaking milestone yet to be achieved. The atomic swap according to it's roadmap provides a technology that allows the swapping of onion for other cryptos which could in one way improve anonymity which has been the project's focus. I highly recommend DeepOnion, not only do I recommend it as I am into it already due to its complete anonymity that it provides
Pros
- It's DeepSend technology allows complete private transactions through Stealth Address that is untraceable to the user
- Transactions are validated through it's hybrid Proof of Work and Proof of Stake algorithms making its blockchain more secure
- Plans for importation of SegWit address to improve speed and scalability is applausible and shows that the developers are not relenting in their strive for perfection
- It's wallet is available on a host of devices such as Mac OS, Android app and Windows and plans for the coin to be hosted on Electrum Cold wallet
Cons
- Despite it's heavy use cases and privacy orientation, the coin has a very low volume, listed on only 5 exchanges and occupies a 700th position on coin rankings as at the time of writing
