When it comes to cryptocurrencies in 2018, the valuable characteristic that separates them from other cryptocurrencies is the underlying technology on which they are built on. I am referring to the use of blockchain technology, which is a public ledger that distributes information across a whole network of nodes. Blockchain technology has revolutionized the way we handle and store information, and in doing so using the decentralised nature of blockchain itself, the network prevents any of the data held within from being copied. The act of storing something in a decentralized manner, means that there is no central location where the data or information is being kept, but rather it is stored all over the network, thus reinforcing the fact that blockchain records are well and truly public.
Whilst the use of decentralised networks sounds appealing, one of the main concerns are to do with the transparency of its transactions. When a transaction is submitted by a user, the necessary security protocols check that the user has a sufficient amount of cryptocurrency to send, and the system doesn’t know the identity of the sender and receiver. Or does it? Each user is identified by their wallet address, and with some clever detective work, there is a way for someone to completely identify users. Since most exchanges are required by law to carry out identify checks on all of their customers, there is a certain level of transparency within an exchange where privacy is an issue.
Courtesy: DeepOnion Community
Privacy based cryptocurrencies are now becoming a highly sought out investment, by many people as they wish to have completely anonymous transactions, as well as a high level of privacy. But do any of these privacy based coins actually differ from each other, or are they just a rehash of the same thing that has been reused.
Verge (XVG) which puts its main focus on solving the problem of privacy for its users, has stepped in and solved the problem of privacy for their users. It uses multiple anonymity-centric networks such as Tor and I2P, both of which are used to browse the deep web, but allowing users IP address to remain untraceable. Verge has taken steps to improve their technology by implementing an update from their core developers known as the Wraith Protocol. This protocol is a powerful piece of technology that grants users the ability to completely shift from a public ledger and a private ledger on the Verge blockchain. With a world that is so open, we retain very little privacy in our lives and Verge has given a portion of it back to its users.
DeepOnion on the other hand is another privacy coin that has garnered an incredible amount of attention, and gained quite the reputation. Although it operates in the same way as Verge, in the sense that it is focused on privacy and anonymity, there are however some features that separate the two. DeepOnion much like Verge is linked with technology that allows people to surface the deep web with total anonymity. It does this by using Tor software which protects your connectivity, making it impossible for anyone to keep tabs on what you’re doing online. DeepOnion also has a feature that is quite similar to Verge’s Wraith Protocol, which makes all payments on the platform invisible and untraceable. The secret addresses that DeepOnion uses were created to hide the real location of traders or miners.
Upon further inspection and comparing DeepOnion and another privacy coin known as Verge, there are no striking differences, only striking similarities. Their core offerings are pretty much identical in the sense that “privacy” is both their main area of interest. Both coins deliver on the promise of being able to provide a high level of privacy and anonymity, but the only real difference are some of the lesser known features such as DeepOnion’s Deep Vault. The Deep Vault is an information storage facility that is held within DeepOnions blockchain meaning that any information in the vault is immutable.
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