First of all, this is all new to me. I heard from a friend about this very interesting crypto – story and the fantastic community that has the same cause – to show the world how DeepOnion is the safest and one of the best cryptocurrencies to invest in. It is great to be out here, but it takes time to become familiar with all the rules, facts and cope with all that info.
When it comes to White Paper, I really didn't know what it was and why it is so crucial for DeepOnion or any cryptocurrency. So I spent these few days reading and researching this rich knowledge base and did a little digging all around the Web. These are the questions that I have tried to answer. I believe that some of you have the same ones.
What is White Paper and what it means to have a White Paper in crypto – world?
Almost every cryptocurrency starts as an MVP (Minimum Viable Product – a product that has enough potential to evolve according to the interest of early customers and it has a clear vision for the future value that it can bring to others), and since it is a young product, it needs to prove its value. The White Paper is a proof and guides for everyone interested – it contains information about every aspect of the currency – technical details, commercial and financial data, all explained so anyone could read it. It is created by the team of developers that invented the currency, since they know its benefits and all its features. This also means that the currency is valid and approved by the society, which is very important when it comes to safety.
How is White Paper useful for me?
It contains every information concerning certain cryptocurrency, meaning that it is the best piece of information that you can get about the specific coin before you decide to invest money or time concerning it. Also, it clarifies the fuss and spares time when it comes to research features and unique benefits of it.
When was the first release of White Paper for DeepOnion?
The Alpha White Paper (the first version of the document, which will be updated after getting some feedback from the community) was released on 3rd January 2018. The @Deeper announced it officially here https://deeponion.org/community/threads/official-whitepaper-alfa-v-1-0-released.23600/
Key points from DeepOnion White Paper (the ones that were important to me) for everyone interested
DeepOnion is a PoS (Proof of Stake) , PoW (Proof of Work) cryptocurrency with an emission model of 25 million ONION over 10 years.
As its name suggests, x13 uses 13 rounds of hashing with 13 different hash-functions (including notable names such as blake, bmw, groestl, jh, keccak, skein, luffa, cube- hash, etc.). This makes it one of most secure algorithms in modern cryptography. (reffers to algorithm used by DeepOnion)
DeepOnion’s primary purpose is to protect an individual’s identity and privacy by creating an anonymous, secure, scalable, instantaneous and untraceable payment platform.
At the transport layer we integrate the TOR protocol to secure and anonymise network traffic between nodes.
A fair distribution is critical for any new cryptocurrency seeking mainstream adoption. To meet this requirement, DeepOnion offer a free airdrop and additional bounty programme.
DeepOnion’s strength stems above all else from its massive community, reputation and support of its network.
At no point is your public IP address exposed.
Innovations like DeepVault, DeepSend, Mobile Wallet and Vote Central are exclusive to DeepOnion
The official link for DeepOnion White Paper is the section When was the first release of White Paper for DeepOnion?
I hope this would be useful to you. If you have some additions and comments, please post. I would love to get some feedback.
Cheers!!