Friday, 23 May 2014

Dark Coin


Would you leave your bank statement out for any stranger to see? Bitcoin began a revolution in bankless, zero or low fee online payments, but it is not without flaws. The public ledger of transactions, the "blockchain," allows anyone to track the transactions you make with Bitcoin.
Privacy is a concern for anyone interacting online, especially during transfers of value. We need a truly anonymous digital currency to safely store wealth and make payments online.

I introduce you to Dark Coin



Darkcoin has already put over 4 million digital coins into circulation, which have already gained a value around $14.5 each, one of the fastest ever appreciations of cryptocurrency among the many altcoins that have surfaced.

Like Dark Wallet, Darkcoin implements CoinJoin, though it calls the feature DarkSend.

The principle behind CoinJoin/DarkSend is that every time a user makes a payment with it, the program is set by default to combine the transaction with that of another CoinJoin/DarkSend user attempting to make a payment around the same time. The communications to set up that multiparty transaction are encrypted, so that detecting who paid whom becomes far more difficult
It take a different approach to that transaction combination trick, though, using a distributed collection of servers around its network that negotiate CoinJoin’s multiparty payments. Anyone can pay a thousand Darkcoins to set up one of those DarkSend servers and, as compensation, will be entered into a random lottery that periodically pays out 10 percent of all new Darkcoins as they’re mined and put into circulation. Every Darkcoin payment will be anonymized unless users choose to disable its CoinJoin protection. “The whole blockchain will be a fog,” says Duffield.

For a detailed overview of DarkCoin you can read the white paper, the abstract reads as follows:

"Darkcoin  is  the  first  privacy  centric  cryptographic  currency  based  on  Satoshi 
Nakamoto’s  Bitcoin.  DarkSend,  a  technology  for  sending  anonymous  block 
transactions  is incorporated directly into the client using extensions to the core 
protocol. An improved proof­of­work using a chain of hashing algorithms replaces 
the SHA256 algorithm and will result in a slower encroachment of more advanced 
mining technologies (such as ASIC devices). DarkGravityWave is implemented to 
provide quick response to large mining power fluctuations"

Curious to know the price of Darkcoin? Check this site for a direct conversion to BTC and USD, at the time of writing 1 DRK was Worth 0.02719118 BTC or 14.64$

Go to the official website and get your wallet!

DARKCOIN DETAILS

0.00000% Pre-mined

Super secure hashing algorithm: 11 rounds of scientific hashing functions (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo)

Block reward: controlled by 2222222/(((Difficulty+2600)/9)^2)

Block generation: 2.5 minutes~

Difficulty: retargets every minute using Dark Gravity Wave

Supply: estimated 22 million maximum coins

Superior transaction anonymity using DarkSend: RC1 testing on MainNet

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