DeepOnion is a brand new PoW (mineable) and freely distributed coin to the community (through regular airdrops). After a period of secrecy and much anticipation all the details on DeepOnion was revealed to the public this evening. Since then the forum thread has taken a life of its own, and has quickly become one of the most popular forum threads this week on Bitcointalk. The news of DeepOnions is spreading like wildfire across social media as we speak.
What is DeepOnion?
It is a brand new coin that was released on the 12th of July. The developers have taken a unique approach to how they distribute the coin. 90% of the coin has already been mined, of which the vast majority will be used to distribute for free to people who join the free airdrops.
The development team’s focus is on creating as secure and anonymous transaction network as possible. To achieve that they are utilising the Tor network to connect up to. As a result your IP address is not registered anywhere when using DeepOnion. Instead of this an anonymous Tor network ID is created for you.
As your IP address is hidden it makes any payments/transactions that you make completely anonymous. Nothing can essentially be traced back to you.
The coin also boasts of extremely fast transaction times, much faster than Bitcoin (at the present time I have been unable to test this out just yet – but once I have, I will add this to the blog post).
How do I get DeepOnion coins?
There are 3 ways of getting DeepOnions;
1.Either through their next 40 airdrops, which will be transferred free of charge directly into your DeepOnions Wallet
2.You mine it
3.DeepPoints convert ONION every Sunday
Roadmap – long-term plans for improvement
The coin will start trading on its first cryptocurrency exchange in the third quarter of 2017. Reading their roadmap it is clear the team is focusing on not only ensuring that the coin keeps on improving its technology (with high emphasis on security, speed of transaction and stability) but also on ensuring that they raise brand awareness to the general masses outside of the cryptocurrency community – as they reveal a high focus on marketing in their roadmap as well. This is bound to have a positive impact on the price of the coin, once it starts trading on exchange sites.
I have chosen to focus on and highlight the most important technological improvement to DeepOnion here below (that will be implemented over the next eight months).
Release paper wallet and brain wallet in the third quarter of 2017.
Launch of deepsend – which they describe as their next level in block-chain anonymity, so what this precisely is about, will be very interesting to see.
Q4 – the free airdrops will be completed.
2018 first quarter – launch of mobile device wallets (iOS and Android).
2018 first quarter – Add feature allowing user to securely put any data into the DeepOnion blockchain
2018 second quarter – Supporting Smart contract – this one I am particularly keen on seeing, are they perhaps the next challengers to Ethereum?
2018 second quarter – Importing modern features and future advancement our blockchain technology
2018 second quarter – More Exchanges trade-able for ONIONs
2018 second quarter – More Shopping Sites accepting ONIONs
2018 second quarter – ONION accepted Games
Further development suggest they will be taking feedback from the community in consideration for any future product development – which is highly encouraging to see.
How many coins will there be?
The developers stresses that the maximum number of coins will be 25 million and that the max supply would be reached in approximately ten years – in 2027. 18 million of the coins are already premined. The vast majority of the premine is intended for the free airdrops, available to anyone who follows the guidelines of how to claim the airdrops. 2 million coins will be mineable by the public via their X11 algorithm (I will explain in a separate follow-up blog how you can mine the coin the most effectively).
Who is the team behind?
This is less relevant than it is with most other projects, as the coin is mostly free to receive, and therefore limits your risk in acquiring the coin at the present time. It is also rather fitting that for a coin that emphasises complete anonymity as what makes them stand out, that the identity of the developers are unknown.
It is highlighted through their website and Bitcointalk thread that the team does consist of veterans in social media experts, search engine marketing experts (SEM) and block-chain developers – and is four man strong.
The team appear genuinely committed to wanting to continue to deliver product improvements to DeepOnion, especially when considering the level of detail they have included in their Bitcointalk post and on their website and their official roadmap.