It has been asked for as long as I first heard of DeepOnion. The Whitepaper has finally been released and what an interesting read it is! As soon as I heard I knew I had to write a review, after having a check for myself first, and here it is. If you want to have a check for yourself first you can find the Whitepaper here:
DeepOnion WhitepaperI really like how they start out with explaining their vision for DeepOnion to entice the reader to find out more on how DeepOnion
"strives to become the premier privacy-centric cryptocurrency by improving the current state-of-the art and introducing novel blockchain technologies."Let's go in-depth to the key points that the DeepOnion team have chosen to highlight in their paper.
Privacy and AnonymityIt is no surprise that most of the whitepaper focuses on highlighting the issues that exist in BitCoin and Ethereum in regards to privacy, anonymity, and scalability of the networks. How will DeepOnion solve these issues?! By applying a
"Multi-layered Security Model" consisting of four layers:
- The Transport Layer - The TOR Network
- The Protocol Layer - Zero Knowledge
- The Transaction Layer - Multi-Signature & CoinJoin (DeepSend)
- Application Layer - Security Applications (DeepVault) and Smart Contracts
Reading about this clarification was one of the most interesting topics of the Whitepaper since it explains how DeepOnion will reach the level of security and anonymity that their vision details. It also shows the clear feasibility of the project. The TOR Network is already in place, the Zero Knowledge and DeepSend features are in the Roadmap and both are based on
proven/existing technology.
Some might argue that none of these technologies are anything new but why invent the wheel again if it already exists? It is the combination of this 4-layer approach that is new and will ensure complete anonymity and privacy of performing online transactions which is what is so exciting!
The transaction speed of DeepOnion, at 62.5 tx/s, was already known before the whitepaper and clearly outmatches the capabilities of both BitCoin and Ethereum and even beats LiteCoin (56 tx/s). But what I hadn't heard about was they seem to be looking at the possibility of implementing the
"lightning network technology" to theoretically increase the transaction speed to match the VISA Network (approx. 56k tx/s). If that don't answer the scaling issue questions on cryptos nothing will.
Mobile Wallet and VoteCentralThe Whitepaper contains a few
"marketing images" of the Mobile Wallet interface and also the landing screen of VoteCentral which both looks user-friendly and stunning. The Whitepaper clearly hints that the release of the Android Wallet is not far away and that we can expect the iOS Wallet to follow not long after.
The Whitepaper is the first time more in-depth knowledge, about VoteCentral, is being shared. I really like how they describe their vision of DeepOnion as a
"living organism" and how VoteCentral will help to achieve this through community sentiments and weighted democratic voting. It really makes it seem like, as part of the community, you will get a say in how the coin adapts and evolves going forward.
DeepPointsThe Whitepaper also mentions the DeepPoints feature, which is a community reward program where members got rewarded by being active and posting quality content on the DeepOnion forum. This will probably be removed from the paper in short time since the reward program, in the form of DeepPoints at least, have been removed. It became a necessity after spam abuse spreading on the DeepOnion forum. After the removal, the forum has again returned to its former glory and, the spammers have all but disappeared.
Final NotesFor those that haven't already, I would really suggest you take the time and have a look through the Whitepaper. It clearly shows the goals that DeepOnion is trying to achieve and what we can expect from them in 2018. The team is very open and meets the critiques head on, regarding the possibility that Developers might sell their coins as DeepOnion reaches a certain price, and explains, in the whitepaper, how this is mitigated/prevented.
For me,
this was an absolute delight to read and cleared up the questions I still had regarding scalability, VoteCentral and how DeepSend is meant to be implemented. Let me know your thoughts on the Whitepaper and remember it is still not too late to Join DeepOnion AirDrop (link in my signature) and start earning some ONIONs.
Disclaimer: I am no financial advisor so you should always do your own research before choosing to invest in any project
