Anonymity is the New Trend in Cryptocurrency Market

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Anonymity is the New Trend in Cryptocurrency Market

ForexMinute.com – The original concept behind launching Bitcoin was to introduce a cheap and convenient method to transfer money online, i.e. by cutting middlemen from deals. With the development of the much-acclaimed Bitcoin technology, we saw many coins trying to improve upon its features.

However, the one that ultimately came closer to its height was indeed Litecoin, which was comparatively faster and securer than Bitcoin. A hoard of other cryptocurrencies quickly followed, with their own set of specifications, and so-called improvements. While some proclaimed to be eco-friendlier, some just replicated the old code in new avatars. The spectators saw these trends come and go, waiting to be hit by something that will be truly unique.

Entered Darkcoin, which became the first cryptocurrency to amplify the needs of privacy in transactions. This was indeed in wake of governments taking necessary steps to tax Bitcoin businesses and users. A market which was always running from falling into the hands of financial monarchy suddenly was trapped by the same. Darkcoin not only turned out be a valuable extension of slow-paced Coinjoin – a concept created by one of the Bitcoin core developers Greg Maxwell, but amplified by Darkcoin with good communication and interesting updates.

Even recently, the Darkcoin developers released Darksend+, which anonymize transactions by simply denominating the sent DRK into multiple units, each with a unique address assigned to it. The receiver end simply draw these chunks out of the pool, ensuring privacy up to a larger extent by confusing the onlookers to further large extents.

What Bitcoin was to Litecoin is what Darkcoin is to a series of anonymity-offering cryptocurrencies that has surfaced in previous months. Going by their name, you can guess them to be a replica of Darkcoin, or Coinjoin to be specific, each trying to add something new to the anonymity trend. So there is one Bitcoin Dark, which brings off-blockchain private network, Duck Note, providing un-linkable and untraceable transactions, Incognito Coin, providing transaction anonymity via Bit Key transportation layer, and many more.

The question however is how practical these developments are, even if not 100% anonymous as they claim to be. Beside, how much benefits they can provide to a regular Joe who doesn’t understand the technicalities at all. What we believe is to be a great and innovative trend is also a complex one when it comes to actual adaption. There are huge anticipations from each coin we discussed above, but all community needs is a simple approach to actually carry this trend forward by growing trades and adaption.

But cutting all the ugly slacks, what we see today is the ultimate desire of keeping finances to oneself. Though not a threat to the position of top cryptocurrencies, the anonymity of coins is indeed an improvement upon the real idea behind digital currencies, which is decentralization and privacy.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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