Is Darkcoin Losing Steam?

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Is Darkcoin Losing Steam?

ForexMinute.com – Renowned as the first anonymous coin, Darkcoin indeed has come a thousand miles from its point of origination. The coin quickly grabbed people’s fantasy when it discussed the much basic requirements of keeping transactions anonymous from onlookers (from the both side of laws).

‘But the promise to offer people a safer, secure and anonymous transaction is still far away from its goal’, indicates the recent troubles faced during the Darkcoin network fork. The first hardfork RC2, which was announced and implemented over a month ago, went in a state of havoc when miners realized that they have been mining on a wrong blockchain. This was caused due to a severe bug while implementing the Darkcoin masternode payments. This bug initiated a series of forks in the Darkcoin blockchains. Although no loss of coins was ever found, or reported.

The Darkcoin core developer though satisfied in terms of maintaining transparency, while keeping the hype alive. He took Reddit and other social media platforms to show his concerns toward fixing the bug and soon bring Darkcoin to its comfortable tracks. Between all this, the coin’s market was fluctuating heavily, showing a series of simultaneous uptrends and downtrends.

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As promised by the team, Darkcoin once again returned with another hardfork RC3, as well as hopes for its growing community. Despite being carefully tested as told by the coin’s developer, the new hardfork once again met with bugs, but this time the small ones, as again told by the coin’s developer. The Darkcoin then decided to implement a soft fork to launch RC3. This step was received well from the community (Read here). On the night of June 25th, the new fork was ready, following which the masternode payments have become live using a non-enforced payment protocol.

It is the same date when Darkcoin began to lose its position in the market. And today, it eventually slipped to number 5 from number 4 in the top cryptocurrencies list (in terms of market cap).

So the question that arises is, is Darkcoin actually losing its steam? The answer somewhere lies in the midst of Yes and No. The reasons around ‘Yes’ are the possibilities of people losing their faith in the coin, as well as the increasing competition Darkcoin is facing in the name of upcoming ‘Stealth Addresses’ – whose overall function is somewhat similar to the Darkcoin anonymous transactions services.

The reasons around ‘No’ are the possible chances of a panic sell, especially after the announcement of a new hardfork RC4 somewhere in the end of July. People might be buying other cryptocurrencies to support a planned dump. With investors leaving the market, the price of Darkcoin will surely fall down to its lower threshold. But during or after the launch of RC4, the prices will be hopeful to rebound and investors will buy back the coin in cheap, until it rises again.

Darkcoin’s steam as the world’s first anonymity offering coin is still alive. All it needs is a better fork this time to ensure the trust of market. Till then, wait for the best!

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

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