Understanding Darkcoin Onyx

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Understanding Darkcoin Onyx

ForexMinute.com – The Darkcoin team of developers might be among the only ones in the cryptocurrency sector that are constantly polishing its coin’s anonymity features with innovation and security. The team have been delivering a series of network updates since Darkcoin’s launch as an altcoin; and with each update, we get to see some more improvements and more features. The team is now back with yet another update that is aiming to improve the Darkcoin-centered technology – Darksend and InstantX. This new feature is called Onyx.

Released almost half-a-month back, Onyx focuses largely on the security of the overall Darkcoin network. To make this happen, this client update allows the network to select only a handful of specific nodes from the whole set when making/obfuscating transactions or propagating messages. The Darkcoin core developer Evan Duffield further elaborates the concept and wrote:

“Security for Darksend and InstantX is provided by selecting masternodes deterministically from the total set, then using multiple of these nodes to make decisions. Vastly greater security becomes possible when you add more nodes due to the cost associated with controlling a majority of said nodes.”

An in-depth knowledge about this concept can be found in this whitepaper.

The most innovative thing about this security update is its ability tease the attacker. If each user is made to pay a collateral to use a particular masternode, then the procedure of attacking inevitably becomes much expensive and unprofitable. It is like asking a robber to submit $1 million to rob a bank with deposits of only $50,000.

Onyx also secures the Darkcoin users against the prevailing double-spending attacks. After this update, users can directly pay the miners to buy the cryptocurrency units, once again making any such attacking-attempt unprofitable for hackers. With this update, a double spending attack on Darkcoin network is near to impossible.

Even if this development didn’t have any adverse impact on the Darkcoin market, we believe its successful results will surely catch enough eyeballs to keep the adoption rolling. Till then, let’s keep our butter fingers crosses.

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