What is DeepOnion (ONION)?
Future of ONION Cryptocurrency and know how to buy ONION

#1 - What is DeepOnion?

  1. DeepOnion is an anonymous blockchain closely integrated with The Onion Router network, which is a free software that allows anonymous communications for its users.
  2. TOR increases the amount of privacy for cryptocurrency users and reduces the possibilities of being attacked or hacked by other illegal or legal entities.
  3. With the help of DeepOnion, you can easily receive and send ONIONs (the cryptocurrency of the DeepOnion blockchain) over the TOR network.
  4. The blockchain ensures anonymity and can also be used to receive or send personal transactions with the help if Deepcoin wallet.  
  5. DeepOnion has just one major goal, that is, to protect the privacy and identity of the users by making a payment platform that is secure, scalable, instantaneous, untraceable, and anonymous.
  6. DeepOnion has also implemented VoteCentral, which is a consensus mechanism that permits say methods to get involved in the future development of DeepOnion.
  7. DeepOnion is also referred to as a hybrid cryptocurrency because it has implemented both proof of work and proof of stake algorithms to power DeepOnion mining and blockchain security.

ONION: The basics

DeepOnion plays entirely on the security and privacy of its users. The major features it provides are:

  • DeepVault File Guarantee: It is a store of information held within the blockchain, which means that the data will always be immutable. If in any case the hash of file changes, you can know the file has either been altered or corrupted. It also allows users to store their file validation credentials, which refer to the hashes of files, within the blockchain.
  • DeepOnion Blockchain Verification: The DeepOnion Blockchain is verified by the Bitcoin blockchain. The DeepOnion blockchain hash is computed and registered with Bitcoin’s blockchain in order to increase the security of its blockchain.
  • DeepOnion Ecommerce Plugins: Users you can also accept ONION on their online shops as a method of payment. It charges no transaction fees and you get instantly paid.
  • DeepSend will permit users to receive and send untraceable payments. It will use a method of multi-signature payments for mixing details in order to hide the transaction traces. It is tried and tested technology which is also trusted by the existing users. DeepSend will enhance anonymity, trust and, the speed of DeepOnion.
  • Secure Transactions: The DeepOnion wallets are secured, developed in a way to keep your finances and identity private and safe. Only you can access and hence have entire control over your finances.
  • DeepOnion Academy Videos: DeepOnion is also planning to release a complete series of videos for promoting blockchain technology and the need for privacy. Everyone will have access to these videos.
  • VoteCentral: Every ONION stakeholder will be allowed to vote on the proposals that will benefit and enhance the currency. VoteCentral is the unique way of self-marketing and development of the platform, which is entirely governed by the community.
  • Stealth Addresses: The DeepOnion wallets have stealth addresses enabled with which you will be able to create your stealth address and receive anonymous transactions.
  • Secure Wallets: Secured DeepOnion wallets are available for Mac, Windows, and Linux, and Android. The iOS wallet is still under development, which is known to be available shortly. The wallet also allows you to send secure messages with end-to-end encryption.   
  • Airdrop: The ONIONs were distributed freely in 40 rounds of airdrops.  POW+POS+No ICO or Crowdfunding, which means free coin distribution. This had been one of the most successful Airdrop campaigns.

ONION Development  

  • The DeepOnion coin was launched in July 2017. Its 40 rounds of airdrops, where the coins were distributed for free, helped the currency to get recognized in the market.
  • DeepOnion has also established its partnerships with multiple privacy services such as Bisq P2P DEX, and with other online marketplaces.
  • The blockchain uses both, Proof of Stake and Proof of Work algorithms.
  • The TOR network powering DeepOnion ensures anonymity and security of peer-to-peer connections. There are few countries which have blocked the access to TOR browser. In order to solve this, DeepOnion had released protocols for bypassing the issue.    
  • One of the USPs here is that DeepOnion relies on TOR, which masks the true IP addresses of its users.

 

#2 - What are the benefits of ONION

ONION Technology

  • The Onion Routing (TOR) is a technology that is used to ensure anonymity over the internet. The messages on the ONION network are encapsulated in multiple layers of encryption, just like the layers of an onion. This encrypted data is further sent through a series of network nodes which are known as onion routers. Each of this peels away a single layer that uncovers the next destination of the data. With the decryption of the last layer, the message arrives at its destination. Here, the sender’s identity stays unidentified as each intermediary is only aware of the location of the immediately preceding and following nodes.       
  • Private Digital Currency: Stealth addresses help to prevent public connection of an output of the transaction with a recipient’s wallet address. They also conceal the destination address of a transaction, thereby hiding the identity of the receiver on the network of the DeepOnion cryptocurrency. DeepOnion has a built-in stealth address feature with which you can send or receiver transactions or funds anonymously.
  • Instant Confirmations: Users can receive and send transactions instantly, worldwide. This applies for anonymous transactions as well.
  • Multi Layers of Protection: The DeepOnion network holds to have multiple layers of privacy which also include the latest version of TOR, obfs4, stealth address, meek, and DeepSend. The secure wallets of DeepOnion also serve as a layer of security.

 

#3 - How to buy and store ONION

How to buy DeepOnion

The ONION coin is listed for trading on various trading exchanges globally, and is paired with a few major cryptocurrencies like BTC, ETH, BNB, KRW, and USDT.

Exchange support for the ONION cryptocurrency is strong, and includes major global exchanges such as KuCoin, Cryptopia, CoinExchange and more.

  1. CoinSwitch, an online cryptocurrency trading platform, assists users make the right trade by providing the prices for ONION across multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your ONION cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

ONION Storage

After obtaining the ONION token, you will require a ONION wallet to store it safely. The safest and likely the only wallet to store your ONION is the DeepOnion wallet available for desktops and smartphones:

  1. DeepOnion wallet for desktop: The desktop wallet from DeepOnion is available for Linux, Windows, and Mac.
  2. DeepOnion wallet for Mobile: The mobile wallet is available for Android currently while one for iOS is under development and is soon to launch. The wallet also allows you to send private messages with end-to-end encryption.

Both the wallets, desktop and mobile, allow you to make anonymous as well as secure transactions within seconds.

 

#4 - What is the future of ONION token?

Also Read: Complete Analysis of DeepOnion | Live DeepOnion (ONION) Price Charts And Predictions

ONION Global Acceptance

The Market Cap ranking of the ONION cryptocurrency is beyond 300 as of June 2018, with it holding a market capitalization of $12 million USD as of the same time. A total number of 20,456,546 ONION coins are in circulation.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

1 June, 2018

1.31

1.35

1.27

1.29

44,345

19,871,100

1 May, 2018

2.05

2.10

1.90

2.01

152,167

29,426,900

1 March, 2018

3.62

4.22

3.48

3.85

113,110

38,632,300

1 January, 2018

7.09

8.14

6.51

7.25

628,492

33,169,600

1 November 2017

0.671246

0.854014

0.666592

0.789780

23,859

2,471,910

Future Prospects

  1. One reason that can contribute in the rise of ONION is that the coin provides 100% anonymity with TOR technology. It keeps funds of its users safe from government and hackers. The private transactions, which has also been the backlog of various other cryptocurrencies has been fulfilled by DeepOnion.   
  2. Another reason that will help ONION rise is because it requires less time for making or receiving payments.  

 

#5 - How is ONION different from other cryptocurrencies?

There are major points that makes DeepOnion a better coin in comparison to others, such as:

  • Transaction Confirmations: The time taken for block confirmation on Bitcoin network is 10 minutes. Some users also have to wait for hours for block confirmations. This adds up to a backlog of transactions, specifically during the peak transaction hours. DeepOnion ensures instant transactions for its users, reducing costs while its at it.
  • 100% Anonymity: The transactions made on the Bitcoin network are not anonymous, rather the context of anonymity for Bitcoin is entirely different, that is the wallet addresses are not linked with the personal details of a user. But the origin of a transaction can be easily traced by just knowing the IP address of the device. This issue has been resolved by DeepOnion by its usage of TOR technology. TOR provides 100% anonymity to users and allows you to make transactions without making your actual IP address known to anyone. The transactions stay untraceable with the help of the invisibility conferred by the TOR network.      
    • Secure Plugins for Online Stores: With this feature, there’s integration for merchants using DeepOnion in an easy and convenient way. It also ensures privacy and anonymity.
    • Proof of Work (PoW) and Proof of Stake (PoS) Hybrid System: Bitcoin features a Proof of Work algorithm for mining, whereas DeepOnion has combined both, x13 algorithm Proof of Work and Proof of Stake. The x13 algorithm Proof of Work is more secure and fast, making the network less vulnerable to evil attacks. On the other hand, Proof of Stake saves energy and time and also favors a higher amount of security on the network. The combination of two provides high protection against proof of work attacks.        
  • DeepSend feature: The TOR integration hides your IP address, but your transactions can still be seen on the blockchain. DeepOnion’s DeepSend feature enables the user to hide the routes of a transaction.

The sender will initiate the transaction to the tune of twice the amount that will be then placed on escrow, which is a trusted third party that secures funds in an Escrow account. The network will then randomly pick a mixer that will send ONIONs to the receiver as a mixed transaction that will ensure high privacy and security of the funds. The exact amount will be delivered to the receiver and once the transaction will be confirmed, the remaining amount will be returned to the sender.

 

#6 - Should you invest in ONION?

The Good:

  • Provides 100% anonymity, privacy, and security based on TOR network.
  • Offers 100% secure transactions over TOR network. It also ensures untraceable payments.
  • Instant payment confirmations.  
  • Taking payment securities to a whole new level with DeepSend technology.
  • X13 algorithm of Proof of Work and Proof of Stake combination.
  • Secure message with end-to-end encryption with the help of the secure wallets.

The Bad:

  • The DeepOnion founders are unknown, which is a big concern for the project as there is no solid recognized background in their team.
  • It faces competitions as there are various other privacy focused cryptocurrencies in the market, like, Monero.

Even though ONION has outstanding as well as unique features, it still has a global ranking beyond 300, which means that it still has a long way to make to the list of top cryptocurrencies. The coin is still being overlooked due to other major digital currencies.

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