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TorCoin, a new cryptocurrency that is integrated with the TOR network, takes anonymity to a new level. The anonymous cryptocurrency, uses the X11 proof-of-work consensus that allows miners to support the TorCoin network.
TOR is an open source, decentralized network that allows users worldwide to have total anonymity on the Internet by routing IP addresses among multiple nodes. TOR defends against traffic analysis, a type of network surveillance threatening privacy and security.
Meeting A Key Concern
Anonymity has emerged as one of the most critical concerns for cryptocurrency users. TorCoin allows users to rest assured their transactions cannot be traced.
Anyone can use TOR to protect their anonymity without regard to nationality, politics, religion or any other factor.
Unlike bitcoin, TorCoin rewards users for running the TOR node. TorCoin allows users to send coins anonymously, unlike bitcoin, which has completely traceable transactions. TorCoin users don’t have to “mix” coins to keep them anonymous.
Because TOR is fully integrated with TorCoin, attackers cannot know who is using the currency. TorCoin users cannot know the physical location of another TorCoin user’s node. The currency offers encrypted end-to-end messaging among users.
Anonymous Nodes
All TorCoin nodes are anonymous. No one can know when someone else is running a TorCoin node or trace their location. The network re-routes every user’s connection to other TorCoin nodes running TOR.
TorCoin is a hybrid currency that provides total integration for Tor with the Tor Onion network.
While the currency uses a proof-of-work algorithm, it transitions to proof-of-stake after two years when a small number of coins will be issued annually to be staked. Staking will be 5% per year.
Proof-of-stake prevents centralized mining tools that could undermine bitcoin with a 51% attack. The majority of bitcoin mining is in China, giving that region a significant level of influence over the cryptocurrency.
12 Million Coins In 2 Years
There will be 12 million TorCoin coins created during the two-year proof-of-work period, followed by small releases of coins for staking. There will be fewer coins than bitcoin and significantly fewer than Ethereum.
The TorCoin genesis block was developed with about 10% of all coins that will be issued, approximately 1.2 million. bitcoin, by contrast, was “instamined” to around 1 million coins. Ethereum was “pre-sold” in a crowdfunding of around 20% of its total issuance.
The Right Incentive
TorCoin believes allocating 10% to the developers provides an incentive to ensure the currency’s success as well as the means to pay a development team to continue to work on the software. Without any coins, the creator might choose to abandon the project.
The creator has the option of “staking” exchanges to list the coin, offering the exchanges a fair amount of coin to list it. Listing a coin on numerous exchanges is critical to the success of the coin.
TorCoin is available on the C-Cex Exchange, CoinExchange.io and CoinMarkets.com.
TorCoin is not affiliated with the TOR project.
TorCoin has improved since a group of graduate students developed the project in 2013 and soon abandoned it. The new TorCoin did not use any of the code from the original TorCoin, which is still listed on CoinMarketcap but has not trade volume and a cap of 9 TBC.
Published at Mon, 24 Apr 2017 07:49:11 +0000
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