DarkPay Coin Review – For Brighter Online Privacy
If we look back at the history of money, only few have ever managed to control it. Initially, it was the kings and emperors, and later on, some monopolists and political leaders still use it to control the world. The solution to this centralization of power is to get back to the pre-money era, where high level of decentralization was possible by the virtue of a barter system. In the new age economy, this solution emerged a decade back in form of pure Peer-to-Peer (P2P) transactions out fold through a mechanism called Blockchain and Digital Currencies!
While the cryptocurrencies have solved the initial problems of decentralization, many are still skeptical because most of the digital currencies do not include privacy features by default. Having said that, “how can we ensure that our privacy is protected when transacting cryptocurrencies?” – Fortunately, this led to the evolution of advanced technologies and privacy focused digital currencies that not only provide high-speed P2P transactions but also ensures and safeguards the privacy of its users. This is what eventually creates a true decentralized economy and gives the power back to masses.
Today, you can find hundreds of privacy coins already operating in the market but the crypto space still needs a perfect solution, as many of the offerings on the market fail to achieve the 100% true protection, use-case, anonymity and decentralized ecosystem. Recently we have discovered a new kid on the block, working hard to address these challenges and come up with the perfect solution to the privacy problem – DarkPay Project.
What is DarkPay
Darkpay is a privacy focused blockchain cryptocurrency project based on Proof of Stake (PoS) consensus algorithm with Masternodes integrated. The project kick-off started in September 2018, and the team is working on a complete decentralized architecture ever since, to bring in the advantages of both privacy as well as democracy. It operates in the market with the ticker $DKPC.
How Does DarkPay & DKPC Coin Stand Out
Technology: As we already mentioned, DKPC coin is based on Proof of Stake (PoS) consensus protocol. In non-technical language, the mining/transaction verification is done basis the resource held, i.e. DKPC Coins. While the PoS Vs PoW debate continues, PoS protocol has lots of benefits, especially for privacy coins because it reduces the risks of double spend or Distributed Denial of service attacks- the cost to conduct such attacks are comparatively much higher. With Masternodes spread across the globe, the transactions for DKPC are lightning fast while the security is strengthened even further. The PoS protocol used by DKPC also ensures reduced transaction fee due to optimum utilization of the resources deployed across the network.
Masternode & POS Rewards: DKPC coin is minted by running your own Masternode, holding it in one of the official wallets or by using any of the third parties masternode & staking services that the team is collaborating with. The reward structure is based on the blocks generated by any particular node and you can check them live any time, DKPC Blockchain Explorer. The reward is generated in form of DKPC coins and the ratio of masternode:POS and stands at 9:1; the current ROI for masternode is at an amazing approx 330% while for POS on wallet is approx 41%.
Obviously, this is expected to come lower as the spread and block mining difficulty increase, but this it will make the ecosystem even more stable and secure. Early adopters and investors surely end up gaining more. At the time of writing, there are 2073 masternodes active and average time to generate a block is about 83 seconds. The team also provides a POS Calculator should you wish to check your potential rewards based on the coins you hold.
DKPC blockchain follows a bell-curve reward structure where the rewards are less at initial and later stage and peaks at the center. Currently the system is closing on to 200k blocks where the reward output is 150 DKPC per block with a split of 132 coins for MN and 18 coins for POS for every block. Masternode set-up requires a collateral of 10000 DKPC while to receive POS rewards you simply need to move them in to your wallet and keep it open to generate new coins and be rewarded for validating the DKPC transactions. The wallets are available for Windows, Linux, MAC-OS X and Android (beta version is coming up). You can download them from the wallet tab of DKPC’s official website.
Furthermore, to spare you the time and effort of running a Masternode on your own, or setting up your staking wallet, DKPC team recently announced their strategic partnership with Trittium, to bring easy one-click masternodes and PoS services to their community.
ZERO Coin Protocol & TOR: This is where DKPC achieves high level of privacy and delivers its commitment towards true anonymity. ZeroCoin uses cryptographic principles at protocol level to ensure anonymity within the existing block itself allowing users to transact with privacy. The Zero knowledge proofconsensus mechanism through accumulators allows the transaction to be completed without any errors.
TOR (The Onion Router) used by DKPC does the IP obfuscation through approx 7000 relays thus concealing the location/usage/analysis of the origin and the date. Wrapping – Re-wrapping process does not allow the intermediary relays to decipher the date packets. In nutshell, DKPC uses the latest technology to deliver high level of privacy.
Decentralization: DKPC is a true decentralized eco-system where the decision-making happens through a democratic voting process. Low pre-mine and development fund means no one is hoarding a major chunk and thus the control is decentralized. All Masternodes can vote for the fund utility, new projects, features etc. This ensures DKPC’s direction remains firmly in the best interest of the entire network while giving more power and voice to the community.
Ongoing Developments: As per the road-map, DKPC plans to establish a massive global use-case by setting up DarkPayMarket which will leverage massive opportunities of e-commerce space operating on a pure P2P basis. This will bring us closest to the barter system we discussed earlier, a true symbol of decentralization. The transactions for the market will be as Ricardian contracts where the data will be authenticated at every step, tamper proof within the three parties i.e. buyer, seller, and trusted third party.
Even more surprisingly, DKPC also plans to get legal DAO status (Decentralized Autonomous Organization) this year. This will enhance its credibility exponentially as across the industry, only a handful of players like DASH, Bitshares,The DAO, Digix have such status. DAO legal status will add on to the security of the digital ledger and prevent forgery.
DKPC is in talks with few companies that might enhance its use case further. In addition, the team is in touch with Bittrex Exchange and is committed to follow the international rules required for listing.
Markets & Pricing: DKPC is currently trading at a price point of $0.022 per coin and is available at Cryptobridge and STEX exchanges. Through the community support, DarkPay Coin has also won future listing Cryptotrade exchange and few more are already in the pipeline. As per CoinGecko data, DKPC is ranked 920 out of 3812 coins. Being a very new coin there is enough space for the team to grow here provided they continue delivering their commitment and increase the marketing effort to ensure the awareness about their projects and offerings.
Whitepaper & Website: These are the first impression of the project and again they are a big differentiator between professionals and noobs. DKPC whitepaper (interestingly named Dark Paper) covers the basics and is detailed enough to share relevant information about the goals and visions of the project. The website as of now covers the basic aspects of the project.
Social Media: In the digital space, social media is one of the strongest tools available to create a huge global customer base. A legit team will strongly invest a lot of time and energy to build up their social media presence. DKPC is mainly focusing on Discord (approx. 3k members), while other social media platforms like Twitter (with 605 followers), Telegram (with 810 members) and Bitcointalk are gradually gaining momentum. The engagement levels on the social platform are quite interactive and exhibit growth trends. You can check out the platforms via Discord, Twitter , Telegram. As we approach DarkPayMarket go-live date we expect DKPC team to expand their social media spread and also leverage other platforms like Facebook, Reddit, Medium, etc.
Supply & Pre-mine: A legit project will always have a clear defined roadmap for coin release and distribution. DKPC scores well here too; the total supply of DKPC coin stands at 100 million, while the circulating supply is 28.1 million. The distribution ratio is as per the pre-defined mining grid. Only 0.0021% of the overall supply was pre-mined for initial set-up process. The team developer budget is capped at less than 2% (basis voting consensus). This adds onto the credibility of the project as 98% of the supply is up for community to mine, and advantage the growth.
Community: Communicating with the community can give you many indications about the project. A good project is defined when the community is loyal and knowledgeable, they vouch for the product and the team, discussions in the group is constructive and project centric. Team DKPC is making organic growth in this domain and gradually building up a loyal follower base. The masternode and POS wallet download increment on an organic basis is a healthy indicator. It is a continuous process though and a lot of further effort needs to be put in this direction.
Overall, the project scores well on the technical aspects, reward outputs, identifying a niche opportunity by launching a good product. Now it’s time for them to get aggressive in order to acquire more users for their offering and blockchain platform, which eventually will enhance the overall value proposition. Keep up the good work, team!
Due diligence and a little time, investment can go a long way in not only safeguarding your money but also in giving you phenomenally high ROI on the long run. It’s just a hunt to avoid garbage and fill your bags with gold.