Posted by: Greg Miller
October 9, 2014
Recently, BitcoinDark, an anonymity focused crypto-currency, blasted its way into headlines as its Teleport technology is nearing completion. The “teleporting” technology works by sending coins that are moved off the blockchain but are still verified by the blockchain, creating a untraceable transaction. According to coinmarketcap.com, BitcoinDark valued has shot up to $5.92 with the news. Perhaps even more impressive, is that it has the 10th biggest market capitalization. Its $ 7,010,464 market capitalization is gaining on a famous anonymity focused crypto-currency, Darkcoin.
BitcoinDark’s head developer, jl777 describe the teleport in greater depth by issuing this statement about it: “Anonymous teleporting of funds occurs off the blockchain but is verified using the blockchain […] [The system] transmits funds via telepods by transporters. All information needed to spend funds is included in the telepod and sent via the encrypted network to the destination – the telepods are then cloned and passed around to ensure that commerce can be conducted in private.”
The Teleport technology is a step beyond the simple mixing that has been the focus of crypto-currencies like Darkcoin or Bitcoin. BitcoinDark is hoping to help other altcoins implement the teleport technology into their coins when it is released. Similar to mixing schemes, the anonymity is equal to the seize of the network. With a small network using the technology, transactions would still be able to be de-anonymized easily. Altcoins are much smaller than Bitcoin and that is why BitcoinDark hopes to combine the networks of various altcoins to provide a sufficient size for the technology.
“I want to openly reach out to other coins to join BTCD revolution. I am making libjl777 that can be integrated into any coin in a few days and this will allow the creation of a super network that will dramatically increase privacy levels, not to mention InstantDEX trading volumes and revenue sharing that will be earned by these other coins. BTCD will help other coins teleport for a minimal fee and it is quite possible that with the revenue sharing that they would actually get paid for integrating into BTCD network!” – jl777
More About BitcoinDark
BitcoinDark is crypto-currency that will also work like a Distributed Autonomous Corporation (DAC). When InstantDex, BitcoinDark’s decentralized exchange, and the Teleport technology is released, BitcoinDark holders will receive a portion of the revenue gained from those services. BitcoinDark, unlike other altcoins, has a small coin supply of 22 million coins. 1.2 million Coins have been premined in order to support development and fund community bounties.
BitcoinDark has no miners. Instead of using a Proof Of Work (POW) system, like Bitcoin, BitcoinDark uses a Proof Of Stake (POS) system. Proof Of Stake secures the network by incentivizing people to run nodes, which is simply keeping their wallet online and connected to the network. Web clients are rewarded by getting BitcoinDark if they keep their client connected to the network for a certain period of time. The coins rewarded to these people are created by BitcoinDark. As a result of this, BitcoinDark has a 5% yearly inflation.
The Future Of BitcoinDark
BitcoinDark is working on a decentralized exchange to trade BitcoinDark. The project is called InstantDex and would be accessed through the BitcoinDark client. It hopes a decentralized exchange can avoid the fraudulent behavior of centralized exchanges and avoid regulations. PrivateBet is a decentralized betting platform that is being worked on by the developers of BitcoinDark. If successful, this could be a big boost for BitcoinDark as gambling was one of Bitcoin’s original killer apps, but faced problems due to government regulations.
BitcoinDark teamed up with Coinomat to make a anonymous debit card which will not require a name and is be issued by a undisclosed bank in Europe. The card will cost $40 for delivery and insurance. Online transactions will be free, but ATM withdraws will be charged a fee. It is has a monthly transaction volume of $10,000, but multiple cards can be ordered. The card is a great solution to the tricky prospect of turning BitcoinDark into fiat, anonymously.
BitcoinDark is traded on 6 exchanges – Crypto-trade, Poloniex, Cryptsy, Atomic-trade, Bittrex, and Beter. You can find an active community on its subreddit, official forums, and various other social media channels.