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Why Deeponion Could Be The Next Big Thing — listing On Okex
While trading on KuCoin, I learned about this cryptocurrency that actually really impressed me. The currency I am speaking of is ONION. The reason I’m writing this story is the recent listing vote on OKEx and their mass marketing campaign that quite did the trick of attracting me and made them almost win the contest. I believe DeepOnion’s (DO) remarkable marketing skills are really unparalleled in the cryptocurrency landscape. They’ve made their mark in impressive fashion by providing this many airdrops, bounties and other ways to reach out to new customers and enthusiastic technicians. At the moment DO’s team is talking with OKEx to still list ONION. With this I ask myself if this could push the project to further heights.
“Imagine a negotiating position during a tender agreement. If a competitor was able to track your financial investments by obtaining a list of your suppliers and contractors through blockchain exploration, this would provide valuable insight into your finances and undermine your negotiating position. This could lead to outbidding, corporate takeover as well as a full disclosure of all previous ...
... investments and business relations. This would be catastrophic for most businesses and probably one of the key reasons preventing BTC not being adopted by major institutions where privacy is a fundamental principle in financial operations (something that is actually mandated in numerous jurisdictions).”
— Whitepaper DeepOnion: https://deeponion.org/White-Paper.pdf
OKEx is one of the most prominent exchanges in the cryptocurrency world. It’s currently placed 1st in 24h volume with a volume of around $2,300,000,000. OKEx leaves a big mark in crypto as its volume represents about 10% of the current global trading volume. Next to the important role OKEx plays, its volume also results in a high liquidity. Much higher than most exchanges ever hope to acquire.
Cryptocurrency exchange OKEx
OKEx offers a number of reasons to confirm their status as a top exchange next to its broad spectrum of cryptocurrencies available. They give you a possibility to exchange tokens with fiat and there is also a future market, which offers really low-set fees. Recently OKEx launched their own utility token OKB, an OK Blockchain Capital product, which some coins can be traded against.
Personally, I am actually quite impressed with the trading view. Simple and elegant, as it offers a good overview. At the bottom you can switch indicators and below the trading view you can find the order book, from which you’ll find an in-dept analysis at the right side.
LTC/BTC trading view OKEx
Technical aspect ONION
The technical aspect is not often the thing I focus on the most. I’ll uncover a few things that I like about ONION. First of all, it works through PoS and PoW mechanisms. Their mining algorithm is x13, a more secure cryptography algorithm than SHA-256. Secondly, transactions are fully anonymous as it’s Tor-integrated and almost impossibly IP-traceable. This makes it extremely hard and thus unlikely to get hacked or to have someone checking your finances. A last current feature I mention is DeepVault (which improves smart contracts). Worth the remark is the upcoming DeepSend. Take a look at the whitepaper or visit the community for more information on this topic.
An information store that is held within the blockchain meaning that the data is immutable, forever! More specifically, DeepVault allows Onion members to store file validation credentials (hashes of files) within the blockchain. — DeepVault
Article I have read worth mentioning: https://bitcointalk.org/index.php?topic=2621462.0 (4 Key Reasons Why DeepOnion Will Become The Top Anoncoin In 2018)
“We believe that privacy is an inherent right and nobody should have their identity or finances scrutinized by Government entities, Financial Authorities or any other group or individual. Our mission is to create a 100% anonymous cryptocurrency that fulfils the requirements of a modern financial world whilst ensuring that the privacy and anonymity of its users remains intact.” — Whitepaper
The ONION team realized right from the beginning that a vast and well functioning userbase and community were fundamentally important in order to become an indispensable currency like bitcoin and Ethereum are today. The community got shaped due to DO’s strong marketing skills and their initiative to create a forum for DO enthusiasts.
In my opinion this community is one of DO’s strongest characteristics. DO holds its userbase in high regard. I recently joined the community as well and I was immediately welcomed by a lot of members in my first post. After I spended some time on the forum i got to studying the whitepaper.
When I read about ‘votecentral’ I was pretty pleased. This is a voting mechanism that not only allows DO’s team to participate in voting for their future path, but also allows the long-term members of the community to join in and vote. I believe this to be one of the most important keystones. People who held 90% of their ONION during the airdrops are also considered to be founders in the votecentral program. Unlike problems with bitcoin in the past this is a way to ensure consensus in the community in a democratic way and to avoid dissent and division. Disbelievers that try to manipulate the voting are also avoided this way.
“Most importantly, DeepOnion is a community; a family with a common belief in online privacy and financial obfuscation. A core community is a critical component to the success of the DeepOnion project and we pride ourselves on the many thousands of individuals that already support and promote us in such a short space of time..” — whitepaper
I believe cryptocurrencies have started a new revolution. I’m even positive that this financial revolution could possibly harvest a bigger impact on the world than the industrial revolution did. It will most certainly come at a supersonic pace, when compared to the latter. People are moving away their assets from untrustworthy banks and the hype during late 2017 only showed a bit of the capacity blockchain has to offer. In a way, last year opened a lot of people’s eyes. With this revolution I hope, as naive as one would think this may sound, a redistribution of wealth will also be achieved.
Then, a few days ago i was roaming through Twitter and I came across this one tweet linked to a pretty decent site: https://arewedecentralizedyet.com/ (are we decentralized yet?). For me this site was really interesting as it shows the distribution of some currencies. More specifically the percentage of the supply of a currency that the top 100 wallets hold and this actually made me dislike XRP and XLM.
As you might imagine, this is was one of the most important factors in my evaluation of DO. At the moment there is a total supply of 20,206,331 ONION. 18 million of which are premined. This might seem a lot, but let me explain. I think this was necessary due to DO’s focus on the community. Over the past year there were 40 airdrop rounds which distributed 10 million ONION. Funds for development and bounties accumulate to 6 million ONION and 2 million ONION are distributed to founders. Fully developed, I believe ONION will have a high distribution ratio. Whales will only be able to acquire a high percentage of ONION through trading.
Currently, ONION has a 24h volume of $250,000. The trading volume peaked at around $4,300,000 January 10 with 1 ONION having a value of $18.61. This was also during KuCoin’s peak. ONION undoubtedly suffered from issues at the exchange, since it’s almost completely traded on KuCoin and Cryptopia. Nowadays those exchanges accumulate to around $87,000,000 in 24h volume. This is peanuts compared to OKEx, which currently has a trading volume of around $2,300,000,000. This is 26 times the volume of Cryptopia and KuCoin together. Thus, this new Listing on OKEx will expose ONION to a much higher trading volume. Next to that fact this would be the first top 5 exchange that lists ONION.
Thanks to all the support during the vote, ONION might still list on OKEx. If so it will become more widely available and the project will soon be raising highly augmented attention. These results will lead to a faster growing community. More enthusiastic technicians will likely flock to DO causing bounties to be fulfilled faster and projects to be developed much faster. As I have already explained the community plays a big part in DO’s future.
Since mid-January the price has significantly dropped due to constant dumping of airdropped ONION. During the dumping a lot of people still held to their onions. After the airdrops ended mid-April, ONION started regaining its value. I believe a push like this listing on OKEx could kick start their rejuvenation.
ONION last 3 months (https://coinmarketcap.com/currencies/deeponion/ (DeepOnion (ONION) price, charts, market cap, and other metrics | CoinMarketCap))
I also want to stress VoteCentral recently got added and a few proposals were already made through this mechanism, for example the vote to choose a public hero to represent DO.
The next promising aspect to be released will be DeepSend. An addition that will allow even more privacy and anonymity. This project should be finalized sooner than you might think. It is planned to be released during 2018 Q2. For a further look at DO’s roadmap you should check: https://deeponion.org/ (DeepOnion, anonymous cryptocurrency, anonymous transactions)
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