AnonCoin Cryptocurrency: A Brief Review

AnonCoin Cryptocurrency: A Brief Review

Cyptocurrency is a virtual or digital currency which applies cryptography as security; and based on this, this form of currency is very hard to counte

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Cyptocurrency is a virtual or digital currency which applies cryptography as security; and based on this, this form of currency is very hard to counterfeit. One allure that sets cryptocurrency apart from the typical currency is that it’s organic in nature.

This is to say that unlike typical currency, its issuing is not done by whatsoever central authority, therefore, rendering it hypothetically immune to any government interference or even manipulation.

AnonCoin Features

Anoncoin, denoted as ANC, is a form of digital cryptocurrency which was established back in 2013 June, as a typical fork of the original Bitcoin. Its major focus is on anonymity and privacy of its subsequent users.

This cryptocurrency has a major feature which is its inbuilt support for Tor and I2P Darknet- 2 characteristic decentralized networks.

With this feature, it is very difficult and virtually impossible to trace or even identify the address (IP) of the individual that is making a transaction using them.

To further boost and improve the anonymity of the individuals using the currency, the developers of Anoncoin are in the process of establishing a new provision known as “Zerocoin” which will make all the4 transactions the users of this currency make completely unlinkable and untraceable.

With Tor, I2P and Zerocoin provisions, Anoncoin will achieve one of the key objectives of cryptocurrencies –which is to offer a completely anonymous cryptocurrency.

Similar to most other types of crypto coins, the computing network of this entire ‘Anoncoin’ project is run by ‘miners’. The main function of ‘miners’ is to run its software and generate more new coins through processing transactions into exclusive blocks.

AnonCoin Objective

The goal of Anoncoin (ANC) is to be utilized on dark net. Its logo is centered on anonymous movement and similar to Darkcoin, its major purpose is to boost its user’s privacy.

This is a script-based crypto coin forked off the unique lite coin code. It is characterized by an exclusive block time of 222 seconds and is also characterized by a difficulty that reads on each 389 blocks.

Benefits of using AnonCoin (ANC)

Anoncoin and in extension cryptocurrencies make the transfer of funds from one party to the next an easier and a simpler task. These exchanges are facilitated by using private and public keys as well for purposes of security. The transfer of these funds is undertaken with small processing fees enabling the users to avoid the hefty fees as most financial institutions and banks generally charge to wire transfers.