Meet DarkCoin, the newest cryptocurrency for all your shady transactions

meet darkcoin the newest cryptocurrency dark coin

It’s not hard to understand the appeal of crypto currencies. It’s a fast and convenient way to buy drugs and launder money, which, to be clear, are not activities we condone in any way. The moral and legal implications of illegal transactions aren’t enough to serve as a deterrent to everybody, so it’s not surprising that cryptocurrencies continue to thrive.

The most famous brand of digital currency in existence is Bitcoin. If the Internet is to be believed, the first transaction using Bitcoin happened in 2010, when a Florida man named Laszlo Hanyecz exchanged 10,000 bitcoins for two Papa John’s pizzas. Since then, bitcoins have achieved a modest level of mainstream acceptance. Websites like Overstock and OKCupid are now accepting bitcoin payments and ATMs for the currency started popping up last year. 

DarkCoin just passed Dogecoin to become the world’s fourth largest cryptocurrency.

However, as bitcoin becomes more ubiquitous, it’s gotten away from its intended purpose, which is to facilitate truly untraceable transactions. This is where Darkcoin comes in. The digital currency, which is being pushed as a more private alternative to bitcoin, is in the midst of a boom, multiplying its value ten-fold in just a month. According to Wired, it’s value has risen from 75 cents to $7 as combined coins total around $30 million. In terms of market capitalization, DarkCoin just passed Dogecoin to become the world’s fourth largest cryptocurrency.

While bitcoin has managed to manufacture a reputation for being more private than traditional currency, it has a security flaw that drives away some users. All transactions on the bitcoin network appears on a public ledger called the block chain.

“I believe the central problem with Bitcoin is that the public ledger, although a remarkable accomplishment, also allows a gross invasion of personal privacy by permanently listing all transactions the users have ever done publicly. I would imagine many groups are working to tie the addresses used to real identities and then following the money around to see what is happening with it,” said Darkcoin creator Evan Duffield in a blog post.

Darkcoin has improved on the Bitcoin system through a feature it calls Darksend. Any darkcoin transaction is automatically combined with the transaction of two other users so that it would be harder to analyze the blockchain. 

darkcoin“Darkcoin uses an extension built on top of the standard bitcoin protocol, to create merged anonymous transactions. When a user wants to send money to someone he simply will leave the ‘Use DarkSend’ checkbox checked, then the client will broadcast that it would like to add an input to the pool. These messages are broadcasted throughout the network and once there are enough inputs in that pool, the nodes know it’s time to send ‘outputs’ (where you want to send your money to). After those are gathered together, all users sign the transaction, then it is merged and broadcasted,” Duffield said. 

While it is expected that there the cryptocurrency will attract a black market segment, it has also generated interest from legal businesses. A Canadian wine shop and a UK cannabis seeds seller (which is legal in the country) are among the first retailers to accept darkcoins. If you want a more detailed look at how the cryptocurrency works, we’ve put up a flowchart that explains the system in more detail, which you can find below.

Web

Google’s updated Santa Tracker entertains and teaches coding throughout December

Google's Santa Tracker is in its fifteenth year and is back again with even more features. You can have fun with more than 20 games, learn about different holiday traditions around the world, and enjoy some festive animations.
Home Theater

What are HDMI ARC and eARC? Here’s how they can simplify your home theater

HDMI ARC is one of the coolest TV features at your disposal. But if you're like most folks, you have no idea how it works, if you even know what it is at all. Here's our primer on HDMI ARC, as well as the next generation technology, eARC.
Computing

Worried about your online privacy? We tested the best VPN services

Browsing the web can be less secure than most users would hope. If that concerns you, a virtual private network — aka a VPN — is a decent solution. Check out a few of the best VPN services on the market.
Mobile

The best weather apps for the iPhone

Don't rely solely on your local meteorologist to stay up to date on the weather. Take matters into your own hands with one of these weather apps, each of which brings something unique to the table.
Wearables

The $200 TicWatch C2 smartwatch is now being sold in the U.S. and U.K.

Digital well-being and disconnecting from your phone is one of 2018's big trends. Mobvoi wants you to think about its TicWatch C2 smartwatch as a great way to help you use your phone less.
Mobile

The Palm has been revived, and is now available in the U.S. and U.K.

A reboot of the classic Palm is finally here and it's tiny. It syncs to your phone and acts as a secondary device -- with a feature to help you disconnect from technology. The Palm will be available exclusively through Verizon for $350.
Mobile

Car-branded phones need to make a U-turn if they ever want to impress

Your car and your smartphone are becoming one, yet smartphones branded or co-created by car companies are a problem. We look at the history, some examples of the best and worst, then share hopes for the future.
Mobile

Yes, we really are getting a special McLaren edition of the OnePlus 6T

OnePlus has announced a partnership with McLaren F1, emphasizing a shared interest in speed. The phone company is known for producing special edition devices. Here's what we know about the OnePlus 6T Mclaren Edition.
Deals

Simplify your life with one of these wireless smartphone charger deals

Banish nightly cable fumbling with a wireless smartphone charger. If your smartphone is compatible with wireless charging, the simplicity of placing it on a pad is a beautiful thing. Wireless chargers are also excellent gifts for coworkers.
Mobile

Microsoft Outlook for iOS gets big redesign, with Dark Mode coming soon

Microsoft has deployed a huge redesign for its Outlook for iOS app, which includes new blue branding and some quality-of-life improvements. Dark Mode isn't included, but it's coming soon.
Computing

Our favorite Windows apps will help you get the most out of your new PC

Not sure what apps you should be downloading for your newfangled Windows device? Here are the best Windows apps, whether you need something to speed up your machine or access your Netflix queue. Check out our categories and favorite picks.
Mobile

5G’s arrival is transforming tech. Here’s everything you need to know to keep up

It has been years in the making, but 5G is finally becoming a reality. While 5G coverage is still extremely limited, expect to see it expand in 2019. Not sure what 5G even is? Here's everything you need to know.
Mobile

Vanquish lag for good with the best routers for gaming

Finding the best routers for gaming is no easy task. With so many out there, how do you know which to pick? We've looked at the many options available and put together a list of our lag-free favorites.
Mobile

Beddit Sleep Monitor 3.5 now available on the Apple Store

The Beddit Sleep Monitor 3.5 is now available on the Apple Store for $150. The sensor strip, which is only 2 millimeters thin, automatically tracks a wide array of sleep data when placed under the user's sheets.