1. Home
  2. Mobile
  3. News

Meet DarkCoin, the newest cryptocurrency for all your shady transactions

By
meet darkcoin the newest cryptocurrency dark coin
Image used with permission by copyright holder

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. 

Recommended Videos

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 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.

Editors' Recommendations

Topics
Christian Brazil Bautista
Former Digital Trends Contributor
Christian Brazil Bautista is an experienced journalist who has been writing about technology and music for the past decade…
How to find your phone number on iPhone or Android

If you're here, you've likely just had this experience; needing to enter your digits for an account of some sort, you realize you don't remember your own phone number. As you don’t call your own phone number very often, this isn't an extremely uncommon scenario. And it gets even worse if you frequently use a second phone number alongside your main one. It's still embarrassing enough, however, to not want to ask your partner or buddy, "Hey, what's my phone number?"

Luckily, the ability to locate phone number data comes directly on your phone, so checking your friend's address book won't be necessary. Whether you’re using an iOS or Android device, you can quickly locate your own number — as well as your IMEI number — on your phone if you know where to look. Just grab your phone, find the appropriate section below, and we'll show you how to do it.
How to find your phone number on iPhone

Read more
I can’t wait for Nothing to launch this stunning phone

Say what you will about Nothing, but this brand certainly has a taste for flashy design. After all, how many phones out there light up and sync to the beat of music? But the company's latest smartphone endeavor could just be its best yet.

In March, Nothing introduced its Community Edition Project. The goal was to take ideas from its fans for hardware design, with the Nothing Phone 2a serving as the foundation. The company also has similar plans for wallpaper, packaging, and marketing shenanigans. Today, Nothing announced its winning entry for the phone design, and it’s a stunner.

Read more
The best tablets in 2024: top 11 tablets you can buy now

As much as we love having the best smartphones in our pockets, there are times when those small screens don't cut it and we just need a larger display. That's when you turn to a tablet, which is great for being productive on the go and can be a awesome way to unwind and relax too. While the tablet market really took off after the iPad, it has grown to be quite diverse with a huge variety of products — from great budget options to powerhouses for professionals.

We've tried out a lot of tablets here at Digital Trends, from the workhorses for pros to tablets that are made for kids and even seniors -- there's a tablet for every person and every budget. For most people, though, we think Apple's iPad Air is the best overall tablet — especially if you're already invested in the Apple ecosystem. But if you're not an Apple user, that's fine too; there are plenty of other great options that you'll find in this roundup.

Read more