Anonymous Instant Transactions? It Could Be Coming From Darkcoin Soo

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Anonymous Instant Transactions? It Could Be Coming From Darkcoin Soon
September 15, 2014 admin 0 Comment anonymous transactions, DarkCoin


Things have been quiet in the Darkcoin camp lately. Since the failure of their masternodes, which were designed to keep Darkcoin transactions anonymous, much of the focus has moved to its darker cousin, Blackcoin.

But all that may change with a recent announcement on the Darkcoin subreddit announcing they’d “solved one of the largest problems facing Bitcoin.

The Largest Problem Facing Bitcoin?
You could be forgiven for thinking they were referring to a merge their mining, taking advantage of each other’s hashing power to decrease the likelihood of a 51% attack. While Bitcoi’s largest mining pool, GHash.IO, promised to stay below 40% of the total hashrate until a more permanent solution could be found.

Both of these, though, are imperfect solutions and only pass the buck down for future cryptocurrency enthusiasts to solve.

But no, Darkcoin is referring to transaction speed.

Bitcoin transactions can take a long time to complete. In fact, they can sometimes take up to 20 minutes or more for enough confirmations. This isn’t as much of a problem with online purchases, since the transaction can take place in the background while you move on to something else. But if you’re purchasing something in a store, having to wait around for 20 minutes is obviously unacceptable and not scalable.

Darkcoin’s Instant Transactions
Few details have yet emerged on the nature of Darkcoin’s instant transactions. But the details which are availalble are enticing.

Rather than truly instantaneous transactions, they will take 10-20 seconds to complete. Not exactly instant, but far and away an improvement over Bitcoin or even Litecoin.

It will also be compatible with Darksend, Darkcoin’s anonymization service. As a result, “we’ll have anonymous instant transactions.”

/r/darkcoin moderator Tsuyoku_Naritai confirmed that “it;s real and the solution is really cool”, and that he’ll be “publishing a paper soon to explain all the details.”
 
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