http://www.roosevelttorch.com/news/view.php/856349/Virtual-currency-Darkcoin-lives-up-to-it
Virtual currency Darkcoin lives up to its name
By Alexis McDaniel
On November 16, 2014
Courtesy of Wikimedia Commons
When Bitcoin first emerged in 2009, many people were skeptical about this new form of virtual currency, created by a man that continues to remain a mystery among many different speculations. While Bitcoin has made headlines for numerous reasons, a brand new form of virtual currency is quickly stealing the spotlight.
After Bitcoin, many other types of virtual currency began appearing. A group of researchers from Johns Hopkins University began work on Zerocoin, and unSystem created the money-laundering software, Dark Wallet. Yet, both forms of virtual currency have not had as much recognition as Darkcoin.
Earlier this year, Darkcoin was created by software developer Evan Duffield and a group of six other men, all with experience ranging from software development to engineering.
Like Bitcoin, Duffield wants users to be able to anonymously use this form of virtual currency and not have to worry about their finances being tracked. The Darkcoin website boldly states it is “an open sourced, privacy-centric digital currency” allowing its users to make completely anonymous transactions.
“Darkcoin is in a sense dangerous because you don’t know who’s buying what, and that it’s physically not traceable but at the same time, people have a right to privacy,” Roosevelt senior Connor Reilly said.
Bitcoin, while it claims to be anonymous, still allows for transactions to ultimately be tracked down. Transactions are published to what Bitcoin calls the “blockchain” and is available to anyone with an internet connection. The blockchain allows addresses to be anonymous and away from the government, but can still be traced back to a username, or even a real name that can eventually be cracked.
On the other hand, Darkcoin has their own form of the blockchain called “Darksend,” which combines transactions of one user with transactions from two other users, making it nearly impossible for the user to be tracked.
Initially, Darkcoin had some problems with users trading their Bitcoins for Darkcoins and back again, creating a money laundering type service, part of what drives such large trade volume for Darkcoin. Other problems were with places not accepting the virtual currency, aside from select places such as wine shops and an online seller of cannabis seeds.
Of course, the problems did not end there for Darkcoin. Users, who are comfortable with the full promise of anonymity, have started to use the online currency to purchase drugs.
“I think [Darkcoin] should still be allowed to operate, but it’s too early to tell whether or not it should be regulated. When it starts to become a problem as far as the way criminals operate, then it needs to be regulated,” Reilly said.
Creator of Darkcoin Evan Duffield said his original intention was not to create Darkcoin for the use of drugs.
“The goal has always been to make a currency that’s privacy-centric and is more for mass consumer base types of things. It’s not just for buying drugs online,” he said.
Virtual currency Darkcoin lives up to its name
By Alexis McDaniel
On November 16, 2014
Courtesy of Wikimedia Commons
When Bitcoin first emerged in 2009, many people were skeptical about this new form of virtual currency, created by a man that continues to remain a mystery among many different speculations. While Bitcoin has made headlines for numerous reasons, a brand new form of virtual currency is quickly stealing the spotlight.
After Bitcoin, many other types of virtual currency began appearing. A group of researchers from Johns Hopkins University began work on Zerocoin, and unSystem created the money-laundering software, Dark Wallet. Yet, both forms of virtual currency have not had as much recognition as Darkcoin.
Earlier this year, Darkcoin was created by software developer Evan Duffield and a group of six other men, all with experience ranging from software development to engineering.
Like Bitcoin, Duffield wants users to be able to anonymously use this form of virtual currency and not have to worry about their finances being tracked. The Darkcoin website boldly states it is “an open sourced, privacy-centric digital currency” allowing its users to make completely anonymous transactions.
“Darkcoin is in a sense dangerous because you don’t know who’s buying what, and that it’s physically not traceable but at the same time, people have a right to privacy,” Roosevelt senior Connor Reilly said.
Bitcoin, while it claims to be anonymous, still allows for transactions to ultimately be tracked down. Transactions are published to what Bitcoin calls the “blockchain” and is available to anyone with an internet connection. The blockchain allows addresses to be anonymous and away from the government, but can still be traced back to a username, or even a real name that can eventually be cracked.
On the other hand, Darkcoin has their own form of the blockchain called “Darksend,” which combines transactions of one user with transactions from two other users, making it nearly impossible for the user to be tracked.
Initially, Darkcoin had some problems with users trading their Bitcoins for Darkcoins and back again, creating a money laundering type service, part of what drives such large trade volume for Darkcoin. Other problems were with places not accepting the virtual currency, aside from select places such as wine shops and an online seller of cannabis seeds.
Of course, the problems did not end there for Darkcoin. Users, who are comfortable with the full promise of anonymity, have started to use the online currency to purchase drugs.
“I think [Darkcoin] should still be allowed to operate, but it’s too early to tell whether or not it should be regulated. When it starts to become a problem as far as the way criminals operate, then it needs to be regulated,” Reilly said.
Creator of Darkcoin Evan Duffield said his original intention was not to create Darkcoin for the use of drugs.
“The goal has always been to make a currency that’s privacy-centric and is more for mass consumer base types of things. It’s not just for buying drugs online,” he said.