AnonCoin Review

Journalist:
Rick Mac Gillis @ManWithNoBrows
July 23, 2014

AnonCoin is today’s Random Coin of the Day. AnonCoin launched on June 6, 2013, and is currently the only coin to support the I2P darknet. The coin team is currently working on a “ZeroCoin” implementation to allow for cryptographic anonymity in transactions. Unlike banks, your “account” details are publicly visible on the block-chain. The block-chain doesn’t contain anyone’s name, phone number, or other details about them. Through the use of data mining for transaction analysis, and analyzing someone’s spending habits, governments, companies, or even individuals who understand how the block-chain works, can trace wallet addresses back to the owner of the address.

A quick example of how one might trace your wallet address back to you is first they need to have software that can analyze the block-chain. Blockchain.info is an example of that. Let’s say you know when the purchase was made from someone, presumably by finding a discarded receipt or watching the person complete the transaction. Now you search the block-chain for any addresses sending the amount of the purchase in question at the time that they made the transaction. Hypothetically, there could be two transactions that match that time and transaction amount, but which address is theirs?

Now we need to repeat the process once more in the same way we did last time. We get a receipt, cross-reference the block-chain, and now we have only one consistent
address from the previous two addresses acquired. If for some reason you don’t only have one address, keep repeating the process until you do. This process allows someone to discover your address and associate you with that address. AnonCoin solves this issue.

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Review of AnonCoin

Market Cap: $761,064 USD
Maximum coins issued: 4.2 Million
Hash algorithm: Scrypt
PoW and / or PoS: Both
Is it able to be mined: Yes
Exchanges:Cryptsy, Vircurex
Block explorer: DarkGameX
Launch date: June 6, 2013

What is the coin’s purpose?

Anoncoin was created with the goal of being a truly anonymous cryptocurrency. With our support of the I2P darknet, the location from where your Anoncoin transactions originate can not be traced. With our upcoming implementation of Zerocoin, it will soon be impossible to track transaction linkages in the Anoncoin block chain. Unlike the various mixing services that exist for other coins, our implementation of Zerocoin will be unique in that it will not require the use of trusted third parties, even for the initial setup.

Created in June 2013, Anoncoin was the first and is currently the only coin, to support the I2P darknet. The lead developer is an active member of the I2P development team, ensuring that the latest developments will be incorporated into Anoncoin. As a team, we are committed to providing a long-lived cryptocurrency that is free from the interference of central banks, governments, and intelligence agencies.

Anoncoin is always looking for skilled developers, PR people, and service providers. If you would like to get involved, please contact us.

What problem does it solve?

Cryptocurrency transactions are all stored in a public ledger (the block chain) that is accessible to everyone. These transactions provide privacy throughpseudonymity, in that while each transaction is associated with the public address of the sender and receiver; the names of the owners of these addresses are at no time made known to the network.

Regardless of the best precautions, it is possible in certain cases to link a set of public addresses to a given individual. [That] can be done using several techniques: By data mining the block chain, by the analysis of spending habits, by analyzing the time that transactions were made, by the use of public addresses posted on a website, and by using the postal address used with an internet purchase. All of your crytpocurrency transactions could be made known and opened for scrutiny. Imagine if your bank operated in the same way and published the full contents of your account online for all to see.

Zerocoin was initially proposed to be an extension to the Bitcoin protocol that would add true cryptographic anonymity to Bitcoin transactions. Zerocoin provides anonymity by the introduction of a separate Zerocoin cryptocurrency that is stored in the block chain alongside the base currency. Anonymity is achieved by the conversion of Bitcoins to Zerocoins (and vice versus) using cryptographic accumulators and digital commitments with zero-knowledge proofs.

The Bitcoin developers never adopted Zerocoin, and it is now being implemented in Anoncoin. Unlike the various mixing services that exist for other coins, Anoncoin’s implementation of Zerocoin will be unique in that it will not require the use of trusted third parties, even for the initial setup. The initial set up of Zerocoin will be achieved by the use of RSA moduli of unknown complete factorization (RSA UFOs). Currently, we are in the process of attempting to factorize RSA UFO candidates for a trustless implementation of Zerocoin. We are expecting a release of our Zerocoin implementation in late 2014.

Who are the developers?

Meeh – Lead Developer – The Lead developer behind Anoncoin has strong beliefs that this project is a necessary step to take as the central banks are in motion to prevent trading of popular cryptocurrencies. He is highly motivated, involved in the coding of the coin, as well as providing services for it. Meeh is currently working two full-time jobs, the Anoncoin project being one of them.

BroTroxer – Project manager, Infrastructure – BroTroxer comes to Anoncoin with project management and economics experience. A team player with extensive knowledge of the cryptocurrency markets, he shares the same beliefs as the lead developer regarding the future of cryptocurrencies. BroTroxer is currently working one full time job and dedicates most of his spare time to Anoncoin and other related cryptocurrency projects.

K1773R – Developer, Security – K1773R is a solid developer with security in mind. K1773R has worked on other cryptocurrency projects before joining the Anoncoin development team.

Gnosis – Cryptography, Zerocoin – Gnosis is our latest addition to the developer team. Gnosis has an in-depth understanding of cryptography and will be a valuable resource during our implementation of Zerocoin. He has successfully launched our testing phase of RSA-UFOs, which is a critical precursor to our trustless implementation of Zerocoin.

Want to join the AnonCoin team?

Open positions – PR, Community, Support – We are in need of a people to perform PR, web, wiki, and community support. Please contact us if you would like to donate your time.

What are the coin’s future endeavors and how do they plan on achieving those goals?

AnonCoin is implementing “ZeroCoin” to enhance the privacy protection that AnonCoin already supports. “Gnosis” will be a key factor in their trustless implementation of ZeroCoin and he has already laid the groundwork.

As AnonCoin wasn’t available for an interview, I located appropriate information from their website for the above questions when available.

Disclosure: I am not associated with AnonCoin, but I support this message.  :)

Photo Credit: WikiMedia Commons and Shutterstock.

Tags: anoncoin
Rick Mac Gillis @ManWithNoBrows

Rick Mac Gillis entered the world of Cryptocurrencies in late 2013. He is a controversial journalist committed to investigating and exposing the "dirty bits" of the community. With over a decade of experience in LAMP web development with a focus in custom cryptographic security methods and ethical hacking, Rick Mac Gillis understands the need for proper security standards in cryptocurrency.