DeFi News

Conceal Network Provides Banking on Blockchain With Privacy

Pinterest LinkedIn Tumblr

Conceal portrays itself as a decentralized Blockchain bank that comes with deposits and investments paying interest rates, with the absence of financial institutions but run by 100 per cent open-source code. It facilitates an untraceable, anonymous messaging with a secure method of moving money. Conceal Makes use of a distributed public ledger, where the sender and receiver are kept unidentified. According to its website, the feature is a fundamental interest in a post-Snowden world. 

It claims even hackers are unable to track funds or messages when the communications get relayed across public channels. The principal goal of the project is to implement a privacy structure as social inclusion by decentralization of financial services and interaction. The entire idea is premised on the Cryptonote protocol that operates on a reliable p2p network functioning with no central authority. Therefore, users of the platform control the private keys to their funds.

Conceal is available to everyone in the globe notwithstanding your geographical jurisdiction or standing. The project’s Blockchain is immune to all sorts of analysis with all transactions, and communications being anonymous. The network operates on a community governance basis with no intermediate authority. It means that the project is community-driven, truly decentralized with no single entity owning it accordingly, anyone can participate in it without permission.

Conceal was built on the vision of access to knowledge absolutely enables excellent conceptions to thrive and distinct communities to grow. The builders think that it is what the community determines it to be and that arrangements on how to improve the protocol should include everyone.

Features of Conceal 

Conceal has four conspicuous characteristics that must be taken note of whenever the platform comes into focus. Here are brief snapshots:

Untraceable: Under no circumstance can one link a transaction between the recipient and sender when it comes to sending money within the Conceal network. Consequently, an untraceable transaction is a prominent feature of the platform. 

Private: All activities on the Conceal Blockchain is private, a very crucial individual rights concerning financial secrecy, which now dwells in the dustbin. The network employs ring signatures and one-time addresses for reliably faceless transactions.

Decentralization: The project reflects the vision of Satoshi Nakamoto’s decentralization and trustless cryptocurrency. It means that it is safe digital cash administered by a network of users. Henceforth, transactions are validated by shared agreement and then registered on the Blockchain where it is permanent. 

Fungible: Conceal claims it is real fungible since it has built-in privacy peculiarities. Similar to cash, its coins are alike and variable. There is no way a coin from the network can get barred by an entity based on past transactions.

Scalability: In an era where scalability in many Blockchain projects is a nagging headache, the project has a solid plan to counter that. The scalability drives for the future involve a modular sidechain.

Protected Proof Of Work: Proof of Work (PoW) throughout the Blockchain revolution is widely criticized for its use of so much power and the harm it causes to the environment. However, Conceal claims its PoW hash function comes with egalitarian CPU and GPU mining and ASIC Resistance.

Encrypted Messages: The anon feature is something that makes the project thick. Conceal guards your privacy through an encrypted P2P interface, ensuring secure interaction and encrypted self-destructive messages.

Decentralized Banking: The decentralized banking system offers one of the best rates. Deposits have up to 6% interest rate on the chain. 

Conceal’s Native Currency

The native utility currency of Conceal is CCX that is for accessing various services and products in the space. At the time of filing this review, its circulation supply was hovering at almost 9 million.

The maximum supply is a limited 200 million CCX, and it is on several prominent Crypto exchanges where you can buy and sell without any hindrance.

Some of the exchanges include CITEX, Sistemkoin, Hotbit, STEX, TradeOgre, GRAVIEX, qTrade, altilly, FINEXBOX, among others. Plans are far ahead to list CCX on other high profile exchanges soon.

Join Conceal’s Community

Conceal claims it has an immense flourishing community of marvellous people sharing ideas, working collectively in harmony and assisting each other indifferent to where they have reached in their Blockchain venture.

They are welcoming everyone to their communities with over 11 languages channels. Here are the links to their accounts:

For technically analyzes of their source code, here is the Github.

chainlink
Chainlink (LINK) $ 13.89
yearn-finance
yearn.finance (YFI) $ 26,591.00
ethlend
Aave [OLD] (LEND) $ 0.757481
uniswap
Uniswap (UNI) $ 3.76
havven
Synthetix Network Token (SNX) $ 4.85
uma
UMA (UMA) $ 8.02
compound-governance-token
Compound (COMP) $ 112.49
maker
Maker (MKR) $ 556.53
wrapped-nxm
Wrapped NXM (WNXM) $ 21.82
0x
0x (ZRX) $ 0.414016
loopring
Loopring (LRC) $ 0.194983
republic-protocol
REN (REN) $ 0.323434
kyber-network
Kyber Network (KNC) $ 1.03
numeraire
Numeraire (NMR) $ 34.60
band-protocol
Band Protocol (BAND) $ 6.26
terra-luna
Terra (LUNA) $ 0.402753
yfii-finance
DFI.money (YFII) $ 1,938.41
sushi
Sushi (SUSHI) $ 1.51
balancer
Balancer (BAL) $ 14.57
thorchain
THORChain (RUNE) $ 0.844797
reserve-rights-token
Reserve Rights Token (RSR) $ 0.020422
ampleforth
Ampleforth (AMPL) $ 1.42
nest
Nest Protocol (NEST) $ 0.036319
serum
Serum (SRM) $ 1.04
keep-network
Keep Network (KEEP) $ 0.332582
augur
Augur (REP) $ 15.04
curve-dao-token
Curve DAO Token (CRV) $ 0.694414
kava
Kava.io (KAVA) $ 1.64
bancor
Bancor Network Token (BNT) $ 1.00
just
JUST (JST) $ 0.022021
gnosis
Gnosis (GNO) $ 62.95
force-protocol
ForTube (FOR) $ 0.021660
cream-2
Cream (CREAM) $ 55.82
melon
Melon (MLN) $ 28.46
tellor
Tellor (TRB) $ 24.97
akropolis
Akropolis (AKRO) $ 0.010194
aurora-dao
IDEX (IDEX) $ 0.037266
nectar-token
Deversifi Nectar Token (NEC) $ 0.201012
bzx-protocol
bZx Protocol (BZRX) $ 0.247414
airswap
AirSwap (AST) $ 0.090084
switcheo
Switcheo (SWTH) $ 0.029898
orion-protocol
Orion Protocol (ORN) $ 3.25
dforce-token
dForce Token (DF) $ 0.095288
meta
Meta (MTA) $ 1.28
pnetwork
pNetwork (PNT) $ 0.365427