The latest breed of X11-driven cryptoassets is challenging the popular concept of anonymity in cryptocurrency – and Global Denomination (GDN) is at the forefront of the space’s latest features.
The X11 algorithm, also known as chained proof of work, was first introduced with Darkcoin earlier this year, and has since spawned a cluster of peers all striving to evolve the technology in different directions for various uses.
Whereas Darkcoin’s genesis was based on the desire to provide new levels on anonymity, however, GDN’s developers argue the opposite. Their coin, dubbed “anti-anonymous", seeks to use compliance to overcome the traditional problem of altcoins’ popularization with the masses.
“We believe there is no need for extra anonymous features and we also understand there is a need for regulation in some form to stop money laundering, fraud etc.,” the GDN team said in a recent press release. “As a ‘non-anonymous’ crypto currency in the future Global Denomination will aim to comply with laws and regulations as they are made in as many countries as possible to make it easier for our users and merchants to comply.”
This strategy may strike some as naïve at best, or even downright impossible without sacrificing some integral concepts of decentralization, but GDN may well have a point. For as yet there has been no fool-proof method suggested for overcoming the apparent inherent distrust engendered by coins seeking to provide safety and appeal in anonymity.
“Many crypto currencies that use anonymity have foundations and boards in place governing the crypto currency which also goes against the decentralized concept,” GDN developer Aaron told Cointelegraph via email, adding:
“Many cryptocurrencies who champion anonymity are often dealing in dark markets and so their users have a need for anonymity. We do not.”
Add to this the advantages of X11 for miners in its resistance to both ASICs and multipool takeovers and it would seem GDN may well have the foundations necessary to integrate easily into a more mainstream-driven environment, should its other credentials prove equally convincing. Aaron continues:
“The concept of Global Denomination was to create a fast crypto currency for Average person to use every day. The average person has no interest in Dark markets or illegal activities and we feel if you’re not doing anything wrong with a crypto currency, why would you need extra anonymity?”
The coin itself is backed by a ready-made ecosystem involving social network CryptoConnecta and agglomerated news resources, all of which seek to make the GDN concept as open and internationally accessible as possible.
The wallet has been developed at considerable pace, with the latest updates allowing, among other things, direct integration of CryptoConnecta and IRC, along with more accessible statistics and cosmetic upgrades. GDN is also pushing ahead with mainstream-oriented features, with version 1.8 of its Android app available on Google Play and preorders now being accepted for its USB credit card, a tool which will allow using the GDN wallet from any location. Aaron added:
“We are looking to create a community of like-minded honest individuals as we feel people who want to scam and deceive will be more likely to use a different cryptocurrency with anonymous transactions to hide the evidence of their scams thus keeping them away from the GDN Community[.]
“We have an Open development team to allow for developers of anonymous/ other coins to come on board and assist with GDN whilst still working on their own cryptocurrency.”
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