Can pEOS Rival Monero and ZCash in the Battle for Privacy?
There has never been a shortage of cryptocurrencies, tokens, and assets on the market. As this list continues to grow, it becomes increasingly difficult for projects to stand out. pEOS is a very interesting offering for users who are looking into privacy-oriented projects. There are some interesting features worth taking note of, although that doesn’t necessarily mean this particular project will succeed in the long run.
As the name somewhat suggests, pEOS is a direct extension of the EOS cryptocurrency and blockchain project. The reason for this approach is because its developers are confident EOS has the best technology in terms of regular use, yet it does require some extra bells and whistles to make the currency private. To do so, the team has taken several key elements from Monero, which is widely considered to be the leading privacy-oriented cryptocurrency on the market today.
By doing so, the pEOS team allows users to make untraceable and private transaction, which is the main objective of this particular project. However, instead of using a completely new blockchain to achieve this goal, the project simply uses the EOSIO blockchain. Designing a new chain from scratch for this project is still an option being explored, but it seems unlikely that will happen anytime soon. Especially in terms of transaction limitations and interoperability concerns, going with the EOSIO offering seems to make a lot more sense.
It is rather apparent pEOS will have its work cut out to rival existing privacy-oriented cryptocurrencies. Monero, ZCash, and Dash have all made their mark on the cryptocurrency industry so far, yet most of the projects which came after have struggled to remain relevant for more than a few months. Whether or not pEOS will face a similar fate, is difficult to predict, although the reliance on EOS’ blockchain will certainly allow for some interesting use cases. That includes smart contracts, which can create some peculiar use cases.
Interestingly enough, the team feels now is a good time to launch a new privacy coin. The likes of Monero and ZCash have attracted a lot of negative attention in the past few months, which could see these currencies removed from several big exchanges in the months and years to come. Since most of these currencies are not too popular on decentralized trading platforms as of yet, pEOS can offer some stiff competition in that regard. Especially when considering how decentralized exchanges already use EOS technology, it seems logical to assume this token will make its way to those platforms as well.
When it comes to privacy-oriented cryptocurrencies, they do not necessarily provide a user-friendly approach. It is very different to get involved in privacy coins compared to traditional offerings. In the case of pEOS, the token will be useful for EOS users, as they can transact them in a normal way as well as send funds to private addresses. Smart contracts offered by this project will have a public address, but one that isn’t related to any EOS public account.
In terms of verifying transactions, receivers can determine if transactions are for them through the view key. Every private transaction will also come with its own private spend key, which can only be used one time. This also ensures all information is kept private between sender and receiver, with no information being visible to others. Combined with ring signature technology, it will be very difficult to identify these transactions now or in the future.
According to the information provided to us, there is a fixed maximum supply of 1,250,000,000 pEOS tokens at all times. With the majority of tokens being distributed on a 1:1 basis to EOS holders based on a blockchain snapshot taken on February 15, 2019, those users should receive their tokens shortly. It is now up to wallet developers to build support for this privacy token, although it should not be overly difficult to do so. 50 million tokens are reserved for marketing, whereas 200 million tokens are used for the future development of the project.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.