DeFi getting closer
Conceal Network review: solutions and products
In the DeFi environment, there are many interesting projects that allow people to independently manage their financial resources and use them effectively to achieve personal goals.
Conceal Network is a promising platform for the cryptocurrency asset market, whose history began in April 2018.
An electronic analogue of a bank has been created with completely anonymous transactions, with an independent structure (each node has equal rights, which ensures the stability of the system and the impossibility of manipulative influence), deposits with profitable capitalization (compound interest) are available. In addition, a messaging service has been launched, the privacy of information is guaranteed by modern encryption and broadcast methods.
For over 3.5 years, this project has been successfully developing in accordance with the accepted roadmap, and what is most surprising that Conceal is essentially a self-governing community with high-level developers.
A team of enthusiasts implements progressive financial instruments without higher management bodies, anyone can join and contribute to the platform.
This model of altruistic cooperation, which has existed for several years, has shown the relevance of the Conceal idea and demonstrates its long-term perspective.
Perceptible superiority
Conceal’s concept is based on equity and fairness, which makes the network popular and motivates to develop the project over a long period of time.
The emission of new coins ₡ CCX (own utility token) takes place in accordance with the algorithm of the Proof of Work group, namely Cryptonight-GPU, each participant receives a reward in proportion to the resources spent.
For each block, the miner receives 100% of the reward — 6 ₡ CCX. An important difference between mining in the Conceal ecosystem is the reduced energy consumption of processes, you can use inexpensive equipment and economize on electricity.
Cold staking ₡ CCX is carried out only at fixed rates (2.9–6% APR, depending on the term of the deposit) and will be available in the first 30 years of the network’s operation.
Conceal provides a completely anonymous infrastructure (CryptoNote protocol) for financial transactions, increasing and storing capital, also for exchanging messages of various kinds.
Systematic monitoring of the state of the network and the use of constant data encryption protect the ecosystem from external threats, any type of attack.
Privacy coins
For any values, including cryptocurrencies, an important condition for their demand is a high level of inaccessibility to outsiders.
Conceal coin (₡ CCX) is issued in a peer-to-peer network with the maximum degree of decentralization, the absence of intermediaries and superior entities ensures absolute anonymity and security of transactions.
Each member of the ecosystem owns a private cryptographic key, any transaction is recorded in a publicly available distributed ledger (blockchain excludes changes or deletion of information about the transfer), but does not contain specific data about the sender and recipient.
The anonymity of the participants in the transaction expands the scope of Conceal coins — there is always a need for operations, the details of which are guaranteed to be unavailable.
Tokenomics, emission schedule
A balanced economic model and an independent procedure for issuing new coins contribute to the stable functioning of the Conceal project.
The maximum amount of coins available ₡ CCX is 200 million.
The duration of the issue depends on the performance of the miners, the reward for 1 block is unchanged and amounts 6 ₡ CCX.
Cold staking implies a differentiated interest rate, funds are not available until the expiration date Hash Time Locked Contract (HTLC): 2.9–6.0% APR.
The chart more clearly shows the emission of the number of coins (red line) over a period of time (in months): due to PoW mining (green area), due to cold staking (blue area).
The developers plan that miners will be in demand on the network for more than 100 years, and holders of deposits — for 30 years.
Other important economic and technical parameters for better visualization are presented in the table:
Key features
Within the CryptoNote protocol, transactions in the Conceal Network are not connected between the recipient and the sender, this is achieved through the use of special methods.
Stealth addresses that are not assigned to a specific wallet are used as the recipient’s details; ring signature is anonymous as it hides the signer’s identity — there are several options for the path of tokens, it is impossible to determine the chain of the true sender.
If necessary, the network can be actively scaled by attaching full-fledged side chains. It is impossible to duplicate the same payment by matching unique addresses (Diffie-Hellman protocol).
The Cryptonight-GPU mining algorithm implies the use of GPUs, the performance depends on the core clock. It contributes to the rational use of resources, which makes the Conceal network more environmentally friendly.
The system of deposits is executed on the basis of digital agreement (Hash Time Locked Contract), which allows the depositor to receive guaranteed remuneration under the established conditions. Accrued interest (coins ₡ CCX) will be generated in the block, which will be formed during the period of receipt of the payment.
To interact with the external infrastructure of market, Wrapped Conceal ($ wCCX) is used, this coin can be exchanged on popular DeFi platforms and services, for example Uniswap. Paired with stablecoins, users can create pools of liquidity, and thus receive passive income outside the Conceal ecosystem.
The project also interacts with the Polygon and Binance Smart Chain networks, wCCX allows you to integrate Conceal with these platforms and significantly expand the implementation into the global infrastructure.
At the moment, developers work with the Ergo team (a strong player in the market of cryptographic products, consensus models and digital currencies). The result will be a connection of networks through a high-tech bridge, ERG and CCX tokens will be swiftly exchanged; in the future, it is planned to implement atomic swaps for secure transfer of tokens based on Hash Time Locked Contract.
Conceal Hub
On December 24, the release of a large-scale product of the Conceal platform is planned, the developers will present to the community a set of integrated modules — Conceal Hub.
This system solution includes tools such as Cloud Wallet, ID, Pay, Bridge, Deposits, Explorer and Clive.
An application adapted for any device with a user-friendly interface will be supported on all common operating systems — Windows, Android, iOS, macOS and Linux.
The priority of the project is the confidentiality and security of data, financial flows at all stages of exchange, distribution and storage. The method based on the authentication key allows you to create wallets without prior registration in the Conceal ecosystem — without providing details (email, password), users get secure access to any platform service.
High network performance is provided by the dynamic block size mechanism (DBSM), even large volumes of transactions will be processed quickly and reliably.
Conceal Hub as a product with a high degree of confidentiality and reliability for many users will become a springboard to the world of decentralized finance (DeFi).
Website: https://conceal.network
Twitter: https://twitter.com/ConcealNetwork
