The shocking Poly Network theft is known as the first DeFi theft in the history. The hacker promised to repay the stolen funds and has already returned at least 342 million U.S. dollars. However, everyone must be wondering why the hacker can hidden identity to steal cryptocurrency in the blockchain world?
For us, privacy is our very important personal autonomy so the track of privacy protection has its unique value. As application scenarios can solve practical business problems, many users want to take the wealth express of anonymous projects, in such a situation, DCS, a project with a good economic model and application value, has become a new trend for investors to earn money.
The hacker steals 600 million U.S. dollars silently through anonymity mechanism
As Poly Network theft was promoted by the public, people soon discovered the anonymous attack method of hackers. It turns out that the hacker transferred the Monero tokens to the Hoo.com platform, then converted them into tokens and distributed them to Binance Chain, Ethereum, and Matic Chain. As a result, the transaction fees used by hackers to call smart contracts cannot be traced back to the source and the funds obtained from the attack are difficult to retrieve. Fortunately, the hacker is not so interested in the money and intends to return the money.
Anonymity projects have always taken a place in the field of cryptocurrencies is mainly because of their own application value. Since the release of the white paper by Satoshi Nakamoto in 2008, Bitcoin has become a demand for free transactions and anonymous payments for some people. But as time go by, people found that the anonymity of Bitcoin has not really been realized. Privacy can be easily leaked through many ways, for example, transaction addresses and transaction amounts can be monitored through continuous traceability of the records on the chain, and the KYC information before the OTC transaction also has a risk of leak.
Later, many developers developed new projects for the purpose of protecting transaction privacy while retaining the properties of Bitcoin transactions and related technologies, such as Dash, with a coin mixer, Zcash with zero-knowledge proof, and then to the quite anonymized XMR, the Firo with Lelantus, MimbleWimble’s Grin and Beam, then to the DCS, an upgraded Mix-ZK with powerful technology and wide application scenarios.
The development of anonymous currency technology has brought many new application scenarios, such as anonymous voting, anonymous auction, anonymous charity, anonymous vaults, and so on. With the rise of the public chain of exchanges, the ecosystem that carries a large number of users, funds, and businesses needs to be improved, and the demand for anonymous projects has begun to increase. The outbreak of the Binance Smart Chain gets many users to come into the market, and Binance’s unicorn anonymous coin DCS has quickly become a value investment benchmark.
DCS is the only anonymous currency project on the Binance Smart Chain, which completes the layout of the Binance Smart Chain. DCS adopts the Mix-ZK protocol. The main vision is to provide a completely decentralized digital asset security and privacy solution that can protect the Information privacy and security of user participants in some specific scenarios, such as anonymous voting, payment, charity, auctions, and other application scenarios.
The total amount of DCS is 60 million coins, which is fixed.
Among them, 40% is for node governance liquidity pledge mining, 30% for certificate-issuance ecological mining, 10% for the original technical team, 10% for the operation team, and 10% for market circulation and foundations. The token distribution is quite reasonable, 70% of the tokens are produced through mining, and only 10% is held by the team.
According to the DCS white paper, the DCS held by the founding team of DCS are all locked, and the release method is based on the mining speed of the entire network users at a ratio of 2.5:7. According to the DCS official Twitter news, 43,025 DCS released by the founding team were all burned during the internal test phase from August 12 to August 22, 2021. At the same time, DCS tokens have been launched on PancakeSwap, trading is available for users now. The current price is stable above US$4.
Users can mine tokens by adding liquidity or by issuing certificates. DCS has the same halving mechanism as Bitcoin. Early participation in mining can get a lot of DCS token rewards while the mining income in the middle and late stages is basically in a smooth stage. With the increase of users and the influence of its own deflation mechanism, DCS is controlled by Inflation began to transform into a deflationary mechanism.
The main functions of DCS tokens: community governance, community improvement, and handling fee dividends. Users can hold DCS to participate in the autonomy of the community, such as participating in proposals or voting, and determining some functions of the DCS project, handling fees, or profit-sharing ratio refunding; Community improvements allow holders to list other BSC projects and finally burn the amount of DCS, this step will reduce the circulation of DCS; handling fee dividends, users who pledge DCS can get DCS platform handling fee dividends. Each time a certificate is issued, the DCS platform will charge a 0.2% handling fee, which will be distributed to all users who pledge DCS.
In general, the entire economic model of DCS is relatively complete. The DCS produced by mining has a variety of income and consumption patterns to keep the supply and demand in a balance. DCS tokens are fully empowered through the following methods:
1. The total amount of DCS is 60 million, the initial circulation is less than 3 million, and the rest is produced by mining, which means the inflation rate is low.
2. Adopt the dual-mode of certificate-issuance mining and liquidity mining, privacy protection + DeFi, giving early users the greatest dividend.
3. The DCS tokens held by the founding team are all locked up, and release at a ratio of 2.5:7 according to the mining situation of the entire network of the DCS platform, allowing users to dominate the holdings of the founding team and maximize DAO autonomy.
4. DCS pioneered the Mix-ZK protocol to protect user privacy to the greatest extent. Privacy protection has become a rigid need of the times, and the future market prospects are broad.
5. The circulation of DCS tokens increases linearly through the mining and halving mechanism, and there will be no inflationary impact.
6. DCS is currently deployed on BSC and has attracted the attention of many users in the crypto circle. In the future, there will support multiple chains, such as Ethereum, Polkadot, Solana, etc.
The founder of Grayscale once said that 2021 will be a year of privacy protection, decentralization, and resistance to censorship. The anonymous currency track has not really been explored yet, so we can ambush a high-quality anonymous ecology in advance. From the economic model of DCS, we can see that DCS will be a good value investment benchmark, and it is worth participating in.
This article What is DCS?: The anonymous cryptocurrency project appeared first on BreezyScroll.
Read more on BreezyScroll.