A generalized explanation of cryptocurrencies suggest that these are a form of digital money that’s based on the Blockchain technology and works on a private, open-source and decentralized network. However, this is a truth half-told as many cryptocurrencies are not privacy-centric and are mostly pseudonymous. Bitcoin is the biggest example of this and comes with a major flaw in its inherent Blockchain technology. While developers have tried to cover the loopholes in the existing system and have come up with different altcoins that are based on a similar Blockchain design, only a few have successfully achieved the same.
Unlike other Bitcoin counterfeits that make random claims, Monero strictly ensures the privacy and security of its users. It was conceived with a similar purpose that Bitcoin miserably failed to achieve- to enable online users to make transactions without the interference of third parties. Monero successfully achieved a significant milestone with its privacy and fungibility safeguards and modified the standard Blockchain network to fit the bills. This new structure fixed the problem of double spending without depending on any third party. In Bitcoin, the wallet balance and transactions are connected on the network, which allows other users to analyze the Blockchain and uncover the identity of the person making the transactions. While Monero has adopted the Proof-of-Work protocol, it is ASIC-resistant, thanks to the CryptoNote algorithm. There’s no supply limit on the Monero network and the block time is an average of 2 minutes. The Ring Signature system allows Monero users to carry out anonymous transactions. Its Stealth Address feature ensures untraceable transactions by mixing the transaction data (of equal value) for different online users.
Octacoin is supposedly a premium digital currency that has been specifically built around the number eight. The development team consists of eight members and this compelling cryptocoin is anticipating a zero-gravity launch. Though not yet available for purchase online, you can get a paid membership on the Crypto888 platform (that promotes this coin) and participate in pool mining. The specifications of Octacoin are as follows:
