Torcoin, a brand new cryptocurrency was launched on Monday. While not an official project, the currency has full integration with the Tor Network and boasts stealth sending technology and complete anonymity. The new currency also includes encrypted messaging to other Torcoin users and has an average confirmation time of 60 seconds. Similar to Bitcoin, the emerging currency is open source and decentralized, therefore one can have an ease of mind when storing and transacting.
Torcoin uses a hybrid of the X11 hashing algorithm and PoW and is expected to transition to PoS after two years. There will be a maximum of twelve million Tor coins created during the first two year PoW period, a number significantly less than Bitcoin and Ethereum.
In a Bitcointalk post, the Torcoin team stated: “TorCoin is not intended to ‘compete’ with Bitcoin, but TorCoin offers certain features that Bitcoin notably lacks, such as integration with TOR, encrypted end-to-end messaging between TorCoin users, untraceable payments and fast confirmation times.” In relation to Bitcoin’s gold standard, the team compares Torcoin to silver.+
At this moment, half a dozen mining pools have been created for the currency, but Coinexchange.io and c-cex.com are the only exchanges that currently trade TOR. Many more Torcoin related services and projects are expected to sprout up around this innovative protocol.