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🕵️‍ ICO Watch
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While a Republic, Hidden Order of the Atomic Swap Goes Unnoticed: Past-ICO Review

  • Eric Eissler
    🕵️‍ ICO Watch

    Don the cape and cowl, the secret trading society is among us. They want to move big crypto without you noticing it, written in the sacred hidden order book

While a Republic, Hidden Order of the Atomic Swap Goes Unnoticed: Past-ICO Review
Cover image via u.today

While the name rings of something regal, the dealings of Republic Protocol are all but that. Its claim to fame is its dark pools and it’s hidden transactions. This is something people who don’t want there transfers to be seen would be keen to employ, such as whales, who do not want to upset markets when they sell off, in order to put a bit of walking-around money in their pockets. This is an atomic-swap technology, which allows for the exchange of one cryptocurrency for another without going through an exchange, where all the transactions are recorded.

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Financials

Republic Protocol raised some $34 mln on Feb. 3, 2018. Its token price has been a bit topsy-turvy. Debuting at $0.079 on Feb. 21 and falling up to $0.13 on May 17 before falling down to $0.024 at the time of writing. Again, this is a utility token and not an investment token, with a sole purpose of moving large amounts of crypto, undetected.

Unhooding the team

For the creators of the darkness might have reason to hide, this team is obscure.

Taiyang Zhang- CEO

Has had several positions over the past four years as a developer or advisor, but lists nothing before 2015, nor his education.

Loong Wang- CTO

Also shrouded in mystery, Wang has only listed several years of experience on his LinkedIn profile. He does list a university but without a graduation date. His work experience only dates back to 2015.

Noah Ingham- Developer

There is no LinkedIn profile, he is totally in the shadows.

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Like a secret society

There are hidden order books and atomic swaps, which do not pass through exchanges but directly exchange one token for another. Browsing the website, there is not much information offered up by its creators. While it does not appear to function fully, there is a testnet link. But not much else. Therefore, the review of this can only remain shrouded in mystery because the website leaves many questions to be answered.

Republic Protocol uses a secret sharing scheme to separate orders into multiple fragments distributed throughout the network. The original order could not be recreated without collecting most of the fragments. To protect against malicious acts with these "fragments" of orders, Republic Protocol uses the smart contract Ethereum called Registrar, which collects network nodes in the network topology. This establishes a high price for an attacker to "collect" fragments, because one or more individual nodes, even whole topologies, will not help. The Republic Protocol system is a decentralized exchanger with a hidden order book that executes orders without disclosing specific details, where the Republic Protocol token is used as a motivator and a means of protecting the system.

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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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📰 News
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Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’

  • Yuri Molchan
    📰 News

    The head of a major Bitcoin mining pool says that Bitcoin privacy is weak and must be improved to prevent BTC from avoiding governments’ clampdown

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’
Cover image via www.123rf.com

The CEO of one of the largest BTC mining pools, Poolin, has recently stated in an interview that Bitcoin privacy has to be improved. The current privacy features make BTC vulnerable to potential regulatory bolt tightening, says he, as reported by Forbes.

The Poolin mining company was set up by several former employees of BTC.com – a world’s major mining pool, a subsidiary of Bitmain. Among them was the Poolin’s current CEO Kevin Pan.

“Bitcoin’s privacy features are quite poor”

Over the past years, developers have suggested several ways to improve Bitcoin’s privacy. However, those were rejected by the community, since they would hard such major things as security, scalability, etc.

A good example here is Confidential Transactions that were among those suggestions. They disguise the amount of BTC sent in transactions. However, the integration of it was rejected, since it could have had a negative impact on the public verifiability of the present BTC supply.

Kevin Pan says that privacy is much more vital for a crypto asset development than scalability. Pan says:

“There is no other big question if the privacy issue is solved.”

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Governments may start controlling BTC miners

The company CEO believes that in theory, authorities or law-enforcement agencies may start telling miners to block certain address from receiving funds or sending them. However, in that case that would have to be 51 percent of the BTC network.

Pan believes that unless a solution to this problem is found soon, governments will get a chance to prevent transactions to certain addresses from happenning.

“What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”

“In fact, these can be done. But if there is privacy, you can't know who the address belongs to, and you can't determine how much the amount is, and there is no way to control the currency system. So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”

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China plans to clamp down on BTC miners

Previously, U.Today reported that Inner Mongolia, an autonomous region of China, plans to ban all the numerous mining pools located there soon.

Since this region is one of the biggest local crypto mining areas, some believe that China is about to ban mining of all cryptocurrencies ahead of the so-called ‘China Coin’ launch.

Do you think that poor Bitcoin’s privacy features could indeed bring down regulatory control over BTC one day? Feel free to share your view in the comments section!

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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