Stegos’ unique blockchain and innovative design make it a wholly private and scalable crypto that is immune to government surveillance. With Stegos, you can buy and sell crypto, and talk to other users to initiate a transaction with complete anonymity. All that you will need is the Stegos mobile app and the STG coin. Backed by a strong team and solid technology, Stegos is primed to take over the privacy coin market. To finish and deliver a top-quality product, Stegos has decided to conduct an IEO to secure $300,000 to be specifically allocated for market making and providing liquidity on the soon to be announced exchange
Stegos IEO details
The IEO will take place on 5th November and Stegos will be selling 12 million STG tokens, where each token will be sold at an initial price of 0.025 USD per token. The IEO itself will take place on the Piexgo exchange. To participate in this promising IEO, you will need to pass some routine KYC procedures and be whitelisted. Also, it should be kept in mind that only citizens of non-restrictive countries can take part in the IEO. As long as you are not from the USA or one of the nations following the US sanctions, you should be good to go!
If you follow all the rules, then you should be able to participate in the IEO of a project that is all set to take over and dominate the privacy coin market.
The current state of the privacy market
This is a snapshot of the current privacy market as taken from cryptoslate. Here are some points to keep in mind:
- The total market cap of this sector is $1.83 billion.
- Privacy coins make up 0.75% of the total crypto market.
- Monero (XMR) is the clear leader in this space with a $1.02 billion market cap.
- Zcash is at a distant second place with a $290.09 million valuation.
Looking at the snapshot, we can see that only Monero and Zcash has crossed the $100 million market cap. This shows that a coin can easily dominate the privacy coin market, provided it is backed by solid fundamentals.
The issues with the current privacy coins
The current crop of privacy coins suffer from the following weaknesses:
Let’s deal with the elephant in the room. Privacy coins are just not scalable. These coins are wrapped by so many layers of encryption, that ultimately they become incredibly bulky, and transaction with them becomes a very slow process. This is highly impractical for everyday usage.
#2 Initiating the transaction
The point of initiation of the transaction can significantly compromise user privacy. To initiate a transaction, you will need to contact the receiver one way or the other. How do you reach them? Do you call them? Do you message them on social media? If you do so, then you risk exposure to surveillance.
#3 Buying coins
Nowadays, the amount of KYC details that you need to give to a crypto exchange could be excessive, to say the least. The sad reality is that even if you buy a privacy coin from an exchange, they will have enough information to track you down.
Why Stegos is the Solution
To look into what sets Stegos apart, let’s see how it is going to remediate the issues mentioned above.
Stegos has incorporated certain innovative features to potentially becomes more scalable than any other cryptocurrency.
Over time, as more nodes enter the blockchain’s network, it gets bulkier and heavier. What this means is that eventually, the blockchain will be so bulky that only nodes that will be capable of hosting are the ones that could afford expensive storage facilities.
Stegos uses a cryptographic pruning to remove spent coins and expired messages from the system routinely. This system keeps the Stegos blockchain so light that it will be possible to run a node from your phone.
Assuring high transaction capacity
Traditional privacy coins like Monero, Zcash, and Dash are all based on the proof-of-work (POW) consensus algorithm. POW uses computational power to solve cryptographically hard puzzles as part of its mining process. While it is pretty secure, it can be an extremely slow process.
Stegos uses the gPOS (gamified proof of stake) consensus algorithm, which is a variation of POS. POS uses a staking procedure to make the mining process completely virtual. In gPOS, everyone who runs a node will be eligible to win the validator service reward regardless of the size of their stake.
Sharding is a concept taken from database systems, which will help you deal with large bulky data. Stegos integrates a sharding mechanism wherein validators will only need to deal with a subset, or a “shard,” of the incoming transactions instead of dealing with the whole set. The best part of sharding is that it is a layer-one scaling technique that doesn’t bring in the architectural complexity of layer-two solutions.
#2 Private chat service to initiating transactions
Stegos has a fully private chat service that will allow users to contact other Stegos users to initiate transactions. This will act like a standard messaging service where you can discuss the transaction details with the other party. Also, Stego QR codes can’t be traced to its source, enhancing overall privacy.
#3 On-chain P2P transaction to buy coins
Stegos will implement atomic swaps to implement on-chain peer-to-peer trading of cryptocurrencies. This simple innovation will allow you to bypass exchanges and maintain your privacy while you buy your coins.
Allowing for privacy app creation
Lately, there has been a shift in the crypto space from pure payment coins to smart contract platforms that allows for the creation of decentralized applications. Unfortunately, privacy coins have been left behind in this regard, since all of them act as purely payment tokens and nothing else. Stegos is looking to change all this by building a platform where developers from all around the world can come and create their own privacy apps. Users can download these applications from the Stegos App Store, where they can browse and download apps in complete privacy
Stegos’ USP lies in the fact that they are more than a simple privacy coin. In an era where personal privacy is nothing more than a wishful pipe dream, Stegos is presenting you with an entire ecosystem where you can shield yourself from needless government surveillance. For people who live in countries under oppressive governments, Stegos may be a way for them to embrace and experience true freedom. By incorporating solid scalability and privacy techniques, Stegos has proven itself to be one of the most promising coins in the crypto space and is in prime position to dominate the privacy coin market.
For more information regarding the IEO, reach out to the team via their Telegram channel.
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