Anoncoin (ANC) Price

The Anoncoin network is a decentralized platform that focuses on providing users with robust security by making it difficult to determine their IP address, thereby enhancing anonymity and privacy. The platform was created to withstand an eventual crackdown from central banks and hostile governments, according to its website. Anoncoin aims to maintain transparency and fair initial coin distribution to maintain proper liquidity of the token, unlike other cryptocurrencies that only seek to enrich developers financially.

Transactions in other cryptocurrencies are stored in public ledgers, resulting in tracking of the history of any payment by third parties. By using information outside of the blockchain, the identity and full transaction history of a user can be compromised. To counter this, Anoncoin has been developed with built-in support for the I2P darknet, an Invisible Internet Project that aims to protect communication from surveillance and monitoring by third parties.

The Anoncoin network is managed by decentralized miners who process transactions into blocks that are then added to the public blockchain. With the creation of each block, a certain amount of Anoncoin (ANC) is created, which is rewarded to the miner. Users can buy or sell Anoncoin for other coins or traditional currencies on exchanges.

Anoncoin uses Proof-of-Work (PoW) for mining, using the scrypt hashing function to prevent large-scale custom hardware attacks by making the process costly. Anoncoin plans to transition from PoW to Anoncash, a private digital fund developed by the team of Anoncoin. Anoncash is a hard-forked version of Anoncoin that was developed to fix a technical bug in the previous version of the Anoncoin network. The team aims to cease the existence of Anoncoin after the release of Anoncash.

Anoncoin was released in 2013, and the total supply of ANC is 3,103,954. The website of Anoncoin states that four active developers of the network have expertise in solving internet privacy issues.