Privacy is undoubtedly one of the main concerns when it comes to cryptocurrencies. A lot of their appeal comes from the fact that they’re considered much more private compared to traditional money transfer.
That, however, has turned out to be rather untrue throughout the course of the past few years. In fact, one of the biggest misconceptions about Bitcoin, for instance, it’s that it’s anonymous – it’s not. Bitcoin is pseudonymous, meaning that you will always have your address assigned to your holdings, and each transaction is verifiable and publicly visible on its ledger.
As CryptoPotato recently reported, Coinbase, the leading US-based cryptocurrency exchange, sees 96% of its information requests come from various US Federal Agencies, raising massive concerns for privacy advocates.
This is where Utopia steps into the picture. Providing an all-in-one kit for secure instant messaging, anonymous payments, private web browsing, and encrypted e-mail communication, the project aims to bring privacy back into the hands of the user.
Utopia: What Does it Have to Offer?
Created by a team of developers who oppose the way basic values of freedom erode in modern society, Utopia’s main mission is to protect people’s rights in regards to privacy of communication, as well as the freedom of self-expression.
Utopia is a decentralized network that has no central server involved in the transmission or storage of information. The ledger is supported by everyone who uses it. It allows people to send instant voice and text messages, to transfer files, to create news channels or blog feeds, and so forth, in an entirely private manner.
All financial functionalities, on the other hand, can be found in Utopia’s built-in wallet where users can accept payments that are denominated in the platform’s native cryptocurrency called Crypton.
The platform is designed for anonymity, where the users’ IP addresses and identity cannot be revealed. There’s a non-censored registry that’s also decentralized, making it an equivalent of classic DNS.
The platform takes advantage of the fast implementation of reliable 256-bit encryption to secure both transmission of data and its storage.
More About Crypton: Utopia’s Native Cryptocurrency
Crypton is a digital currency that supposedly guarantees complete privacy protection. This frees users from regularly-related risks. There’s no country or government authority that can influence the fate of Crypton or its market rate – that’s what’s disclosed on its website.
The direct use case of the CRP cryptocurrency is for it to be used within the P2P ecosystem of Utopia.
The official website also claims that the project has managed to attract certain cryptocurrency exchanges that have expressed willingness to host CRP on a free basis, meaning that there are venues who are already recognizing its potential.
In terms of the team’s roadmap, they plan to attract a gaming audience that will supposedly increase the demand for Crypton, being one of the largest markets out there. In fact, Utopia Poker is already available, and users can play against each other using the CRP cryptocurrency.
Moreover, the team is working on a mobile application as Utopia is currently only available to desktop users.
Another important step in the roadmap is the implementation of CRP in e-commerce. While the project already allows users to invest their CRP in some online stores, work will be carried out to transfer bigger online stores to Utopia’s ecosystem.
In terms of mining, users who run the Utopia software on their computers will participate in the active mining of the cryptocurrency. Every 15 minutes, Utopia users will receive Cryptons for their support to the platform.