Celebrating the 2nd Year Anniversary of Conceal.Network

Happy Anniversary!

As we celebrate our second anniversary, we can’t help but admit how different this last year has been. The COVID-19 pandemic has drastically impacted our world. Each of us has adapted our lives to help minimize the risks of infection. With social distancing taking hold of our day to day interactions, we rely more now on digital commerce to survive then we have in past years.

The shift to digital commerce is not something new. However, its recent growth has led to new opportunities for emerging technologies like blockchain, to help provide new solutions to improve payment mechanisms for purchasing, trade finance, and even help minimize transaction costs, taking the financial services industry to the next level.

The exponential growth of digital currencies over the last decade has led to a revolution towards a more decentralized, immutable, secure, and transparent financial industry. This hidden leap has been steadily occurring under our noses for years, because of our reliance on technology. This dependence on technology has led to the slow extinction of conventional fiat or paper money. Think about it. How often do you carry paper money around? Our wages, purchases, savings, credit and loan financial activity, and most importantly our financial privacy, is almost all exclusively controlled through centralized digital financial frameworks.

The simple solution is to have an alternative. A new technology that favours you.

When Bitcoin first started, many people thought that it was private money. Bitcoins are created as a reward for verifying transactions on the bitcoin network through a solution of a cryptographic proof of work that is then recorded in a public distributed ledger. An inherent problem with a public distributed ledger is that it’s not private. When you provide your Bitcoin wallet address for payment, you immediately compromise your privacy. The same situation applies when you send someone Bitcoin.

Then along came the Cryptonote protocol, which solved the Bitcoin privacy flaw. The anonymity provided by conventional fiat or paper money had finally been digitized. The advancement of the Cryptonote protocol paved the way for a new generation of decentralized private and anonymous cryptocurrencies to evolve, providing the perfect framework for #DeFi to exist and help improve the digital commerce experience.

Conceal.Network is based on the original Cryptonote protocol.

Still, the learning curve is steep. The majority of people still struggle with understanding cryptocurrencies as a medium of exchange for digital commerce.

Our aim at Conceal.Network is to not only educate the masses on the use of cryptocurrencies as a medium of exchange for digital commerce but also explain how a shift towards decentralized control of digitized currencies, just makes more sense.

Helping gain acceptance and adoption is something we will continually strive to achieve. If there is one piece of advice we can offer you in celebration of our second anniversary is we ask you to join us on our journey with vigour, optimism and love.

Developer Update

Conceal celebrates being two years old on the 23rd of May! Thank you for the contributions and sacrifices each of you have made over the last year in making Conceal.Network successful. We have an exciting month ahead of us, but before we get there, we want to rehash some of the work that’s taken place over the last month for all our community members.

Economics

As we mentioned before, we classify Conceal ($CCX) as having different functions of use. As a Medium of Exchange (MoE), a Store of Value (SoV) and a Unit of Account (UoA). These underlying economic principles guide the long-term development of our currency, $CCX.

From the start, our economic goal was to create a private, efficient, low volatility MoE with a solid SoV. This goal not only serves the main Conceal blockchain, but also guides the economic model design for the future Conceal CAP ecosystem. Both chains need to work seamlessly together to create the most perfect, inflation resistant currency available in the market today.

To that end, we have updated our emission schedule. The maximum supply remains unchanged at 200M $CCX.

The chart below visually details the emission (depicted in red) of the number of coins (on the vertical access) and the time duration (in months) of both PoW mining (depicted in green) and Cold Staking/Banking Deposits (depicted in blue).

Emission Curve

The block reward will continue to rise (at 0.25 ₡CCX per month) until reaching the maximum (capped at 15 ₡CCX per block). The maximum of 15 ₡CCX per block will be achieved in 3½ years (or 41 months). Once the maximum of 15 ₡CCX per block is achieved, a gradual descending mining block reward will begin (at 0.10 ₡CCX per month) until 6 ₡CCX per block is achieved in 11 years (or 131 months).

The compounding interest paid through Cold Staking/Banking Deposits in the main chain will terminate long before achieving the maximum supply of 200M. Existing interest rates will continue for 30 years (or 360 months). Cold Staking/Banking Deposits are intended to be an incentive during the ascending mining block reward curve to keep the circulation supply low.

This emission plan, combined with the maximum supply remaining unchanged at 200M, allows miners to be rewarded for over 100 years and deposits extended for 30 years.

The whole economic ecosystem (PoW mining and Cold Staking/Banking Deposits) was carefully designed to assure an equitable distribution of ₡CCX for generations to come.

For the complete emission table please click here.

Conceal-Website

We are pleased to announce the launch of our newly redesigned Conceal.Network website. We fully optimized our homepage for industry web standards, accessibility compliance, improved performance and security. Our website now meets ADA and WCAG compliance, as well as W3C standards. Go check it out! It’s so sweet!

Conceal-Communication

Conceal represents the opportunity for people to take back control and protect their private information through free and open-source software, open governance, and transparency. We are working in a new peer-to-peer messenger software, with end-to-end encryption and resistant to censorship. We plan to have a beta release ready by the end of Q4 2020.

Conceal-Platform

Work continues on Conceal-Platform (formerly known as our Sidechain). We are building a working ecosystem around Conceal and aim to onboard businesses and consumers seamlessly. The utility of the Conceal-Platform is anchored on the provision of a unique e-commerce system where different users, such as vendors and consumers, meet and transact at a global scale with ease, security and transparency. Consumers and businesses alike can benefit from the economies of scale with the Conceal ecosystem at times when economic activity amongst us is at an all-time high.

Conceal-Banking

Coding and testing continue on implementing deposits to the service wallet (walletd). Deposits on both our Cloud and Mobile is almost here. You will be able to deposit $CCX on Cloud and Mobile soon and earn interest up to 6%! Q3 2020 — Stay tuned.

Conceal-Desktop

Our desktop wallet was upgraded to Version 6.1.6. If you have not had a chance to view the new features, we recommend checking them out. Included in the new release:

  • Added buttons to quickly select 25%, 50%, and 100% of available funds
  • Change date format when switching fiat currency
  • Minor styling changes
  • Upgraded to core 6.1.6

Discord Bot

Since Discord is one of our primary social platforms and an important place for our community, we decided to redesign our Bot and add a variety of new features to it. The new Bot code was written from the ground up and includes:

  • Tipping
  • Rains
  • Giveaways

And much more. It's in the last phase of internal testing and we will release the beta version to public during this week. With the new Bot, we aim to increase Discord user interaction and bring new people on board with giveaways and rains. Once it’s release, please make sure you register a wallet so you can participate in getting some free $CCX!

Social Scene

Conceal conducted a fantastic livestream, hosted by Doruk İşmen for our Turkish community on May 17, 2020. Our head of Marketing, Okanist (aka Okan) was in attendance and answered several questions about Conceal.Network and crypto in general. If you are interested in viewing the interview click here.

For the first time ever in English, we will be doing a YouTube livestream with SavageMine on Saturday, May 23, 2020 (at 2:30p-3:30p UTC)! Several members of the Conceal team will be in attendance (in voice-only mode) to help keep the livestream as normal as possible for Savage (yeah right).

Seriously, SavageMine was gracious enough to allow us to join him to celebrate our two year anniversary. We plan on talking a little about each team member (some background on how we each became involved with crypto and how we got involved with Conceal) and our new $CCX emission model. So grab your favourite beverage and tune in to SavageMine on Saturday!

Final Thoughts

As a community, it’s important to recognize our anniversaries. Acknowledging anniversaries gives us the opportunity to reflect on what we have accomplished, where we are now and what we plan to achieve in the future.

The first Conceal block was mined on May 23, 2018 right in the middle of the worst bear market in crypto history. Flash forward two years later and our world has drastically been changed by COVID-19, but we keep striving for decentralization, balance and equality in the world.

First block of Conceal.Network

Through all these difficult challenges, we remain steady in building the necessary ecosystem to provide you with the best alternative for private decentralized financial services and communication. At Conceal.Network, we believe privacy is a fundamental right and we are paving the way to make that happen.

As a team, we are so proud to have each and every one of you as part of our network and we thank you in advance for the continued support for Conceal.Network for many years to come!

We can’t wait to show you what we have in store for you over the next year. It’s going to blow your mind.

Until next time.

Privacy-protected DeFi & Encrypted Communications