Kurrent is a new cryptocurrency that assures full anonymity and private financial transactions. The currency is based on the Zerocoin protocol and uses Zero-Knowledge proofs to ensure that no information about the participants on the transactions. Kurrent has proved to allow users to own a coin without revealing which one is theirs. During the first step which is called “mint”, your coin goes into an accumulator. The second step “spend” is where one can prove that he owns a coin in the accumulator. The user does not have to indicate which particular coin is his even in the second stage.
How does the Kurrent work?
Kurrent uses X11 POW Algorithm instead of the Lyra2 algorithms used in other Zerocoin which are capable altcoins. The X11 POW algorithm facilities mining through GPU and eliminate possible hidden GPU miners and the botnet control. X11 algorithm is compassed 11 types of crypto algorithms which include Shavite, Simd, Blake, Bmw, Groestl, Jh, Keccak, Skein, Luffa, Echi, and Cubehash. The 11 algorithm is a robust algorithm used in altcoin space.
Kurrent also introduced true random bonus blocks in Zerocoin capable altcoin. The true random bonus blocks increase the fun of mining and at the same time employs a true random algorithm of big mining power is not capable of pre-compute the bonus block and then grab it. The system is a fair system. Zerocoin Mint is sent to Kurrent by the Kurrent peers. You can redeem your Zerocoin back into Kurrent. During the transition, a new Kurrent address is created. If the transaction is accepted, the Kurrent Peers treat it like a regular Kurrent transfer.
Benefits of Kurrent
There are many benefits of using the current digital currency and the platform. The advantages that Kurrent promises its users include:
- Privacy: users can keep their payments private using the Zerocoin Protocol
- Peer-to-Peer: the platform uses a decentralized network to allow transactions of any kind on the platform.
- Instant: all payment processes on the platform are processed instantly.
- Low fees: other crypto platform, credit cards and wire transfers for much higher fees than users can afford. Kurrent offers much lower fees than other platform, credit cards, and wire transfers.
- Global: you can send money from anywhere in the world any person you around the globe.
Kurrent embedded block explorer in Q1 2017. Other processes formed in 2017 include a paper wallet, customized block explorer, TOR integration, chat, messaging, Web/html5 wallet, lightweight mobile wallet, supports proof of stake, embed exchange features, voting features, and smart contracts support.