Ever since the invention of Bitcoin and blockchain technology, there have been several altcoins emerging every so often. With several blockchain projects always developing, projects must present a unique property or trait to get ahead of the competition.
Privacy issues on blockchain technology have been an issue among many crypto enthusiasts. Although one of the things that the blockchain technology promised during its onset years was anonymity, there have been several cases of privacy breaches.
It is, therefore, no surprise that more crypto projects promising ultimate privacy for transactions on the blockchain are coming up. Apollo currency is one such project that promises a considerable impact on the privacy of decentralized currencies.
What is Apollo?
Apollo is a blockchain startup that is looking to provide an all-in-one cryptocurrency to help solve most of the problems with the current digital coins. The project was established in 2017, and unlike other currencies, Apollo did not hold an ICO. Instead, the project already had a working product during its Coin Distribution Event (CDE).
Apolo is built on the Hermes Blockchain and was established through an airdrop of NXT holders, which makes it a fork or clone of NXT. The project comes with some of the most impressive features of cryptocurrencies, including 100% private transactions, an asset system, encrypted messaging, currency and token system, voting system, decentralized data system, and exchange, among others.
One of the problems that Apollo tries to solve is the fact that crypto users often have to use different digital currencies for various applications. Say, for example, a user wants to generate a smart contract and a private transaction, they cannot use the same cryptocurrency for both actions.
Also, individual governments issue regulatory laws against cryptocurrencies, which means that they can leverage them at any time. Because of this, the decentralized nature of cryptocurrencies is always under threat. Another issue with the current cryptocurrencies that offer privacy is that they do so in a limited capacity. No crypto offers IP masking, which means that hackers can track the IP addresses of users on the blockchain from their transactions.
Apollo aims to be the first all-in-one cryptocurrency that utilizes all the useful features available for digital currencies on a single platform.
The Apollo Solution
Apollo aims to offer a solution to all the problems stated above through its Olympus Protocol and Hermes Blockchain. Let’s have an in-depth look at the two below.
The protocol will be behind the entire working mechanism of the project. Through this protocol, users will get to enjoy the ultimate privacy features of the coin. The key features of the Olympus protocol are IP masking, private and public transactions, coin shuffling, as well as an integrated decentralized exchange.
Apollo sets out to offer substantial IP protections to ensure that a user’s IP address cannot be accessed, thus protecting their physical address. The project developers will integrate three layers of IP masking to the Apollo wallet to offer seamless and untraceable use.
The ability to choose between private and public transactions also sets apart Apollo from other cryptocurrencies. Private transactions allow users the ability to send and receive unlimited cryptos without worrying about their privacy. Public transactions, on the other hand, help with the mass adoption of Apollo.
Coin shuffling will ensure that Apollo and other currencies in users’ accounts are randomly shuffled as an additional privacy measure. Account-holders, therefore, get to anonymize their funds almost instantly. Finally, the integrated decentralized exchange lets anyone buy, sell, and trade cryptos with absolute secrecy. IP masking on the exchange will also allow users to send private transactions directly from the exchange.
The Hermes blockchain is the force behind Apollo, and its integration with the Olympus protocol will ensure that Apollo is incredibly secure. The sustainable blockchain provides indefinite stability to the currency and lightning-fast transactions. The blockchain will facilitate transactions for 2–3 seconds, making Apollo one of the fastest cryptos on earth.
Apollo’s Current Features
- Monetary system — This system will allow users of Apollo to create their currencies or tokens instantly. They can then use these currencies to trade privately on the decentralized exchange or other external ones. Apollo provides backing, which offers the coins an instant tangible value. This system is, therefore, ideal for ICOs/IEOs/STOs, finance, escrows, and crowd-funding.
- Blockchain file system — The blockchain file storage system allows users to store files in the data cloud, where they are stored and available for retrieval and publishing. Once a user uploads files to the cloud, they get a timestamp for the data, which ensures the security of the information. The timestamp could come in handy in legal documents such as contracts. The file storage system is suitable for medical records, voting, permits, among other vital documents.
- Asset system — This system allows users to issue tokens that represent private and public equities, as well as real-world commodities like shares, bonds, and derivatives. Users get to trade these tokens on the exchange with 100% privacy.
- Alias system — The Apollo alias system allows you to encrypt a specific set of text by creating a unique alias. You can only claim a specific alias once and use it for your account number, website, email address, or any other text you deem essential. Once you request an alias, you can sell it either publicly or privately and transfer it to another account.
- Decentralized marketplace — Users in the market get to buy, sell, and trade physical and digital goods using the Apollo currency. The decentralized nature will allow for untraceable trading of any item, whether local or international.
- Encrypted messaging — Apollo is quite big on privacy, and this feature will allow users to send and receive messages securely on the blockchain. Together with the Olympus protocol, IP masking will ensure that messages and data files from one account to another are untraceable.
- Voting system — users on the blockchain can create either private or public polls. They can then use the polls to direct and manage funds from an account or gauge the public opinion on something. This system could be quite useful in collecting valuable and verified responses from designated sources.
We’ve already mentioned that the Apollo currency is an all-in-one cryptocurrency, and the developers aim to have it tailored for use in any industry. Thanks to all the useful features of the coin, the Apollo currency will provide endless possibilities in the crypto space.
The coin’s ticker symbol is APL, and there are currently 15,439, 920,078 APL tokens in supply out of the total 21,165,096,531 APL tokens. APL uses a Proof of Stake consensus and is available at 0% inflation.
The Apollo token made its debut into the crypto space through a CDE. The goal of the CDE was to distribute the token to as many people as possible. During the creation of the token, NXT holders had access to 10% of the tokens. Holders can, therefore, claim their coins by logging into the Apollo wallet using their NXT credentials. Currently, APL tokens are available on significant crypto exchanges across the world.
While there have been many inventions in the crypto space over the last few years, the Apollo project promises to be quite revolutionary. The project brings together all your favorite features from the mainstream cryptos to create a currency that could have endless opportunities in the digital and real-world industries. We can only wait and see what Apollo has in store as it ventures into core refactoring and Apollo mobile, as well as developing Apollo Africa in 2020 as per its roadmap.
Originally published at https://cryptoadventure.org on May 1, 2020.