DarkFi the cryptocurrency that promises to be better than Bitcoin and is already worrying governments

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The DarkFi testnet, which promises to be better than Bitcoin in terms of anonymity, was launched this Friday afternoon (3) and could be the next headache for regulators in several countries.

One of the names involved in the project is Amir Taaki, who is known for working as a bitcoin developer when the cryptocurrency was only worth pennies. Speaking to Politico newspaper, Taaki explained that DarkFi will help cryptocurrencies fulfill their destiny.

In the meantime, other experts have also given their opinion on the project. According to Matthew Green, one of the founders of Zcash (ZEC), “they seem to be putting a lot of technical effort into it”.

“It’s not a small project. They intend to do something very, very powerful.”

However, the computer scientist also noted that “building private blockchains that can do things like Ethereum is really difficult,” highlighting the challenge the DarkFi team has ahead of them.

Another to praise the cryptocurrency while speaking with Politico was Mina Foundation CEO Evan Shapiro, noting that “they know how to do it and think clearly.”

Others, however, expressed greater concerns. For Bill Callahan, a former DEA agent, if developers publicly suggest they intend to use cryptocurrency to circumvent the law, “this will likely be the first piece of evidence” against them.

“If they allow this to be used by malicious individuals, they risk being held accountable.”

Project DarkFi isn’t even out yet and is already causing backlash

The name DarkFi is associated with the phrase “going dark,” used by FBI Director James Comey in 2014 to explain how encryption was making his agents’ jobs more difficult. The second part relates to DeFi, which stands for Decentralized Finance.

More information about the project can be found on the project’s website. For example, DarkFi promises payments, swaps, DAOs, and even smart contracts, all anonymously.

As for the consensus algorithm, the team decided to use Ouroboros Crypsinous (created by Cardano developers) as a base. Hence, cryptocurrency will be proof-of-stake but with greater privacy for validators.

“If something unfortunate happens to one person, another person will take their place,” noted Jstark1809, one of DarkFi’s developers. “It’s a hydra that you can’t completely kill. You cut off a head, another head appears. We are unstoppable.”

According to Amir Taaki, one of the developers, the project will be much more anonymous than commercial projects that cannot withstand government pressure.

While regulators have yet to decide how to control the older cryptocurrencies on the market, DarkFi promises to give them more work. In addition, new projects are also expected to be inspired by it, as is customary in the industry.

Developers’ plans
Although it launched its testnet this Friday afternoon (3), there is still no forecast for the mainnet launch. Nevertheless, on the site you can find the plans of the developers, for example:

Ability to implement custom smart contracts
Khonsu Consensus as an updatable WASM smart contract
DHT network for file and metadata storage
Wiki, accounting and decentralized tasks
Spam protection for anonymous logs
Nym gateway service
anonymous NFTs
anonymous DEX
Bridge with Ethereum
Finally, it is worth remembering that many projects focused on data protection have failed. As an example, one study points out that only 0.09% of Zcash transactions (ZEC) are self-chosing by users.

So, even if DarkFi manages to deliver a good project, it seems that – first and foremost – users need to be convinced of the benefits of anonymity.

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