Olympus Protocol comes up with layers of security to give users of Apollo anonymity 25159 Apollo Coin; Image Credit: Apollo
Rakesh Ranjan Parashar
Oct 14, 2018 at 8:00 AM

The Olympus Protocol has come out with various layers of protection like IP Masking, Private (and public) Transaction Options, Integrated Decentralized Exchange and Coin Shuffling to give its cryptocurrency Apollo true anonymity and secrecy. This was announced by Apollo Foundation in their official Medium blog.

The decentralized exchange will allow Apollo complete anonymity and give its users to sell and trade with complete secrecy, which is the differentiating factor of any cryptocurrency.

The blog says, “The decentralized exchange integrated into Apollo will allow anyone to buy, sell and trade with absolute secrecy because the exchange is 100% decentralized and not run by any entity.”

“IDs are ever needed because there are no know-your-customer (KYC) requirements within a decentralized exchange. Your IP address will also be masked, and you can send private transactions directly from the exchange,” the blog adds.

With the latest security additions to the Olympus protocol, users will have the option to conceal the wallet address of both the sender and receiver. They can also mask their IP address, which prevents third parties from tracking them.

Another security feature of Apollo is coin shuffling. This empowers users to “shuffle” Apollo coins as well as other cryptocurrencies held in an account. These can be randomly shuffled between user accounts which means you can anonymize your balance nearly instantly.

With more and more countries are coming down hard on cryptocurrencies, the Apollo team believes that multiple tools are the need of the hour to protect financial privacy and anonymity. In a crypto market which is getting increasingly regulated, it’s becoming very hard to maintain anonymity and secure privacy. Government agencies are increasingly expanding their reach to become cross border enforcers of local laws, even if such multi-jurisdictional enforcement represents an overreach of authority.

“Moreover, U.S. agencies such as Securities and Exchange Commission (SEC), Internal Revenue Service (IRS) and FBI are beginning to pay blockchain analytics firms to identify and track investors. It’s a dangerous world. Privacy and anonymity help to protect investors,” the blog adds.

See Also: John McAfee supports Apollo Currency for making “tremendous sacrifice” leaving corrupted HitBTC

U.S. SEC reveals progress made on Bitcoin ETF proposal; sets deadline for comments

Image via Shutterstock

Join our Telegram group