The cryptocurrency Ghost is currently the focus of many discussions, as it was thrown by John McAfee and it's been live on the main network for a few days.
The cryptocurrency uses a PoS consensus system (proof of participation) and its key strength is to provide the maximum Privacy to your users.
The presentation of the project aroused much criticism immediately because it is not a really new cryptocurrency, but rather a scam since almost the 90% of the technical document seems to have been copied by PIVX, a privacy-focused cryptocurrency that was born out of a Dash fork.
Ghost would therefore be a kind of fork of the PIVX project and this could lead to major problems in the future, especially legal ones.
Anyway, to go into detail on how the cryptocurrency works, to manage this asset efficiently it is necessary to use a dedicated wallet, the Ghost Wallet, which is currently being tested and, therefore, it is not recommended to use it until it is publish the new version published.
However, we can already see how it looks.
At first startup, the system requires acceptance of the License Agreement.
Later, a wallet is required to connect to the Ghost network and this can be done through the simple interface where it is possible to restore a wallet through the recovery phrase.
An interesting aspect of this blockchain is that it is possible to block funds but not bet them because, as highlighted in it document, anyone could remove the staking funds and steal them.
For this reason, the proposed system is called staking cold– Funds are delegated to a fund and only the fund can stake.
This procedure is easy to do with the wallet: just click on “Cold staking node” and then enter the public key.
When it comes to staking, it doesn't require a minimum amount of tokens, and by doing so, users immediately begin to get a feel for the fees generated by this blockchain.
To become a Ghost Veteran it is necessary to bet a minimum of 20 thousand GHOST, which at the current price is a little more than 20 thousand dollars. At the moment, the annual rate is 7.74%, but it is subject to change.
Note that each block produced (8Mb), 1 every 2 minutes, generates 12 ghosts that are divided into 6 for Ghost veterans, 4 for those who have bet the chips and 2 go to a group dedicated to the development and growth of the draft.
When it comes to supply, we currently have 13.5 million Ghost in circulation and a maximum of 55 million for the total supply.
As a cryptocurrency, Ghost wants to achieve a high level of anonymity by:
- Use of hidden addresses: new keys are randomly generated with each transaction;
- Hide sender: the signature of the transaction is blurred and this is allowed through the signature of the ring;
- Hide Total Sent – The ring signature is combined with the RingCT (Confidential Ring Transactions).
We can clearly see this type of transaction distinction from the wallet.
Another interesting aspect is the presence of a peer-to-peer market, that of Particl, which allows you to buy and sell products within the network.
Another feature is the introduction of aliases to which hidden addresses are bound to simplify transactions and exploit a privileged channel. These types of transactions are expected to cost 5 Ghost.
There are plans to launch a browser wallet as an extension that will take the name of MetaGhost to facilitate quick operation instead of installing all relevant software.
How anonymous is Ghost really?
Ghost has compiled an overview of the most interesting crypto assets in the privacy domain, putting it first. When it comes to privacy, he claims to be the first of its kind. Then come Particl, Monero (XMR), PIVX, Dash and in fifth place Zcash (ZEC).