PengolinCoin is a Truly Private and Decentralized Cryptocurrency Utilizing Advanced Cryptography with an Egalitarian Approach.
PengolinCoin’s Cryptonote Technology is designed to provide some of the most innovative privacy features predicated on advanced cryptography, an egalitarian approach towards decentralization, and censorship-resistance.
Cryptonote is predicated on two fundamental properties to achieve full anonymity in a transaction. First, is untraceability and the second is unlinkability. Furthermore, Cryptonote Technology protocol has a list of standards and specifications that must be maintained. These standards and specifications are, untraceable payments, unlinkable transactions, double-spend proof, blockchain analysis resistance, egalitarian proof of work, and adaptive parameters.
PengolinCoin, through it’s CryptoNote Technology, achieves untraceable payments through its integration of ring signatures. Ring signatures use multiple public keys mixed together to muddle the true signer of a transaction without sacrificing the ability to verify that the transaction is valid.
Unlinkable transactions in PengolinCoin’s CryptoNote Technology are accomplished through the use of one-time keys. Even with a ring signature, all of the incoming transactions to a public key address can be observed on a blockchain. CryptoNote mitigates this by automatically generating one-time keys derived from the public key of the recipient for each transaction.
Accomplishing a double-spend proof when the goal is to obfuscate transaction data comes with some clear challenges. PengolinCoin’s CryptoNote Technology cleverly employs a concept known as key images to ensure there are no double-spends even in an opaque blockchain ledger. Key images are unique markers designed to support linkability while allowing a signer to remain anonymous.
In a Blockchain analysis, each transaction in PengolinCoin’s CryptoNote Technology has a unique one-time key, linking inputs and outputs through public addresses is not possible. To summarize at this point, the identity of senders is obfuscated by ring signatures, the amounts transacted are anonymized by Ring CTs, and one-time addresses provide the recipient privacy in a transaction.
Finally, the focus on an egalitarian proof of work in PengolinCoin’s Technology, stems from the centralization risk of Bitcoin with the development of powerful ASIC mining chips. PengolinCoin uses a custom version of Argon2d, called Argon2d-Pengo, which through it’s low memory (256 KB) and fast hashing, effectively resists ASIC mining and only allows for CPU and GPU mining resulting in true decentralization.