Powerkee – A Cryptocurrency That Prioritizes Privacy =

The subject of privacy has become increasingly popular and important in recent decades. While a century ago privacy meant living separately from your neighbors and doing your own thing, today it has taken a very different turn. During the exploration phase of the Internet, man has unconsciously said goodbye to his privacy by sharing everything there is to know with the whole world.

It all starts with innocently sharing a few photos with your friends on Instagram, followed by trying out a new application where you sign up with the same email account. After that, you consider investing some of your savings in innovative assets through cryptocurrency. You decide to sign up with an exchange that pops up in an ad on Facebook. As part of the registration process, you will be asked to send a copy of your passport to prove your identity. Without thinking you send your passport and it ends up in the wrong hands with all the consequences for the coming years.

Identity theft, theft of possessions and wealth, the possibility of exposing your online persona, it can all be caused by a reckless handling of (online) privacy. Bitcoin was meant to be the answer to this problem by allowing people to transfer wealth anonymously from one person to another. However, as the innovation became relatively well known, the regulatory authorities also came into contact with the Bitcoin. Tricky techniques allow others to trace blockchain activity to trace a single transaction back to an individual.

All this proves that privacy has become one of the most valuable assets. The possibilities of dark parties are limitless when the right data is at their fingertips. Privacy is an asset that everyone should guard vigilantly, so a protocol that enables anonymous transactions is indispensable in this modern age. With privacy coins like Monero, ZCash and PivX paving the way, it’s time for a new unknown coin to bring back anonymity to individuals around the world. Powerkee promises to do just that: prioritize privacy.

What is PowerKee?

Powerkee is an innovative project that aims to prioritize privacy. The project has built their own blockchain to achieve maximum anonymity. Transactions are processed instantly, cheaply and 100% privately. The proof-of-stake mechanism secures the network, allows users to run nodes and receive rewards. The Powerkee team is completely anonymous and wishes to remain as anonymous as its protocol.

You may be wondering; another privacy coin? What makes Powerkee unique? The main difference is the fact that other privacy coins settle for a simple way to trade wealth through a privacy coin. PowerKee wants to go one step further and create a complete ecosystem that evolves around privacy. An example the team cites is a P2P exchange that includes a fiat entry and exit. This would allow anyone to buy cryptocurrency anonymously with any fiat currency. In that sense, PowerKee is revolutionary at its core.

The main question here is: how? How will this team, who remain anonymous, achieve what they promise? To answer this question, we will dive deep into PowerKee’s technology to analyze how their Blockchain will work, and how it achieves true privacy.

How PowerKee achieves anonymity and privacy

We’ll begin this section by observing the current state of industry privacy before delving into the technology PowerKee will use to raise the industry standard.

Many people who actively invest or deal with cryptocurrencies are familiar with the mechanics behind blockchain technology. Especially the most used blockchain Ethereum and the associated program Etherscan: a very popular tool to see transactions on the Ethereum blockchain. You can see your wallet balances, check transactions and track the flow of tokens through different wallets. This is a very convenient way to easily get information about your own wallet.

But this is also a way to see other people’s balances, check their transactions and see how they spend their balances. When wallets are linked to identities, which is easier than is often thought, it poses a major risk to privacy and security. Imagine your bank statement being openly available online for anyone to see, most people wouldn’t be comfortable with that. That is why there is a great demand for privacy-enhancing functions and blockchains.

To achieve anonymous transactions on the Ethereum network, you have several options, the most popular of which is a token mixer. One of the best token mixers of recent times is Tornado Cash. The technology behind token mixing is self-explanatory: mixing tokens to decouple the origin and destination of a transaction by mixing your transaction with other transactions. Let’s say you find out that your privacy has been violated and someone has linked your address to your identity, for example a friend who mentions a certain transaction in a conversation. In that case, a token mixer offers the possibility to transfer funds to a new wallet and thus regain your privacy.

As an example: Your balance is 5 Eth, you send it to the Tornado Cash contract. You will then receive a code required to withdraw the 5 Eth to prove that you own the 5 Eth. This code is part of a fundamental part of Powerkee’s technology, Zero Knowledge Proof, which we’ll dive into later. To increase privacy, you can wait a few days before interacting with the Tornado Cash contract to have the 5 Eth sent to your new address. The origin and destination of the 5 Eth are untraceable and your privacy is somewhat restored. Your transactions at your new address are part of the public Ethereum chain, which can again violate your privacy. The Zero Knowledge Proof protocol is the core of the Tornado Cash project.

Zero Knowledge Proof (ZKP) is a relatively simple concept, but quite complicated to understand the first time. ZKP is a way to prove ownership without providing any other information that could be linked to someone’s identity. A real world example would be going to the mall for a new pair of sneakers. When you arrive at the checkout, you must provide proof of sufficient funds in your bank account, without revealing the full account balance. When you use Zero Knowledge Proof, you get the ability to trade cryptocurrencies without revealing any other data.

What does this have to do with PowerKee?

This is what it all comes down to. Zero knowledge proof is an innovative protocol, which can exist on the Ethereum blockchain, but is best on a native protocol. Even better, a native protocol like PowerKee with strong ambitions to create an entire ecosystem of privacy-focused products. PowerKee’s native coin, KEE, goes hand in hand with a custom Zerocoin protocol integration that enables the use of zKee: the bridge to untraceable transactions.

In a nutshell, to trade KEE you use zKEE by converting KEE for zKEE. With the Zero Knowledge Proof you create KEE to the receiving address by converting your zKEEs at your address for KEEs at the other address. This may sound a bit vague, but this appendix to the PowerKee technical document does a good job of explaining how these transactions work.

KEE transactions are executed in two steps:

  1. Create zKEE by converting your KEE into zKEE denominations.
    1. For example, User A sends a request to coin 875 zKEE.
    2. The Zerocoin Protocol converts 875 KEE from User A to 875 zKEE in a 1:1 ratio. The conversion is done in the largest denominations available
    3. A unique zero-knowledge proof is given to User A, who shows their ownership of specific zKEE denomination amounts to the Zerocoin Protocol.
    4. User A’s balance is updated. The KEE balance is reduced by 875, and the zKEE balance is increased by 875 in the largest denominations available.
  2. Spend your zKEE to send KEE to a PowerKee wallet address.
    1. User A sends a request to coin 875 KEE to User B’s PowerKee address.
    2. Zerocoin Protocol receives and verifies User A’s unique zero-knowledge proof proving ownership of zKEE.
    3. The Zerocoin protocol creates 875 KEE on User B’s PowerKee address.
    4. User A’s zKee balance is reduced by 875.

The above process clearly explains how Zero-knowledge proof is used to find out a user’s ownership of zKEE. To send the native token KEE, a PowerKee user must prove ownership of zKEE by sending a zero-knowledge proof to the Zerocoin protocol. A new KEE coin is created for each transaction making all previous transactions untraceable. It’s an innovative system, but that’s not what makes PowerKee unique. The products and overlapping technology is what does that.

PowerKee Products

At the moment, PowerKee is nothing but an innovative protocol. It allows for transactions between individuals that are truly anonymous. That in itself is impressive because it’s all done with native code built from the ground up. However, PowerKee itself has a few products they plan to release in the coming months/years. Not much information has been released about these products yet, but they are worth mentioning to fully understand what PowerKee wants to achieve. The descriptions below are inserts from the Powerkee website

 

DeFi Rewards

PowerKee users can earn rewards on their KEE holdings by participating in the proof-of-stake consensus process. Holders can set up a masternode and earn interest on their staked KEE. Holders also have the option to stake directly into their wallet and earn rewards.

Governance

KEE tokens play an integral role in the governance of the PowerKee network. KEE holders have the privilege of voting on how the PowerKee network evolves while preserving their privacy. This allows PowerKee to evolve in a decentralized way driven by stakeholders who can remain anonymous at all times.

Looking further into the roadmap, we see that the following products are yet to come:

  • Light Wallet
  • Light Strike
  • One-click masternode
  • Cold Wallet Strike
  • Mobile Wallet including Private Channels & Mobile Staking
  • Non-censorable, decentralized P2P platform
  • Decentralized entry and exit from fiat to privacy currencies

Quite an ambitious list to be done in the next year. Taking all this into consideration, we begin to wonder who will develop this stacking technique.

Who is behind PowerKee?

That’s the big question. Like all other privacy coins out there, the team behind Powerkee is completely anonymous. We can only speculate about who is behind the project and observe what is currently being shared within their official channels such as Telegram, the website and others. However, the VC firms have confirmed that the team has been fully vetted by them and the exchanges that will list KEE.

 

Telegram

On Telegram, there is a small team of people who communicate on behalf of the Powerkee team. With the introduction of the anonymous admin feature on Telegram, all important announcements are made anonymously. However, there is one admin who seems to be part of the project’s core team. So, the three admins in the Telegram channel are:

@powerkeetom: answers all questions directly within the channel and is quite open about the current state of the project, even sharing screenshots from the Github account.

@ol_tone: community member turned into a community manager. Really excited about the project and eager to contribute. Tone has been with the project since its inception and is now actively answering any questions that crop up in the channel. The only other thing I’ve found about Tone is his twitter account: https://twitter.com/ol_tone

@Jheish: Another community admin actively helping in the Telegram channel. Hailing from the Philippines is all we get here, but she’s made it clear she’s not part of the official PowerKee team.

That’s it, honestly. There is nothing else to be found about the PowerKee team other than the above. The more traction the project will gain, the more exposure and thus possibly the anonymous developers will reveal the size of the team, or to what extent they will ever reveal themselves. For now, we’ll stick with this, basing our projections on the various advisors and strategic investors listed below.

Advisors & Strategic Investors

Since the team is anonymous, we need to move on to look at the other people behind the project. We have found a list of investors and strategic partners who will support PowerKee in its mission to enter the market and bring privacy to the masses.

 

investors

  • VYSYN
  • Fairum Ventures
  • Seikatsu Ventures
  • Brilliance Ventures

 

Strategic Partners:

  • Vendetta Capital : Digital asset investment firm Vendetta Capital is to assist privacy coin project PowerKee in their efforts to bring their technology to the Turkish-speaking market. With over 80 million Turkish speakers worldwide, there is a broad market to take advantage of this next-generation privacy technology. – The full announcement can be found here .
  • Spykefast : With over 4,000 members following the guidance of the SpykeFast community closely, the partnership will help drive PowerKee adoption. Through the partnership, SpykeFast will distribute the latest announcements and updates related to privacy coin PowerKee. The SpykeFast community can also actively discuss developments in the PowerKee protocol among cryptocurrency professionals. – The full announcement can be found here .
  • PowerKee is pleased to announce another brand ambassador. EyeofCyber is a prominent member of the http://t.me/jumpsquad community and has worked with several high profile projects such as @quant_network. He will support #powerkee with ongoing marketing and user acquisition. $KEE
  • Dread Bongo : We are pleased to announce a strategic partnership with @DreadBong0. @DreadBong0 will help onboard new users into our #privacy #ecosystem and raise awareness of the need for #privacy. A private life is a happy life. $KEE #KEE brings happiness back.

roadmap

The roadmap is decent. It is focused on the long term and shows that the team has thought about multiple use cases of the token and protocol. An illustration can be found below:

 

Current state of Powerkee

Now that we’ve seen what PowerKee aims to achieve, it should be noted that the roadmap is a bit outdated at the moment. The protocol was due to be launched in December, but due to diligent scrutiny practices, the team has decided to postpone the listing. Since then, the team has been teasing with screenshots and documentation about the products being built.

Notable is the fact that PowerKee will be listed on two centralized exchanges with a fully functioning mainnet, a desktop wallet, block explorer and the ability to host masternodes. The listing has now been set for February.

$KEE

The currency that binds the entire ecosystem together is the KEE token. It is native to the PowerKee blockchain and is the coin that facilitates the anonymous transactions. We have shared the technological aspect of the coin in the technology sector, so for now we will look at the economic spectrum. With several privacy coins already available in the current market, what makes PowerKee a solid investment?

Tokenomics

Before we dive into the coin’s investment potential, let’s get the facts straight.

Total supply: 100,000,000

Sales: 17,500,000

Node Operators and staking: 40,000,000

Optional Reserves: 12,500,000
Development:
10,000,000
Network: 2,500,000

Staking – Vault: 10,000,000
Expansion: 6,000,000
Campaign-Funding:
4,000,000

Team & Advisors: 15,000,000
Team:
13,000,000
Advisors:
2,000,000

Community: 3,000,000
Exploits:
1,500,000
Rewards:
1,500,000

KEE Invest 2,000,000
Funding: 1,000,000
Campaigns1,000,000

Initial Market Cap: $87K

Comparing PowerKee with other privacy projects is quite difficult, as very few do the same as PowerKee wants to achieve. PowerKee is not easily tempted to bash other projects, on the contrary, the team firmly believes that all privacy projects complement each other rather than compete with each other. Without a doubt, the cumulative market cap of the privacy coins currently available is in the billions with the largest currently being Monero at $2.4B. Of course, PowerKee’s goal is to take a large share of the cumulative privacy coin market cap and become one of the dominant players in the space, but the common goal is always on their minds.

We made a nice visual chart to compare PowerKee with other privacy coins.

 

The astonishingly low market cap PowerKee starts with and the small funding round they held is surprising and exciting. The project has potential to do well in the space when they deliver the mainnet and upcoming features. With a fully diluted market cap of $3.5M, there is huge upside potential for people invested in the project compared to other projects. The opportunity for community members to strengthen the project lies in social media exposure. By helping PowerKee reach a larger number of followers on their socials, you also help spread the tools that allow people to regain their privacy.

 

Conclusion

PowerKee is a powerhouse in the making. The technology, the roadmap and above all the ambitions of the team are admirable. The goal of striving for true anonymity with the sole purpose of giving people back their privacy is a noble endeavor. If you look at the technology that Powerkee will use, mainly Zero-Knowledge Proof, there is a lot of potential to achieve what they claim. The current documentation is clear and shows that every step along the way has been well thought out.

The small amount raised shows the eagerness to work rather than accumulate as much money as possible. In addition, the team is releasing their token in conjunction with a working product in the form of a fully controlled mainnet and wallet. It’s incredible these days that the team chose this approach. We have yet to see what the next few days have in store for PowerKee. The community is very active and eager to start using the network and buy the $KEE token.

We will keep a close eye on PowerKee to see if their ambitions will materialize, and if this privacy coin will stand out from the fierce competition in today’s market. We close with a final thought:

If privacy – and the lack of it – has become an increasingly pressing topic over the last decade, what do you think the coming years will look like for tools to help you maintain your privacy? PowerKee will be such a tool.

Left

Website: https://powerkee.com/

One Pager: https://powerkee.com/wp-content/uploads/2020/11/Powerkee-One-Pager.pdf

Technical paper: https://powerkee.com/wp-content/uploads/2020/11/PowerKee-Technical-Paper.pdf

Telegram: https://t.me/powerkee

 

 

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