VootCoin was a cryptocurrency that started marketing in 2014. The project seemed overly ambitious. They planned to do a p2p marketplace, a payment system, a private cloud, operate on TOR, and a currency. It is hard enough to get any one of these things done right. As far as we know the coins no longer have an active market, the last recorded transaction on CoinMarketCap was in 2017.
The premise was using something called nitesend to provide high level anonymous layers to the transactions on the VootCoin network. They claimed to have created a decentralized way of using digital currency. It kind of sounded like technical babble to us because it cryptocurrency is already decentralized.
They were very active on the BitcoinTalk forums and were promising a technology “Enabling Anonymous Connections to the Vootcoin Network using Tor, you can enable Tor for your own Vootcoin wallet. Mac or windows follow the steps, restart your wallet and welcome to voot on Tor.”
But of course this wasn’t enough… So they also said that they would create their own cloud: “With VootCloud, users will be able to transfer files securely through encrypted hash algorithms. Users can access the system through a webinterface and all relevant information is transferred across a distributed network.”
They said on their website that they would do the following features:
- Crypto-currencies are based on a blockchain and non-anonymity; transactions are always signed by the coin owner and thus the transaction chain includes information of the coin origins. There have been suggestions to hide this information and one already supported but not implemented is CoinJoin based transaction grouping. Nitesend is a decentralized implementation of this proposal.
- VootMarket will be a fully operational decentralized marketplace using anonymous P2P payments in VootCoin. The marketplace will be a place to buy and sell goods from all over the world in a safe, open-source environment with an integrated escrow system based on a Web of Trust (WoT).
- VootPay is a Point of Sale system where merchants can sell items in return for VootCoin. Merchants will have a VootPay account which is paired with an exchange to place an automatic VootCoin sell order in exchange for Bitcoin. Merchants will be a major part of the Voot ecosystem.
- With TOR backbone integration, your Internet connection to the VootCoin network will be fully secured on the TOR platform with one easy-to-use client-based security, proxy and VPN services for users.
Anyone in the business of actually writing these types of systems would run the other way from a plan like this one. But it sounds sexy to promise a lot and maybe it helps raise investment capital.
On Github there was only one source code commit, which essentially looked like a copy of HackCoin
We are not sure who was behind this because it was done before the big ICO wave when to get things done you needed to post bios on an impressive team.