Conceal Network (CCX) Q&A

Updated: Jan 20


Welcome to the Conceal Network (CCX) Q&A hosted by The Gem Hunters

We would like to thank the conceal team for coming to the The Gem Hunters and kindly sharing information on the project with our community. Before commencing our pre-set questions which will be followed by public engagement we would like to share some basic information on the project to give people a better idea before the Q&A begins.

What is Conceal Network?

Conceal is a decentralized blockchain bank, with deposits and investments paying interest rates, without involvement of financial institutions, powered by 100% open source code.

Conceal enables untraceable and anonymous messaging, and a secure way to transfer funds. Using a distributed public ledger, the sender and receiver are kept anonymous, a key concern in a post Snowden world. Hackers cannot trace money or messages when the messages are sent across public networks.

Conceal Cryptocurrency ($CCX) is based on the Cryptonote protocol and runs on a secure peer-to-peer network


Q1: What is Conceal Network and which problems are you trying to solve?


Conceal is a censorship-resistant and decentralized blockchain network that provides a privacy framework for social inclusion through decentralization of financial services and communication. Financial freedom should not come at the expense of the system's users losing their privacy in order to participate. All transactions are private and untraceable. Conceal is a community-driven and open source project that solves the lack of privacy protection and coin fungibility verified in other cryptocurrencies. The project is working towards social inclusion through decentralization of financial services.


Q2: What are the core values of Conceal?


The community agreed on four core values that serve as the foundation for our community: privacy, decentralization, censorship resistance and social inclusion.


Q3: Why does the Conceal hold privacy in such high regard?


Conceal offers privacy by default. It solves the privacy issues from other cryptocurrencies by automatically applying privacy techniques to every single transaction made. Interactions over networks are untraceable, via cryptographic protocols with nearly perfect assurance against any tampering. It isn’t possible to own ‘tainted’ Conceal, all $CCX coins are equal. This is a concept in economics known as ‘fungibility’ and is historically considered an important characteristic for any currency to have.


Conceal $CCX mimics the properties of cash. Nobody knows how or where you spend your folding cash. You go to the ATM, take out money and you can buy an ice-cream or that pretty old chair at the neighborhood yard sale and there is no record of it anywhere, unlike with a credit card (or Bitcoin). These powerful privacy-preserving abilities will act as a critical bulwark against the inevitable rise of state surveillance digital money. The end of cash means the end of free choice. That’s where Conceal comes into the picture.


We believe that Privacy is a fundamental human right recognized in the UN Declaration of Human Rights, the International Covenant on Civil and Political Rights and in many other international and regional treaties. Privacy underpins human dignity and other key values such as freedom of association and freedom of speech. A right to privacy is explicitly stated under Article 12 of the 1948 Universal Declaration of Human Rights: No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honor and reputation. Everyone has the right to the protection of the law against such interference or attacks. The right to privacy is an element of various legal traditions to restrain governmental and private actions that threaten the privacy of individuals. Over 150 national constitutions mention the right to privacy.


Q4. How does Conceal technology looks after its users’ privacy protection?


Conceal offers privacy by default. It solves the privacy issues from other cryptocurrencies by automatically applying privacy techniques to every single transaction made. Interactions over networks are untraceable, via cryptographic protocols with nearly perfect assurance against any tampering. It isn’t possible to own ‘tainted’ Conceal, all $CCX coins are equal. This is a concept in economics known as ‘fungibility’ and is historically considered an important characteristic for any currency to have.


Conceal $CCX mimics the properties of cash. Nobody knows how or where you spend your folding cash. You go to the ATM, take out money and you can buy an ice-cream or that pretty old chair at the neighborhood yard sale and there is no record of it anywhere, unlike with a credit card (or Bitcoin). These powerful privacy-preserving abilities will act as a critical bulwark against the inevitable rise of state surveillance digital money. The end of cash means the end of free choice. That’s where Conceal comes into the picture.


Q5: What distinguishes Conceal from other privacy coins?


I could give you a few different reasons like a unique economic model with exquisite block reward scheme and low emission, 51% network attack protection, the cold staking feature, hashed-time-locked-contracts, encrypted messages, own mining algo (ASIC/FPGA Resistant), original GUI wallets (desktop, cloud and mobile), powerful API & Cloud services but I will stick to the basics - PRIVACY & TRANSPARENCY.

First of all, Conceal has a trustless setup. No one has a "magic secret key" to generate or burn coins.


Second of all, Conceal has a huge advantage over other cryptocurrencies whose privacy features are only optional, because everyone who uses Conceal automatically has privacy features by default applied to their transactions. You never have to request and then verify whether other people have enabled a privacy mechanism when sending you funds or messages, because privacy is always automatically applied to all transactions/messages at the protocol level. Furthermore, the always-on nature of Conceal’s privacy features means that even if the majority of Conceal users are not privacy sensitive, they will still automatically participate with the strengthening of the privacy mechanisms for other users that are privacy conscious. We use output transactions mixins since day one and opted in for a universal transaction flat fee to avoid cross-side attacks based on TX-fees metadata. Conceal is truly decentralized through its trustless setup.


Contrary to some of the competition, users are still able to audit the data (including TX amounts, total coins in the chain, coins locked through deposits, interest paid) in the blockchain without compromising privacy and preserving the transparency required by a global economic ecosystem.


Q6: Besides privacy, what other features does Conceal offer?


Decentralized banking services (Blockchain Deposits, Compound Interest and Cold Staking), encrypted messages (Desktop, Cloud and Mobile) and an anonymous payment system (Conceal-Pay).


Recently we have launched Conceal.ID


It turns crypto adoption more user friendly converting the long hash address in just easy memorable nicknames.


The biggest issue for blockchain technology is its lack of connection to the real economy, largely because there is no crypto banking system yet. Obviously, a link to the real economy is fundamental to any financial system, and this is the main impediment holding back the entire crypto industry. By decentralized banking services, I mean that holders of crypto assets need to have the option to link their savings, a store of their value, to productive opportunities in the real economy. Resolving this issue will significantly spur crypto adoption.


At the moment these are the working features more will be added in the future.


Q.7 What are the two most important features of Conceal?


Decentralization: People who see centralized systems as the answer to everything have usually only lived in a stable country for their whole lives. A few days in an unstable country would change their minds very quickly. Imagine you lived in a war zone right now. Your central infrastructure is destroyed, as is your money. You don’t want the war, but there’s nothing you can do about it. Now your house is gone, your friends and family are dead, your banks have been bombed and you’re cast out, adrift, homeless and penniless. Even worse, nobody wants you. The world has shifted from open borders to building walls everywhere. You’re not welcome anywhere, you can’t stay where you are and you’re broke. Now imagine, your money is still accessible and recorded on the blockchain, waiting for you to download and restore your wallet? How much easier would it be to start your life over? A decentralized blockchain technology, offers financial stability to those that live in an unstable world.


Censorship-Resistance: Censorship-resistance implies that everyone can transact with the network on the same terms, regardless of their personal identifying characteristics. If true censorship-resistance is to be achieved, then users should not be able to exclude others from information (amounts can’t be hidden). Censorship resistant money means you can spend your money anywhere, the way you like and without anyone’s approval. A censorship resistant network is a system explicitly designed to resist coercion and control by centralized powers. No one entity or person can freeze or seize your funds.

Our primary objective is to provide a privacy framework for social inclusion through decentralization of financial services and communication and these two features are basically the foundation base of it.


Q.8 You said, "Our primary objective is to provide a privacy framework for social inclusion through decentralization of financial services and communication". This concept of financial inclusion seems to be very strong in your beliefs. How are you going to make financial inclusion possible through Conceal?


Mainstream banking practices are marginalizing a large section of the world population. It has been estimated that 2 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions. All types of social exclusion rob individuals of dignity, security, and the opportunity to lead a better life. For example, In the United States this condition represents a third of the Hispanic community born in America and half the foreign Hispanic community living in the United States remain unbanked.


Individuals with identified characteristics could be marginalized when trying to open bank accounts, asking for a loan, getting a worst credit score, etc.

Financial inclusion is where individuals and businesses have access to useful and affordable financial products and services that meet their needs that are delivered in a responsible and sustainable way. Financial inclusion is defined as the availability and equality of opportunities to access financial services. One of its aims is to get the unbanked and underbanked to have better access to financial services.


Our concept of financial inclusion is to provide decentralized finance services for everyone, based on their developmental needs and providing them with easy and minimal requirements to open savings and current cryptocurrency accounts without discrimination.


Traditional financial institutions often segregate who can access financial services, like banking. Those discriminated individuals could be offered free banking services through decentralized blockchain technologies. In the near future, the majority of low-income people all over the world will do their banking using cryptographic distributed systems. Traditional financial institutions have completely failed low income people.

Cryptographic distributed systems have significantly lowered fixed costs, as opposed to traditional financial institutions, and consequently, allows everyone to benefit from financial inclusion. The poor will be able to make transfers of value at an extremely low cost. Participating in the Conceal Network will allow them the added benefit of being able to save and earn interest on those investments, giving them an opportunity to climb out of poverty. The effects on poor communities globally will be transformational. Conceal allows extremely small amounts to be used in its financial system. For example, transfers equivalent to a few dollars can be made. Our decentralized banking allows savers to put very small.


Q.9 On your road map the last feature is the ‘Conceal Card’, please explain what the purpose of the card will be and where users will be able to use it?


The idea is to have a proof of concept for stores to have a card reader and a payment terminal. Whoever wants to pay with ccx, can just tap the card instead of doing a regular transfer. The terminal will pre-set the amount and so on. Based on whatever item is being sold pretty much like a regular contactless payment terminal for credit/debit cards.


To make the card work you will need to register it in the cloud, setup a PIN and select from which wallet it will withdraw to use it.

Ever terminal is a IoT device that will connect to our cloud API, request a payment to an address associated with this terminal, and will ask for a PIN that was set by the user.

Users can put a threshold on when the pin is required. Otherwise it's touch-and-pay.

The card will complete Conceal-Pay payment system.


Q10. DeFi looks set to produce high interest in the coming years. What’s it all about it? How does Conceal plan to take full advantage of it?


Decentralized Finance aims to provide the same financial services as traditional banking without any central authority or intermediaries. Without a central authority, DeFi allows everyone to engage with financial services like payments, lending, borrowing or investing with high autonomy and fewer barriers. There are billions of people without access to basic financial services but most of them have smartphones that can be used as a mean to access DeFi services. So yes, we think that DeFi will be one of the boosts for crypto adoption and will be the “dot.com” moment for the entire crypto space. This will drive the future value of crypto currencies and many existing crypto community projects. We have been waiting for this moment since the early beginning. Some of you for sure will remember that we have been in the front line of DeFi. Using not only the terminology before anyone else but trying to have a decentralized banking with saving since the start.


We are working to expand our portfolio of products and services. We have already Conceal.Cloud, Conceal.Pay, Conceal.Id and Conceal.Mobile as working products.

The cloud and mobile will have deposits in the savings accounts very soon and we are planning to have a proof of concept of an asset platform before the end of the year.

Basically, we will have $CCX fueling a trust-less platform of confidential assets oriented for corporate environments.


We are revealing this in first hand. IT has been our most secret project.

It could be used in in numerous ways. Loyalty schemes, Rewards, Corporate accounts, community and local barter, etc.


Q.11 Most people learned about Conceal Network relatively recently. What is the biggest obstacle to mass adaptation of $CCX?


The main obstacle would be the same as for the majority of crypto projects out there — adoption will mainly depend on overall crypto adoption. We are conscious of the value we are adding to the ecosystem. As soon as people become aware of the potential brought by this new economy we will be fine.


Join the Conceal Network Telegram group here https://t.me/concealnetworkusers



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