PengolinCoin, a truly private and decentralized cryptocurrency

Pangolin Coin’s cryptography is designed to offer some of the most advanced privacy features based on advanced cryptography, an egalitarian approach to decentralization, and censorship resistance.

Cryptocurrency is based on two fundamental properties that enable complete anonymity in transactions. The first is untraceability and the second is unlinkability. In addition, the Cryptonote technology protocol has a list of standards and specifications that must be maintained. These standards and specifications include irrecoverable payments, unlinkable transactions, double-spending proofs, blockchain analysis resistance, equal proof of work, and adaptive parameters.

PengolinCoin, through its CryptoNote technology, enables untraceable payments by integrating ring signatures. Ring signatures use multiple public keys mixed together to obfuscate the true signer of a transaction without sacrificing the ability to verify that the transaction is valid.

Unlinkable transactions in PengolinCoin's cryptography are accomplished by using one-time keys. Even with ring signatures, all incoming transactions to a public key address can be observed on the blockchain. CryptoNote mitigates this by automatically generating a one-time key derived from the recipient's public key for each transaction.

When the goal is to obfuscate transaction data, completing double-spending proofs presents some obvious challenges. PengolinCoin’s CryptoNote technology cleverly employs a concept called key images to ensure that double-spending cannot occur even in an opaque blockchain ledger. Key images are unique markers designed to support linkability while allowing signers to remain anonymous.

In blockchain analysis, each transaction in PengolinCoin's CryptoNote technology has a unique one-time key, and inputs and outputs cannot be linked through public addresses. To summarize, the sender's identity is obfuscated by the ring signature, the transaction amount is anonymized by Ring CTs, and the one-time address provides privacy for the receiver in the transaction.

Ultimately, the concern about the Proof of Work in PengolinCoin technology stems from the risk of Bitcoin centralization caused by the development of powerful ASIC mining chips. The PengolinCoin algorithm effectively resists ASIC mining through its low memory (256 KB) and fast hashing, and only allows CPU and GPU mining, thus achieving true decentralization.