U.S. Markets close in 3 hrs 46 mins

Darkcoin Gets An Image Makeover

Laura Brodbeck

Digital currencies have earned a bad reputation over the past year as scams and illegal activities dominated the news coverage surrounding cryptocurrencies.

From the mysterious collapse of the Mt. Gox exchange to the Silk Road trial, consumers have become increasingly apprehensive about using digital currencies for fear of being scammed or associated with an illegal operation.

For that reason darkcoin has decided to rebrand itself as DASH in an effort to distance itself from the dark web.

Darkcoin is an altcoin, or alternative to bitcoin, that focuses on maintaining users' anonymity but was not deigned for use with the illegal activities taking place on the dark web.

The cryptocurrency's lead developer Evan Duffield decided to change the currency's name to DASH, short for digital cash, but says everything else will remain the same.

The dark web is a hidden part of the internet that has become a place for people to conduct illicit transactions.

Initially, the dark web was created to protect privacy as it can only be accessed through special software, but the anonymity it offers has made it a popular place to buy and sell illegal goods and services.

Related Link: Solving Bitcoin's Scalability Problem

Darkcoin has become a popular currency for users of the dark web as the cryptocurrency's privacy tools keep the transactions anonymous. However Duffield told the IBTimes that it was never his intention to support those types of activities.

Instead, darkcoin was meant to be a currency capable of overcoming the flaws plaguing bitcoin. The transactions are instantaneous and there is no record, so it closely mimics using cash.

The cryptocurrency's developers are hoping that the name change will help the public accept DASH as a legitimate digital currency and allow it to expand.

See more from Benzinga

© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.