Leading Private Cryptocurrencies You Should Know About
In the past decade, cryptocurrencies have risen in popularity due to various factors. A major catalyst for the rise of crypto has been its privacy and anonymity quality. For many, crypto represents an alternative to traditional financial structures, which do not allow for such a high level of privacy.
Nevertheless, with the increasing crypto adoption, regulators are taking steps to curb such a high level of anonymity and privacy. Unfortunately, this has made it challenging to identify which cryptocurrencies still offer the level of privacy you require.
Thus, the article explores some of the top private cryptocurrencies. These cryptocurrencies have in-built privacy features that enable them to maintain a higher level of anonymity and security compared to mainstream cryptocurrencies like Bitcoin and Ethereum.
In recent times, Monero (XMR) has risen rapidly in popularity among crypto enthusiasts. This has been mainly thanks to the cryptocurrency’s prominent ability to anonymize clients. Monero is great at obscuring crypto senders and recipients. It achieves this by using ring signatures and stealth addresses. In addition to ensuring anonymity for users, Monero can also conceal the amounts transacted.
With a market cap of $1.22 billion, Zcash (ZEC) is one of the top 50 cryptocurrencies in the world. A big appeal of Zcash is its advanced privacy and security features. The cryptocurrency can achieve a high level of privacy and anonymity for its users through a cryptographic instrument known as Zero-Knowledge Proof. This tool grants users the ability to transact without ever revealing their addresses. Similarly, clients can conceal the amounts being transacted.
With DASH, crypto users can choose whether or not they want their transactions to be anonymous and private. By using the DASH’s PrivateSend feature, users can transact with complete privacy in exchange for a slight increase in the transaction fee. DASH achieves privacy and anonymity through a mixing protocol. This protocol utilizes a decentralized network of servers called master nodes.
Horizen (Zen) is a cryptocurrency that uses Zendoo technology to enable developers and businesses to create their own public and private blockchains. Horizen ensures anonymity through privacy-shielded Z-Addresses. These addresses allow users to transact while remaining anonymous and private. The cryptocurrency, however, also supports public T -addresses that work like Bitcoin. Notably, transactions from z-addresses to T-address would not have their amounts concealed.
Verge (XVG) does not use cryptographic techniques, unlike many other cryptocurrencies. Instead, the cryptocurrency leverages the existing and robust technology of The Onion Router (TOR) and Invisible Internet Project (I2P) to conceal users’ identities. The cryptocurrency bounces users’ communications over a distributed network of relays and tunnels run by volunteers worldwide. Similarly, I2P encrypts user data before sending it through the global distributed network. This robust process enables anonymous and private transactions while concealing participants’ locations and IP addresses.
On Beam, all transactions are made private by default. The security-focused token also has several features that give users complete control over their privacy. Notably, Beam does not store addresses or private information on the blockchain.
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