Bitcoin offers a whole host of benefits when compared to traditional fiat currencies, unfortunately enhanced privacy is not one of them. Currently, a handful of cash represents a more private payment option than using Bitcoin’s very public ledger. For the privacy conscious, here are five cryptocurrencies that focus on anonymity.
Monero
Monero was launched in April 2014 as a fork of ByteCoin and uses its CryptoNote codebase. Monero currently provides some of the highest levels of anonymity and privacy available. The basic framework of Monero’s blockchain and transaction structure are the same as those used by Bitcoin, however, it utilizes ring signatures and address derivation.
Monero uses ring signatures and ring confidential transactions to obfuscate all the details relating to transactions. These include the amounts, origins, and destinations of all transactions. When coins are spent, the transaction is signed and time-stamped with a ring signature, this signature is verified against a group of public keys without revealing the actual private key used. The default obfuscation of all the transaction details means transactions on the Monero blockchain cannot be linked to a particular user or real-world identity.
Read the full article on CoinCodex about other coins for anonymity: Zcash, Dash, Pivx, and Verge >
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