Privacy cryptos are a class of digital currency that offers a high level of anonymity for users and their transactions. The main purpose is to help people to protect their physical safety and uphold their privacy on a technology that is open in public.
The following are examples of privacy cryptos:
Monero
Monero (XMR) is the most famous privacy crypto released n 2014. It is considered by many to be the best anonymous cryptocurrency in the market as it uses a powerful suite of privacy features such as RingCT, stealth addresses and Ring signatures to promote comprehensive anonymity. , Monero owes its success to features such as ring signatures and stealth addresses. Unlike other projects, Monero enforces anonymity on a fundamental level and does not provide it as an optional feature. According to data from Coinmarketcap, Monero is ranked #28 cryptocurrency listed with a $7,489,947,148 market cap. In terms of the privacyZcash
Zcash (ZEC) is a fork of Bitcoin Launched in 2016, it is among those top privacy coin and similar to Monero but has a different protocol. Zcash offers the choice to hide transactions via privacy and untraceability mechanisms called shielded transactions and zk-SNARKS which divides transactions into private (z-addresses) and transparent (t-addresses). Coinmarketcap reveals that Zcash is ranked #49 with a market cap of $3,749,013,178. To put it bluntly, the project is a less popular alternative for those who do not wish to use Monero.Dash
Dash started as a fork of Bitcoin in 2014. Started as XCoin, later changed to DarkCoin, then finally Dash. DASH offers an interesting method of anonymizing transactions that are on par with Monero and ZCash. Dash contains elective anonymity characteristics such as PrivateSend, which uses the CoinJoin strategy to mask real transaction inputs. Per Coinmarketcap, DASH is ranked #41 on the cryptocurrency leaderboard with a market cap of $2.2 billion. The asset used to be one of the most popular cryptocurrencies in 2017, but its value and demand faded away over the years.Beam
Beam uses a novel anonymity blockchain called Mimblewimble. Beam provides untraceable transactions through non-identifiable addresses. Beam also masks its network traffic using the Dandelion mechanism. The beam is headed by a company based in Israel. Beam implemented C++ for coding, Equihash for mining, and a limited token supply of 263 million BEAM tokens. BEAM is ranked #355 on Coinmarketcap with a market cap of $130,697,453.01.
- Final thought.
These crypo are very important in this generation of blockchain technology, therefore, new developers have decided to implement such mechanisms on their own in order to establish privacy as a fundamental part of blockchain technology.
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