Privacy coins are designed to withstand the maximum effort of blockchain experts and those who use them. They protect both user and transaction privacy. These initiatives provide a haven for people who still value secrecy by utilizing cutting-edge privacy technology. Although there are a sizable number of privacy coins available, these currencies are overshadowed by the more identifiable ordinary cryptos. These cryptos are certainly something you should think about if privacy is essential to you. The hard work is done for you as some of the best options are given below in choosing the best privacy coin for you. To trade more efficiently, you may consider choosing a reliable trading platform like Immediate Edge.
The father of privacy cryptocurrencies and the current market leader is Monero (XMR). With a market worth of almost $4 billion, it is a massive project and unquestionably the top privacy currency available. It first appeared in 2014 and has resisted all efforts to crack its code since then. This is all due to the technology, which is fairly amazing.
Stealth addresses as well as ring signatures are the two major technological advancements in use by Monero. With each Monero wallet, a public view key and a public send key are associated. These keys are used to create stealth addresses. Although the receiving address is fully concealed, the transaction itself is visible on the blockchain so that the network may verify it.
The following privacy coin is Zcash (ZEC), which has a market valuation of over $1 billion. Although it comes in second to Monero, it is still a strong and well-regarded project with a unique method of protecting user privacy. Due to a fork in the bitcoin blockchain, Zcash was created in 2016. Although its hashing method is different from Bitcoin’s, it employs a proof-of-work blockchain and the same protocol-defined ceiling of 21 million coins. Zcash uses a specifically designed protocol called a zk-SNARK to facilitate private as well as undetectable transactions, which is one of its main goals. Regardless, Zcash’s cutting-edge technology is making it one of the best widely used and reliable privacy cryptocurrencies available.
The next project makes use of some of the same strategies as Monero to hide and obfuscate transactions. Despite having a far lower market size than Monero or Zcash, Haven (XHV) has witnessed its value soar throughout 2021 and is presently hovering around its all-time high.
Haven emerged as a fork of Monero in 2018. As a consequence, it acquired Monero’s anonymity features, to which it later added further features. Its two unnamed creators reportedly gave up on the project after realizing they could not really fulfil its claimed objectives. After another fork and becoming open-source, Haven was therefore handed over by its community.
Since Haven’s primary asset is a synthetic stablecoin called xUSD, customers may maintain their worth regardless of the value of XHV fluctuation. These value exchanges between xUSD as well as other assets like XHV are made possible through a process known as minting and burning while maintaining xUSD’s original dollar worth.
Beam, which utilizes the Mimblewimble protocol and has been active since early 2019, is the final privacy currency we will look at. It was created in an effort to address some of the reported shortcomings of earlier privacy coin initiatives. Its blockchain, which is built with scalability as well as quickness in mind, does not keep any addresses or other traces of information. The project was created without a premine or initial coin offering (ICO), and it is managed as a non-profit organization.
This piece of information discusses a list of privacy coins. This article discusses four of these currencies that are the greatest at giving their users privacy. I really anticipate that the article offers you the information you need.