Amidst this era of technological boom, there are many new inventions that convenience the means of finances. For the longest time, people have complained about the lack of privacy in transactions. Therefore, there has been a high demand for a means of transaction to solve these problems. One of the ways this has manifested it’s in privacy coins.
These coins work on the same basis as a regular coin in a transaction but work on two main principles: the protection of privacy and strong data security. This works as an untraceable cryptocurrency in which the transactions are protected in its nature. With these benefits in mind, let’s take a look at the best private coins that can offer you many benefits and a concealed identity.
Monero is a privacy coin with a great advantage due to its use of ring signatures and stealth addresses, which help anonymize customer transactions. Besides the customers’ identity, Monero also helps hide the amount being exchanged. It is also one of the largest cryptocurrencies that currently exist.
This coin wins due to its top-notch privacy features that make identity protection guaranteed. Verge relies on existing technology like The Onion Router and Invisible Internet Project to safeguard the users’ identities. With this, the anonymous coins and the user’s identity would not be found because its communication would be passed over a network of relays. On top of that, before getting anonymized, the user’s identity would be encrypted through a network.
Another coin that you should know would be Dash. This coin offers a Darksend mode which anonymizes the transaction process. They combine transactions from different parties so that sources and destinations can’t be traced. Not to mention, it can also add a delay, further complicating the process. This is a very widely accepted coin as well, making the processes easier because they are already validated by at least a hundred thousand merchants as well as an extensive network.
The process of privacy in Zcash is quite literally in opposition to Dash, as its privacy is its default mode. Then to make the user’s identity public, they need to do some modifications in the settings first. Not to mention, Zcash is one of the coins with a zero-knowledge proof known as Zk-SNARKs, which can be known as a way to validate a certain transaction by checking if those transactions are complete with its information without even knowing its content. This is especially convenient and on-brand with its dreams to keep the privacy that not even the operators know what’s inside of it.
Decred describes itself as a hybrid between Proof-of-Work and Proof-of-Stake that layers security and balances between these two worlds. It was also built to be adaptable, making it more flexible when it comes to adhering to the stakeholders’ needs, resisting forks, and evolving towards better technology.
The implementation of privacy in Decred can be done through the technology of Coinshuffle++, which hides the user’s identity after transactions. Another benefit you can get from this coin is that it’s self-governing and decentralised, allowing users to determine their fates themselves and give them a right to vote on their currency’s future.
The main benefit that Beam has that other coins don’t is their scalability. It solves three main problems available in Bitcoin, one of them being its blockchain size being smaller than Bitcoin, making Miners’ accessibility increased. This coin uses a protocol called Mimblewimble to facilitate private transactions.
Like previous coins, Beam’s privacy settings work by default. They also have an option for maximum anonymity set transactions. Besides that, Beam’s operations also push and encourage hiding transaction amounts, protecting identity, and concealing of public records to the forefront.
This is a relatively new coin with a large prospect that uses the same protocol as Beam, Mimblewimble. Similar to Beam, it solves the privacy and scalability problem prevalent in Bitcoin as it hides the feature of a public address using confidential transactions and CoinJoin. It also enables great accessibility due to its feature for global peer-to-peer transfers.
Besides that, it enables CoinJoin by default, making individual transactions to be enabled so they can be joined with larger transactions. Not to mention, it has a high score currently, making it attractive for investors. It has great finances, health, and growth prospects.
This coin is a type of Zcash that operates similarly to other coins, making transactions protected and private. However, there is one major difference, which is the fact that it does not hide the transaction amount. With that one disadvantage in mind, there are also other benefits that can outweigh this particular setback. It wins due to the number of nodes available in that blockchain, placing it on the more anonymous and secure side of the spectrum. It is also a popular choice and has a higher market cap, making it attractive for investors.
9. Dusk Network
Secured by the Separated Byzantine Agreement, Dusk Network is a 1-layer privacy blockchain that is multifunctional. There are currently millions of DUSKs being circulated and are in use at this moment. Fun fact, this is also the first privacy coin to have native confidential smart contracts and scalable infrastructure, which puts them at an advantage.
10. Oasis Network
Founded by Oasis Labs and Dawn Song, this is a 1-layer blockchain that was launched in 2018. Its services provide privacy, scalability, low gas fees, as well as monetization of tokens. This coin can be transacted on many platforms and is available in many places. Its main purpose is to aid finances and the economic sector. Not to mention, its layer called ParaTimes is the feature that made all of these activities concerning safeguarding privacy possible.
With all of these options available, showcasing the diverse set of coins and their benefits, you can carefully analyse which ones are fitting for your criteria.