Bitcoin, which wasgoed perceived by many spil an anonymous currency or payment mode te its early years, is actually a pseudonymous cryptocurrency.
This lack of anonymity severely hampers the fungibility of a true currency system but presently, Bitcoin core devs are not paying any heed to this punt. That is most likely because they are too caught up with Bitcoin’s scalability issues.
Spil a result of that, more and more currencies are mushrooming every now and then and are attempting to fix the privacy/anonymity/fungibility issues with different approaches.
I would say that the arms wedren of making the best anonymous and private cryptocurrency has already began ter this cryptosphere.
Presently, there are more than Ten such cryptocurrencies that are attempting or at least claiming to be anonymous and better than its peers.
I will list some of those currencies here because I think if you are a part of this ecosystem then you should know about them.
Also, sometime ter future, some of thesis currencies will be predominately used ter the mainstream because users are step by step learning why financial privacy matters.
So without any further blah blah…here is the list of the cryptos I am tracking.
9 Anonymous Cryptocurrencies
Monero is undoubtedly the best cryptocurrency out there if privacy is your main concern.
It is so secure/anonymous and private that you can’t even see the amount transacted inbetween the different parties. Even law enforcement people weren’t able to find how much Monero the Alphabay proprietor had at the time of shutdown.
Monero is so private that law enforcement can’t figure out how much the AlphaBay holder had, not so with the other cryptocurrencies. pic.twitter.com/nLat3k0ZVQ
Monero uses ingewikkeld on-chain cryptographic methods such spil Stadionring signatures, RingCT, Kovri, and Stealth addresses to protect the privacy of its users. You can read about Monero’s technology ter our detailed guide: Monero Cryptocurrency: Everything You Need To Know.
Monero also had a very clean beginning te the cryptosphere spil there wasgoed no pre-mine or instamine at the very launch of this crypto. The only downside to it, however, is its complicated cryptography, which results te the transaction sizes being 50 times thicker than that of Bitcoin.
However, for a crypto like Monero, I think such super privacy is worth it and I am very positive about its growth because the development guys of Monero are very well aware of their strengths and weaknesses.
Zcash uses a different treatment to become truly anonymous.
Zcash works on a zk-SNARK protocol, also known spil zero-knowledge proofs. To understand this protocol more, read here. Zcash, however, have not implemented it yet spil a default which means they still have an open blockchain/ledger similar to Bitcoin.
Also, to use this privacy feature on Zcash, you will need at least Four gigabytes of RAM which is a serious barrier for Zcash’s mainstream adoption. Read our detailed guide on Zcash here: Zcash Cryptocurrency: Everything You Need To Know.
But of course the research is underway to make it more feasible. Whenever it happens, Zcash will be good to go -To Da Moon! spil wij say ter the cryptosphere.
PIVX is one of my favorites out there and they recently attempted to implement privacy on it.
For those of you who don’t know about PIVX, it is the very first proof of stake cryptocurrency to implement Zercoin protocol on it which gives them an edge ter anonymity/privacy segment when compared to other POS coins.
(Read more about Zerocoin and PIVX te our detailed guide on this crypto: PIVX Cryptocurrency: Everything You Need To Know)
$PIVX has introduced the world’s very first #ProofofStake zerocoin protocol.
It has bot implemented only recently and is thus facing challenges. That, however, is being taken care of by its fine development team.
Ter my opinion, PIVX proof of stake coin combined with privacy and its spil usual super quick transactions is a deadly competition for many anonymous coins out there ter the cryosphere.
Komodo is the underdog ter the cryptocurrency world, and also one many are unaware of. The interesting thing, however, is that they are also anonymous crypto.
Komodo archives this by implementing zk-SNARK protocol also known spil zero-knowledge proofs, inherited from Zcash.
By inherited I mean they have forked out of Zcash and implemented a better proof of algorithm for security reasons on it. That’s why Komodo also has similar limitations like Zcash ter terms of private transactions which their team is attempting to solve. Read about Komodo Cryptocurrency: Everything Beginners Need to Know.
Also, Komodo is not only for private transactions because they are much more focused on decentralized exchanges, cross chain atomic interchanges etc. Hence, it is fairly a gepast project to look into.
Zcoin is another unique anonymous cryptocurrency that has implemented the most popular cryptographic treatment of anonymous transactions and i.e. Zerocoin Protocol.
I think their intro movie is also worth watching spil it explains a lotsbestemming about their project.
But the only downside that I see is their ‘trusted setup’ which wasgoed made at the commence of the project. This trusted set-up is like trusting a certain group of people to set the initial parameters for the launch of cryptocurrency. If this type of a trusted set-up gets corrupted ter any way, those trusted people will be able to mint spil much spil coins they want ‘out of just skinny air’, just like the Zcash.
The problem however, is being taken care of by the development team by removing this trusted setup te the near future. When that happens, Zcoin will be one of the serious coins to count on for privacy.
NAV Coin is one of the most undervalued anonymous cryptocurrencies today.
It is precisely because even tho’ their treatment to anonymity is unique and ordinary but still has gigantic centralized issues.
NAV Coin doesn’t use cryptography to become private. Instead, they use complicated obfuscation technics with a sub-blockchain te parallel to the main blockchain to become private. The obfuscation is achieved by NavTech servers which yet not distributed enough.
And that’s why it becomes a centralized mechanism which can be attacked anytime to compromise user’s privacy.
But the NAV team has not given up and is attempting to implement NavTech servers te the total knot itself which will give this coin the required distribution and decentralization.
ZenCash is another fork of Zcash that uses zk-SNARK protocol also known spil zero-knowledge proofs to achieve its anonymity.
DASH is certainly one of the most popular and trailblazing cryptocurrency of 2018.
DASH also defines itself spil private currency but I don’t think that they are spil private spil its competitors. That is the reason I have listed DASH te the end and also attempted to explain why it is not spil private spil it claims it is.
DASH’s privacy feature is basically ter its simplest form a coin-mixing service performed by its master knots and is pridefully called PirvateSend. This form of privacy provides an analyzable meta-data to find out the real sender/receiver.
Also, I don’t understand how it is private and anonymous to its founders &, team because they have openly implemented KYC/AML compliance of the entire DASH’s blockchain. That’s contradictory to what privacy and anonymity means.
So, for now, I will keep DASH here on this list until the DASH team eliminates it from their official webstek but I wished you to understand the entire perspective ter a broader way.
That doesn’t mean DASH is not a good crypto. No one would want to miss on digital contant that says that ‘wij are making crypto so effortless that even your granny can use it !!’ Also read Dash Cryptocurrency: Everything A Beginner Needs To Know.
I know some of you might not agree with the above list and would have a different take on the anonymity facet of different currencies. But before wij embark making things controversial, let us understand that it is not ‘a televisiekanaal zero sum spel’.
Every community, ter their own unique way, is attempting to solve this challenge of privacy and that’s why the specific ways they adopt have their pros &, cons linked to it.
For example, Monero is using complicated on-chain cryptography to make transactions anonymous but that treatment has the downside of large transaction sizes.
Some currencies like Edge are going with Tor which will naturally have smaller transaction size while on the other mitt wij have DASH which is using a mixing service that actually doesn’t give so much privacy to its users.
My point is, let’s proceed watching this space closely and pick the one wij believe te because criticising the other camp or engaging te Twitter fights will not make anyone different from the two troops that wij already know i.e. BCH vs BTC.
Let us keep learning and evolving with CoinSutra te this never-to-be-seen-again crypto revolution.
Wij would love to hear your thoughts on thesis listed cryptos. Do let us know your take on the article and the cryptocurrencies of your choice te the comment section below.
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