Over the years cryptocurrency have gained it’s popularity due to several factors, which includes privacy and anonymity. Some of which help users to keep their identity private and Transactions too. Amongst concerns about the anonymity of early cryptocurrencies, such as Bitcoin, users are seeking new options.
In this article, lets take a look at the top privacy-oriented cryptocurrencies, built with various privacy features. They claim to offer enhanced security features that keeps users activity and identity private.
1.Monero (XMR) is top on the list, this cryptocurrency’s popularity has risen over time due to its ability to help anonymize users. Transactions on monero are more difficult to trace because they use ring signatures and stealth addresses. These methods help to hide the identities of the sender and receiver.in addition, Ring confidential transactions, or RingCT, helps to conceal the transaction amount, providing more privacy.
As of September 10th,Montero was the eighteenth -largest cryptocurrency Trading at $85.18 with a market capitalisation of $1.5 billion.
2.Zcash (ZEC), compares itself to Bitcoin, with it’s enhanced security and privacy features. Zcash Implemented a cryptographic tool known as Zero-knowledge proof and allows participants an option to shield transactions. Participants can transact without revealing address to each other. Zero-knowledge Proof obfuscate the transaction amount.
Not forgetting that zcash ranks at number 30 position with a market cap of $608million,trading at about $60.7778 as of September 10th 2020
3.Dash is a cryptocurrency created in 2014,it allows users to choose whether or not to make their transactions public or private. This enables users remain within their countries regulatory standards to do so. The feature works by Obscuring the Origins of your funds. Transaction fee could slightly increase If the user decides to use private send feature.
As of September 10, 2020, Dash ranked 28th by market cap with a total value of over $741 million. At the time of writing, it is trading at $76.47.
4.Verge (XVG)relies on the existing and tested technology of the Onion Router(TOR)and the Invisible Internet Project(I2P) to protect users’ information. TOR bounces a users communication over a distributed network of relays and tunnels run by volunteers spread across the globe, thereby hiding the users Information.Also,I2P encrypts user data before sending it through an anonymous, peer to peer, and volunteer-run globally distributed network. It guarantees privacy on locations and IP addresses of the transacting users.
However, verge made news as a result of it’s partnership with an adult website, for accepting cryptocurrencies payments because of verges privacy features.
As of September 10, 2020, Verge ranked 119th by market cap with a total value of $81.2 million and an exchange rate of .004967 cents.
5.Horizen (ZEN) gives privacy shielded Z-Addresses and public T-Addresses that work similarly to Bitcoin. Howbeit, Transactions show the amount of coin received. This network also boasts as a vast node network, which helps to improve anonymity.
Horizen is the 134th largest cryptocurrency, as at september 10,2020 it traded at $6.34 and had a total market cap of around $62.8million.
Finally, since privacy is a much wanted feature in the virtual world, it brings with it the perils of criminality. Cryptocurrency operators have to deal with various fraudulent activities and hacks. Law enforcement agencies and regulators are likely tp investigate large transactions
Although Bitcoin remains the most popular choice,it is volatile to government attacks. They’ve mastered the act of tracing Bitcoin transactions, giving users a strong desire to switch to private coins.