Privacy accounts as an enticing attribute of cryptocurrencies and is alleged as a significant reason behind the rush in this industry. Some digital currencies are utterly focused on enhancing exchange privacy, and such currencies are known as private cryptocurrencies.
Cryptocurrency projects such as BTC do not ultimately sustain the privacy of users’ identities, and that is why people are shifting towards more privacy-focused digital currencies. Below listed are top-notch privacy-focused digital currencies that have acquired immense traction in the last few years. If you are interested in bitcoin trading check why should you choose bitcoin ?
Despite a robust cryptographic network and anonymity attributes present in cryptocurrency networks to conceal a user’s identity, utter privacy is not present in most digital currency projects. Instead, the technology that seems to be comprising the user’s identity in some possible way is blockchain.
Undeniably, definite methods can help protect a user’s identity even on public digital currencies. Still, a user should have complete knowledge of such procedures before committing any action.
Some cryptocurrencies are entirely dedicated to concealing a user’s identity, and such currencies are popular as private digital currencies.
A debate on the credibility of Monero as a private cryptocurrency has been ongoing for a very long time. But Monero is just like the bitcoin of private digital coins marketplace as currently, it is undefeatable. Recently this digital currency was extraordinarily bullish and was skyrocketing, but after facing some strict regulations in many countries, the market value of this coin slumped. Monero is also famous as MXR, and this coin can completely secure a user’s identity.
I am tracing the transactions and smart contracts executing on the Monero network. The reason behind the nontraceability of Monero transactions is the presence of stealth addresses. In addition, the cryptocurrency network also uses ring signatures to make the transactions completely anonymous and private. As a result, Monero still appears in the list of top 20 cryptocurrencies this year, even after slumping by a significant amount.
The nature of blockchain in each privacy-focused cryptocurrency is private. In Zcash, the security features and anonymity are just commendable. Mainstream cryptocurrencies are seen using proof of work and stakes, but Zcash does not use any of these. The consensus mechanism utilized by Zcash is Zero-Knowledge. The zero-knowledge consensus mechanism is responsible for private exchange on this network as one can do so without even comprising wallet addresses. The spot market cap of Zcash is $1.49 billion, and it is expected to rise this year.
Dash is the utmost demanding digital privacy-focused currency of all time. The spot market cap of this currency is $1.46 billion, and it is surging at a phenomenal speed. The key feature of Dash cryptocurrency is that one can also make public transactions. For example, if you send 5 Dash to your friend, you have the option to make it public or private. In short, the users have access public part of Dash’s blockchain. If you have turned on the public feature on your dash transaction, others will be able to see information regarding that transaction.
The spot price of Dash digital currency is $140. Unlike other privacy-focused digital currencies, Dash utilizes master nodes to make the transactions private. In master nodes, a particular batch of approvers verifies the transaction. The only drawback of using Dash currency for exchange is that a user will have to pay extra transaction fees for the private transactions. In short, usually, the transactions on Dash are already public.
Horizon is abbreviated as Zen, and performing exchange in this network will only comprise the amount of Horizen involved in that particular exchange. Horizen appears in the top 100 cryptocurrencies according to market cap. The spot market cap of this currency is $776 million. In Horizon, makers are assigned a Z address and takers a T address for the transactions. With the help of such an address, Horizen can maintain anonymity in this network. The number of master nodes operating in the Horizen network is even more than BTC.
Verge is another popular type of private currency. The market cap of Verge is $393 billion and is on the list of the top 200 digital currencies of this year. These are some of the trendy privacy and most valuable privacy-focused cryptocurrencies of all time.