Privacy and anonymity are two of the best attributes that have drawn people to crypto and made them popular. These are two of the most important and sought-after features that permit users to keep their identities private and transactions confidential. This is a great option in today's corrupt world. When they first began, cryptocurrency relied on these two elements primarily and so Satoshi Nakamoto, the creator of Bitcoin as well, remains an unidentified person whose identity is only available to the general public. He has yet to be recognized.

But, it appears to be a problems in paradise right now due to the increasing worries about privacy being eroded. Bitcoin transactions can be anonymized in certain ways, as the ledger is open and provides transparent payment history for the financial system.

Bitcoin employs cryptography to conceal identities. However, on the other, its implications, such as visibility by anyone and the alarm it causes, indicate that, on one hand, Bitcoin is cryptography.

This is the reason we are taking steps to address this problem. The privacy coin's role comes into the scenario in this respect. Privacy coins are part of cryptocurrencies such as bitcoin, and they are used for bitcoin-related games, and also they were introduced to protect privacy.

What is the reason these coins are called Privacy Coins?

Based on the name, these coins were made to provide a certain amount of anonymity in a non-centralized method. The best privacy coins are a bit different. Bitcoin and other crypto currencies are not the same thing. They rely on the same blockchain technology as the other two, but in matters of processing information regarding transactions Privacy coins go even further. This means that Bitcoin transactions are documented on a public ledger that shows that A address sent B address X amount of BTC; though there is no identification of names to wallet addresses, the job of connecting addresses with individuals isn't too difficult despite the lack of names in wallet addresses.

In hiding information about the sender and receivers while conducting transactions via a myriad method, privacy coins ensure security. Privacy coins disguise wallet transactions.

The techniques employed by privacy coin are:

* Stealth addresses

* Ring signatures

* CoinJoin

* zk-SNARKS

* MimbleWimble

* Tor

Let's take a look at the five most popular privacy coins doing the rounds on the market:

Monero (XMR) Monero (XMR) - This is the most frequently used currency in recent years and is the most popular as well. Monero coins aren't traceable and transactions aren't traceable. Both the source and the destination are confidential. The method employs Ring signatures to obscure ledger transactions. This is achievable with CryptoNight Proof of Work technology.

Zcash (ZEC) Zcash (ZEC) - the Marketing Director at Zcash said that they have come up with 2 kinds of transaction options . One occurs on the public ledger and the other maintains that the individual's address is secured. This permits anonymous trading. Legal and private are not the same. This is the reason the coins were created.

DASH (DASH) It was originally known as Xcoin before it was changed to Darkcoin and finally Dash it is one of the oldest privacy cryptocurrency. This fork of Bitcoin has seen several names change since 2014. PrivateSend is its privacy function.

Verge (XVG) - Targeted by protocols for communication such as I2p and Tor, Verge has 5 Proof-of-Work algorithm running on its blockchain that consists of Scrypt, X17 Lyra2rev2, myr-groestl, and Blake2s. It furnishes protection against 51% attacks with advanced security.

PIVX (PIVX PIVX (PIVX) - Simon Fischer, founder of FusedHelios and PIVX, a class of the latter, is quoted as saying that they want privacy to be an individual right. This is not a policy that should be limited to only the rich or corrupt. Therefore, they are aiming for an on-chain solution. ZDEX is an option that makes use of the PIVX network to build an open market.

Due to the growing awareness of corruption, governments are also taking notice of this. Indian governments have declared that privacy coins need to be given the top priority. One can expect a secure, private crypto environment with the advancements achieved in projects like TeleCoin or PIVX in the near future.

Posted by: JuneChandler at 06:15 AM | No Comments | Add Comment
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