Privacy Coins Are Vital
One of the most attractive aspects that have attracted people to cryptocurrency and have made it a popular choice, privacy and anonymity feature as the most important. These two very vital and highly sought-after elements which allow users to keep their identities and keep their transactions confidential ensures that people are protected in a compromised situation. These two elements formed the basis of cryptocurrency' identities when they first started. Satoshi Nakamoto is an unidentified person and his identity isn't publicized to anyone else in the world. His true identity is not publicly known at this time.
There appears to be a issues in the present, with the growing concerns in deteriorating privacy. Bitcoin transactions aren't secret in some ways, as the ledger is open and provides an unambiguous history of payments to the financial system.
Bitcoin uses cryptography to hide identities. On the other hand, its consequences including the possibility of being visible to anyone and the alarm it triggers, suggest that on one side, Bitcoin is cryptography.
This is the reason we are taking action to tackle this issue. Privacy coins' involvement comes into the scenario in this context. Privacy coins are part of cryptocurrencies like bitcoin and are used to play games with bitcoin. This is done in an effort to ensure privacy.
Why are these coins referred to as Privacy Coins?
Based on the name, these coins were created to provide an element of anonymity in a decentralized method. The best privacy coins is different. Bitcoin and other cryptocurrencies aren't exactly the same as these coins. They entirely depend upon the same blockchain technology as the other two however when it comes to handling information about transactions Privacy coins go even further. This means that Bitcoin transactions are recorded on an Open Public Ledger that shows that A address sent B an amount of BTC. Although there is no personal information associated with wallet addresses, it is simple to connect addresses with people despite the fact that wallet addresses do not contain any names.
By disguising information about senders and receivers when conducting transactions using a variety of methods the privacy coins provide privacy. Privacy coins hide wallet activity.
The methods employed by privacy coins are:
* Stealth addresses
* Ring signatures
* CoinJoin
* zk-SNARKS
* MimbleWimble
* Tor
Let's look at five of the most well-known privacy coins that are currently available in circulation:
Monero (XMR The Monero coin is the most used coin in recent times and is the most popular. Transactions done through Monero coins cannot be traced; its source and destination, and both are completely private. It uses the tactic of ring signatures to obfuscate the transactions in the ledger. CryptoNight Proof-of-Work is the method which is used to achieve this.
Zcash (ZEC) Zcash (ZEC) - the Marketing Director at Zcash said that they have created two kinds of transaction options - one is based in the public ledger, and another one ensures that an individual's address is secured. This permits anonymous trading. Legal and private aren't two distinct things. These coins were designed with that in mind.
DASH (DASH) It was originally called Xcoin, to Darkcoin, and finally Dash it's one of the most enduring privacy crypto-currency. This variant of Bitcoin has seen many names change since 2014. PrivateSend is its privacy function.
Verge (XVG) It is focused on communication via protocols such as I2p or Tor, Verge has 5 Proof-of-Work algorithm running on its blockchain consisting of Scrypt, X17, Lyra2rev2 Myr-groestl and blake2s. It provides advanced security and security against attacks of 51%.
PIVX (PIVX) PIVX (PIVX) Simon Fischer, the founder of FusedHelios PIVX (a class in PIVX) was quoted as saying that they are trying to make privacy a legal right for everyone. This right should not be restricted to the wealthy or corrupt. The company is therefore looking at an on-chain option. An alternative that has a decentralized marketplace built on the PIVX network is zDEX.
With the increasing corruption awareness government officials are taking notice of this. Indian governments have stated that privacy coins must be given priority. With the advancement of technological advances in projects like TeleCoin and PIVX, one can dream of a secure and private crypto ecosystem in the near future.
