A Basic Overview of the best Privacy Coins
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Privacy and Fungibility
Privacy and fungibility have always been an under the surface issue for Bitcoin. There have always been far more serious issues that preoccupied the cryptocurrency community. Issues Such as: Segregated Witness, the Bitcoin Cash fork and the Seg Wit2X fork, were all Contentious issues and thus required more focus by the community. However, as we enter a quiet period, it is time to revisit these issues, and figure out how Bitcoin’s lack of privacy and fungibility, has inadvertently ordained the rise of privacy coins such as Monero, DASH, Verge and ZenCash.
Monero (XMR) was created in 2014 and is a fork of Bytecoin.It uses stealth addresses and Ring –Confidential Transactions (RingCT) to keep transactions and wallets anonymous. Unlike the other two coins where Privacy is an option. Every transaction is anonymous making it an opaque or semi-transparent blockchain.Because it provides a high –level cryptographic Privacy, every address and transaction is untraceable and unlinkable.Monero ensures complete fungibility .This means that all coins are worth the same value are mutually interchangeable, no addresses can be tracked or blacklisted.
Dash is a privacy coin that offers masternodes which are now super expensive and also profitable. Dash is a platform that is focused on being user and learner friendly. Their website is organized Very well and is full of links that are educational tools.
Verge is a coin that has received an awfully lot of attention lately with its dramatic rise in price .This one gives its users the option to partake in a public or private ledger for their blockchain. Also users can download their wallet which has integrated Tor and I2P networks. This obfuscates the users IP address and data.
Zcash uses ZK-SNARK,a form of zero Knowledge cryptography, that allows the validation of transactions by the network ‘s nodes without revealing any information about the transaction itself except for a timestamp. This means that the sender, the receiver and the amount of the transaction are kept secret.
Privacy coins are a niche group of cryptocurrencies.Some People may have no concerns about whether their transaction history is discoverable by third parties. But others might adamantly refuse to participate in any cryptocurrency platform that cannot guarantee them complete Privacy.
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