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Top Five Most Private Cryptos

Crpto Privacy

August 19, 2020 | 

JOHN K MWANIKI |  1 Comments| 

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Privacy is one of the top-selling points for cryptos. There is a need for privacy in digital transactions. It helps keeps users safe from any lurking danger like criminals. One becomes an easy target with their addresses, and transactions are available online. 

Privacy also provides a better basis for parties involved in a negotiation. Also, some people don't want their business open to everyone.

The level of privacy varies with the cryptos. Look for the different privacy provisions before settling on the ideal platform. 

Here are the top five most private coins; 

1.     Monero 

Monero is known for its privacy levels since its start. It has so far retained that leading position on the chain. It comes with a secure platform that conceals sender and receiver details. It also keeps the amount transacted in wraps. 

The high-level privacy of Monero is due to its operating platform. It works with a CryptoNight proof-of-work protocol. The system uses a ring signature to obscure all ledgers and transactions. It also uses stealth addresses, which keeps everything about the coin secret. The privacy of the coin is so high that it is impossible to determine the tokens in a single node. 

The transactions within Monero also come in multiples. Instead of sending an amount once, it subdivides into other smaller amounts. Several operations make it harder to trace and reconcile to a single address. 

The anonymity that comes with Monero has made it one of the most popular online currencies. Most individuals who prefer darknet also have it as their favourite crypto. Even with the bad press on criminal activities, the coin is still quite popular.

2.    Zcash 

Zcash is another coin that has based its promises on privacy and anonymity. It has always made it one of the points to beat Bitcoin. The crypto comes with a "zero-knowledge proof" protocol.

The system is all about keeping the information about transactions intact. The users verify the transaction with a simple true/false statement.

The system allows two parties to transact without revealing the addresses of either. It does not record the addresses. The users also have the option to shield the amount transacted. 

Zcash keeps its privacy even when transacting with other cryptos. It allows the user to mask the address when transacting with other less private cryptos. 

Unlike Monero, Zcash is big on security. It follows several regulatory provisions at the exchanges. The security makes it ideal for keeping the users and other people safe. 

3.    Incognito 

The name in itself is suggestive. Incognito is one of the latest crypto projects that are big on security. It seeks to provide a secure operating environment for all decentralized finance. The DeFi world has been on an upsurge in recent times. Still, users have been facing security challenges.

It has already released the Kyber Privacy (pKyber) feature. The project released in April allows all anonymity for all smart contracts-based protocols. The project provides the Ethereum based dApp developers with a secure environment. 

Incognito has similar security measures to those of Ethereum. It uses ring signature, confidential transactions, and stealth addresses. The only extra feature is that it supports private tokens and blockchains. 

The coin works such that it allows the users to hide their activity from the public. It ensures that all the financial details of the user, like salary and savings, stay safe. The platform is still a work in progress. It will, in the end, support other coins like Bitcoin and Ethereum. When complete, it would be the most significant private crypto project.

4.    Komodo 

Komodo is a fork of Zcash. It thus comes with the privacy features of Zcash. It is at the same time improving on the shortcomings. One of the significant privacy systems is the zero-knowledge proof protocol. On top of this, it includes a multi-chain architecture. The architecture allows different parties to create several other independent, smart chains. 

The smart chain comes with several parameters. The users choose their preferred consensus protocol. They can also settle on the block rewards, hashing logarithm, and block time. The protocol then determines the nature of the transaction. Deactivating the zero-knowledge proof means an open and transparent transaction. 

For the best security, the user enables private transactions. The privacy protocol protects both the sender and receiver addresses. Also, Komodo has another step of privacy in the form of PirateChain (ARRR). This smart chain does not leave behind traces of metadata. User is safe from unscrambling after some time. 

Komodo is ideal crypto for any privacy. It allows the user to set their preferred privacy level allowing for convenience. It also comes with extra atomic swaps for secure decentralized exchanges.

5.    Verge 

Verge is the other top revolutionary crypto when it comes to privacy. The coin, instead of relying on cryptographic technology, uses reliable Tor. It also comes with a Wraith Protocol that allows the users to choose between a private and public transaction.  

The public transactions are necessary for those who need record-keeping like merchants. Otherwise, those who want the privacy gets it as the top. Besides the Tor, it also has an Invisible Internet Project (12P) for privacy. These tools blur all addresses and transaction details. The transactions on the platform are untraceable. 

Bottom Line 

Privacy in crypto is a contagious matter. It is a two-sided topic with both proponents and the opposers.

Most of the crypto users’ value privacy. They like the ability to transact without any regulating authority. 

The pro-regulations feel there is a need to control transactions. They claim the privacy aids financial crimes like money-laundering and drug trafficking. Still, both privacy and regulations come in handy. Users can select the coin that allows for both. There are also regulated coins like Bitcoin to choose from.

Most of the users value privacy; here are the five cryptos to choose from.  

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batholomew brown
batholomew brown . I’m a bitcoin trader and the time I’m writing this blog I can’t find a single review about many bitcoin trading signal services and companies. I have lost lots of money testing them for over an year. I don’t want you to be scammed too.

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