The 2016-2017 cryptocurrency hype appears to be ebbing away with some once-promising coins dying away while others are diversifying to meet the market needs. The only surviving plans are those built with use cases from the ground up. As the market enters 2019 bleeding, Privacy coins appear to be getting their groove on.
Humans are privacy lovers and blockchain outfits offering the feature are getting more recognition. The end game is to ensure user transactions remain confidential. After all, why should others know what you are spending on or the amount you are using in your transactions?
It is good to know the privacy coin that fits your lifestyle. There are some that are not 100% private but come with their unique pros and cons. Your interests are different from others and making the right decision on the right fit will help you get the best experience out of them. Below are some three privacy coins you should keep an eye on if you respect your privacy.
Technically, Monero is fully decentralized and cryptographically, fully private. As we usher in the New Year, Monero (XMR) is still one of the most trusted coins globally. The beauty of the platform is that you can hide the number of funds you send or receive. This also means that the source of the monies is hidden and cannot be traced.
By default, the coin is private by virtue of deploying the RingCT feature which stores transactions in confidence. The stealth address system supported by RingCT which does not disclose the number of digital coins stored in any given individual wallet. This makes the best choice privacy coin in the dark web and is ranked 13 by MCAP of $917million and XMR trading at $54.93 at press time.
Dash (DASH) is another privacy coin that is not cryptographically private but attains the function by mixing through the CoinJoin feature. The coin takes much of its functions from Bitcoin making it transparent by default. The coin users only trust that the platform servers do not display or record transaction details.
The coin, which is partially decentralized by virtue of its Masternodes which innovatively offer tow transaction options: PrivateSend and InstaSend. The transaction speeds on the network are incredible and confirmations are within seconds. Dash is currently ranked 15th among the most valuable coins globally with a MCAP of $707million at a price of $6.69.
Zcash (ZEC) is quite interesting among privacy coins. It enables its users to switch between two options; privacy on and privacy off. Technically the coin is fully private but partially centralized and with the use of zk-SNARKS, users are guaranteed of their transactions and balance privacy since the system does not broadcast your information to the public.
The platform seeks to provide shielded transactions so that no information can be leaked. This has made the coin popular among users that want their transactions and dealing kept under wraps. The coin is at the moment trading at $60.92 making it the most expensive privacy coin ranked position 20 with a market cap of $343million.
Most of the top privacy coins appear to have maintained some level of stability and users are shifting their base from non-privacy coins to private ones. The dark web tag appears to be a thing of the past and that is why these privacy coins are battling it out to control the niche space.