The brainchild of Satoshi Nakamoto has come a long way in terms of its familiarity and usability with end users. Blockchain and cryptocurrency have stunned the global transaction system. Now, it all comes down to where one should invest and reap the benefits. The bright side of the cryptocurrency is anonymity in transactions. The third-party interference has no existence in a cryosphere. This feature is the hallmark of success for both the blockchain in general and cryptocurrency in particular. But in the land of anonymity and decentralization, miners often fail to recall their initial promise. For instance, take a look at the most popular currency Bitcoin. Bitcoin went so viral that it turns out to be a pseudonym for cryptocurrency itself. The issue these days with Bitcoin is that the Bitcoin address is analogized.
The analogy is drawn with the pen name of the corresponding book writer (nom de plume). If the link is not established, then you are good to go regarding privacy. But in the flash of a second, the link establishes then all the privacy is gone with the wind. The exposed link means that your entire transaction history will go public and privacy then seems to rest in peace.
So people are getting more cautious each passing day. They need to find a crisp solution to overcome this situation. Many cryptocurrencies are gaining ground for addressing these concerns. Here’s a top pick for the anonymous cryptocurrency you should begin to explore.
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Monero:
Monero is the real hero when it comes to privacy in the crypto land. Its cryptographic technology uses techniques like Ring CT and signature, Stealth address to preserve user privacy. It’s anonymous to the degree that even the law enforcement authorities were not able to comprehend Monero amount the Alphabay owner had when the company was closed.
When Moreno stepped into the cryosphere, it had a clean entry, as there was no pre-mine at the very beginning. But there’s a downside to this currency as well. The cryptography is so perplexed that the transaction time gets quite high. It’s almost 50 times in comparison to that of Bitcoin.
However, to achieve super privacy then Monero is worth the hassle. Also, the developers at Monero are well versed in their field. They know the nitty-gritty that goes behind and will strive to improve the user experience.
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Auto Coin
If you are delving deep into the crypto world and have a thing for cars, then this is your go-to cryptocurrency. The AutoBlock has come up with a digital portal. It makes the whole procedure of buying and selling cars quite straightforward and hassle-free. This peer to peer transaction forum has leveraged the power of cryptocurrency. They have incorporated it via introducing AutoCoin into their system and now conduct transactions using them. It is a power packed solution for car sale and purchase. The platform brings into consideration both parties, the retailer and the buyer.
Let’s dig down deep into how this works. Search or list the vehicle you want to purchase or sale. Buy the AutoCoin in exchange for the crypto you have at hand. The exchange is quite efficient. Within seconds, you’ll receive the quote and are good to buy or sell your car. The entire process takes a couple of minutes to set up. The digital setup is unique and efficient. It is also comprehensive as it incorporates a car valuation system. So, a user buys the vehicle at a reasonable price that results in a win-win situation for both parties. Also, the owners of the company We Buy Cars Today have proudly become one of the pioneers in investing in AutoCoin and making it their transacting currency along with the conventional exchange.
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Z Cash
Next comes Z-cash. It works on an entirely different protocol to seek complete anonymity. It functions through a zero-proof of knowledge protocol, specifically named zk-SNARK. But a thing to remember is that the crypto has not yet introduced this feature as default. So, it continues as an open ledger similar to the mainstream Bitcoin.
Now, the challenge with Z-cash is that you need a minimum of 4 GB RAM space. This is a serious hurdle for adopting Z-Cash. But the developers at back-end are toiling hard to research and make it feasible.
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PIVX
PIVX is an anonymous cryptocurrency that is gaining momentum day by day because of the anonymity protocol it follows. Just like Z-cash it also follows a zero-knowledge proof to block whatever link is already established between the two transacting parties. Though following a similar zero coin protocol, unlike z-cash this is the only proof of stake cryptocurrency to implement the entire set of zero-knowledge protocol at the time of its development. This is why it has been a number one favourite of investors these days. It offers a lot of benefits to investors which are as follows:
– Following the protocol, it helps encrypt data thus virtually hiding the coin balance in the users’ digital wallet. This prevents you from any possible future hacker attack.
– Every computer has a different IP address, but PIVX hides the source and receiver address to maintain anonymity and ensure the security of participating parties
-it functions with the speed of lightening taking just 0.5 seconds to mind and a mere 2.5 seconds to transfer funds from the source end to the receivers’ end.
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Komodo
While it may count as one of the best anonymous cryptocurrencies, not many people are aware of the existence of Komodo in the crypto world. It is mainly a fork of z-cash which simply means they use the same zero-knowledge proof protocol but have improved the algorithm to make it far more functional for the participating parties.
A distinct feature of the Komodo cryptocurrency is that it uses two layers of algorithms to provide security to its clients. Number one being the zero-knowledge protocol that ensures full coverage of the senders and receivers identity and the privacy of the shared amount followed by a newly introduced protocol the Delayed proof of work (dPoW) protocol. The dPoW adds an extra layer of security by being able to recycle the existing Bitcoin hash rate, thereby making it untraceable and unchangeable.
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Z coin:
This is another cryptocurrency that is based on the Z-snark protocol. It uses the mint, spends and repeats protocol thus enabling any investor to convert their coins on a public ledger into private ones. What makes the Z coin unique in its functionality is the integration of the Merkle Tree Proof algorithm (MTP) which addresses and solves the centralization issue faced by bitcoin. It standardizes all existing mining entities thus preventing them from achieving a competitive edge over another.
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Verge (XVG):
Using the Tor and I2P protocol method to maintain user and transaction anonymity, Verge is a new cryptocurrency experiencing accelerating growth. It keeps all financial transactions taking place completely untraceable thus preventing a breach of privacy of the sender and receiver.
Looking into the basic working, Tor is a peer-to-peer (P2P) protocol that helps encrypt messages in multilayers making them bounce off of different nodes in your internet connection thus re-routing to a different IP address every few seconds thus making it untraceable.
The I2P makes sure that the sender and receiver messages do not take the same paths thus providing privacy to the overall network.
So these were a few trending in the market anonymous cryptocurrencies you should know about especially if you are new to the digital investment world. These will help you keep track of your work and also maintain your privacy to protect you from an unexpected loss.