{"id":2957,"date":"2018-10-11T22:55:26","date_gmt":"2018-10-11T22:55:26","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=2957"},"modified":"2018-10-11T22:55:26","modified_gmt":"2018-10-11T22:55:26","slug":"9-anonymous-cryptocurrencies-you-should-know-about","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/9-anonymous-cryptocurrencies-you-should-know-about\/","title":{"rendered":"9 Anonymous Cryptocurrencies You Should Know About"},"content":{"rendered":"
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First published on coinsutra<\/a> By:Sudhir Khatwani Last Updated:5\/10\/2018<\/figcaption><\/figure>\n

Do you know that\u00a0Bitcoin<\/a>\u00a0is not truly anonymous?<\/strong><\/em><\/p>\n

Bitcoin, which was perceived by many as an anonymous currency or payment mode in its early years, is actually a pseudonymous\u00a0cryptocurrency<\/a>.<\/p>\n

This lack of anonymity severely hampers the fungibility of a true currency system but currently, Bitcoin core devs are not paying any heed to this issue. That is probably because they are too caught up with Bitcoin\u2019s scalability issues.<\/p>\n

As a result of that, more and more currencies are mushrooming\u00a0every now and then and are trying to fix the privacy\/anonymity\/fungibility issues with different approaches.<\/p>\n

I would say that the arms race of making the best anonymous and private cryptocurrency has already started in this cryptosphere.<\/p>\n

Currently, there are more than 10 such\u00a0cryptocurrencies<\/a>\u00a0that are trying or at least claiming to be anonymous and better than its peers.<\/p>\n

I will list some of those currencies here because I think if you are a part of this ecosystem then you should know about them.<\/p>\n

Also, sometime in future, some of these currencies will be predominately used in the mainstream because users are gradually learning why financial privacy matters.<\/p>\n

So without any further\u00a0blah blah\u2026<\/strong><\/em>here is the list of the cryptos I am tracking.<\/p>\n

9 Anonymous Cryptocurrencies<\/h2>\n

1.\u00a0Monero<\/a><\/strong><\/p>\n

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Monero is undoubtedly the best cryptocurrency out there if privacy is your main concern.<\/p>\n

It is so secure\/anonymous and private that you can\u2019t even see the amount transacted between the different parties. Even law enforcement people weren\u2019t able to find how much Monero the Alphabay owner had at the time of shutdown.<\/p>\n

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Monero is so private that law enforcement can’t figure out how much the AlphaBay owner had; not so with the other cryptocurrencies.\u00a0pic.twitter.com\/nLat3k0ZVQ<\/a><\/p>\n

\u2014 Riccardo Spagni (@fluffypony)\u00a0July 20, 2017<\/a><\/p><\/blockquote>\n

Monero uses complex on-chain cryptographic methods such as\u00a0Ring signatures, RingCT, Kovri, and Stealth addresses<\/a>\u00a0to protect the privacy of its users. You can read about Monero\u2019s technology in our detailed guide:\u00a0Monero Cryptocurrency: Everything You Need To Know<\/a>.<\/p>\n

Monero also had a very clean beginning in the cryptosphere as there was no pre-mine or instamine at the very launch of this crypto. The only downside to it, however, is its complicated cryptography, which results in the transaction sizes being 50 times bigger than that of Bitcoin.<\/p>\n

However, for a crypto like Monero, I think such super privacy is worth it and I am highly positive about its growth because the development guys of Monero are very well aware of their strengths and weaknesses.<\/p>\n

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2.\u00a0Zcash<\/a><\/strong><\/p>\n

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Zcash uses a different approach to become truly anonymous.<\/p>\n

Zcash works on a\u00a0zk-SNARK<\/a>\u00a0protocol, also known as zero-knowledge proofs. To understand this protocol more,\u00a0read here<\/a>. Zcash, however, has not implemented it yet as a default which means they still have an open blockchain\/ledger similar to Bitcoin.<\/p>\n

Also, to use this privacy feature on Zcash, you will need at least 4 gigabytes of RAM which is a serious barrier to Zcash\u2019s mainstream adoption. Read our detailed guide on Zcash here:\u00a0Zcash Cryptocurrency: Everything You Need To Know<\/a>.<\/p>\n

But of course, the research is underway to make it more feasible. Whenever it happens, Zcash will be good to go \u2013To Da Moon<\/em><\/a>! as we say in the cryptosphere.<\/p>\n

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3.\u00a0PIVX<\/a><\/strong><\/p>\n

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PIVX is one of my favorites out there and they recently attempted to implement privacy on it.<\/p>\n

For those of you who don\u2019t know about PIVX, it is the first proof of stake cryptocurrency to implement Zercoin protocol on it which gives them an edge in anonymity\/privacy segment when compared to other POS coins.<\/p>\n

(Read more about Zerocoin and PIVX in our detailed guide on this crypto:\u00a0PIVX Cryptocurrency: Everything You Need To Know<\/a>)<\/p>\n

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$PIVX<\/a>\u00a0has introduced the world’s first\u00a0#ProofofStake<\/a>\u00a0zerocoin protocol.
\nTrue anonymity is now yours.\u00a0#crypto<\/a>\u00a0#cryptocurrency<\/a>pic.twitter.com\/RwtXidpSjz<\/a><\/p>\n

\u2014 PIVX (@_pivx)\u00a0November 1, 2017<\/a><\/p><\/blockquote>\n

It has been implemented only recently and is thus facing challenges. That, however, is being taken care of by its great development team.<\/p>\n

In my opinion, PIVX proof of stake coin combined with privacy and its as usual super fast transactions is a deadly competition for many anonymous coins out there in the cryosphere.<\/p>\n

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4.\u00a0Komodo<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Komodo is the underdog in the cryptocurrency world, and also one many are unaware of. The interesting thing, however, is that they are also anonymous crypto.<\/p>\n

Komodo archives this by implementing\u00a0zk-SNARK<\/a>\u00a0protocol also known as zero-knowledge proofs inherited from Zcash.<\/p>\n

By inherited I mean they have forked out of Zcash and implemented a better proof of algorithm for security reasons on it. That\u2019s why Komodo also has similar limitations like Zcash in terms of private transactions which their team is trying to solve. Read about\u00a0Komodo Cryptocurrency: Everything Beginners Need to Know<\/a>.<\/p>\n

Also, Komodo is not only for private transactions because they are much more focused on decentralized exchanges, cross chain atomic swaps etc. Hence, it is quite a decent project to look into.<\/p>\n

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5. Zcoin<\/strong><\/p>\n

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Zcoin is another unique anonymous cryptocurrency that has implemented the most popular cryptographic approach of anonymous transactions and i.e. Zerocoin Protocol.<\/p>\n

I think their intro video is also worth watching as it explains a lot about their project.<\/p>\n