Since the launch of Bitcoin, over 1,200 cryptocurrencies have been developed. Each of these cryptocurrencies offering users various functions and ensuring that users can carry out various actions on their networks. One of the niches some cryptocurrencies have dived into is the anonymous or privacy niche. These anonymous coins ensure that users will be able to carry out private and anonymous transactions that cannot be seen by others on the network. In this article, we will discuss some of these cryptocurrencies.
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PIVX
This cryptocurrency is the first proof of stake crypto to implement the Zerocoin protocol. This gives it an added edge over other cryptocurrencies in terms of anonymity and privacy. This cryptocurrency is fast and at the same time seeks to offer its users anonymous transactions that cannot be traced.
Monero
This cryptocurrency platform has been described as the best out there when it comes to privacy and anonymity. This platform makes use of certain advanced technologies to ensure that users are able to carry out secure and at the same time anonymous transactions. The platform is so secure that regulatory bodies and other financial bodies have not been able to see the transaction details of all transactions that are carried out. One major feature of the Monero platform is that users are given the opportunity to choose to either carry out transactions on the private or on the public ledger. The Monero platform makes use of certain technologies like Stealth Address, Kavri, RingCT, and Ring Signatures to ensure that the privacy of users and their transactions are maintained. On the Monero network, only the receiver and sender can get access to the transaction detail.
Zcash
This anonymous token is quite different from the Monero platform. This privacy token is built on the ZK-SNARKS protocol that has not been fully implemented. This means that users can make transactions that would be traceable on the Zcash network. For users to be able to make use of the anonymity feature of the network, they would have to possess about 4 GB (Gigabyte) of RAM. This limitation has been described as the biggest barrier or cause as to why the platform has not experienced mass adoption compared to other anonymous tokens.
According to the team of developers', in less than no time, the protocol will be fully implemented and users can begin to carry out anonymous transactions without any barrier.
Komodo
This has been described as one of the underdogs of cryptocurrencies. This platform is a fork of Zcash and it makes use of the ZK-SNARKS protocol which it inherited from the Zcash platform. The difference is that it makes use of a more secure algorithm that offers top-notch security. This cryptocurrency platform has the same issue as the Zcash network but the developers of the platform have announced that the issue would be solved in no time. Unlike other anonymous coins, Komodo offers users only private transactions.
These are a few of the anonymous coins in the world right now and it is predicted that in the coming years, these coins would experience mass adoption.