While getting onboard crypto, you must have been told that transactions with cryptocurrencies such as Bitcoin, Ethereum, Litecoin amongst others provide anonymity, as true as this statement is, it is worthy to point out the fact that the anonymity, in this case, refers to the identities of the cryptocurrency owners. It is a big misconception to hold onto the notion that Bitcoin and altcoin transactions are 100% anonymous and untraceable. The blockchain ledger still preserves the records of all transactions held by a particular user even if it disguises the true identity.
There has being a switch to what in the cryptosphere is regarded as privacy coins by Crypto investors who believe in complete anonymity.
What Are Privacy Coins
Privacy coins are coins that implement functionality to hide a user’s identity when making transactions. They also have the capabilities to keep your wallet address anonymous as well as preventing the public from seeing your balance. As expected, the emergence of privacy coins has sparked a little bit of unrest in the hearts of critics who puts up a position that the coins can easily be used as a means to carry out fraud, this school of thought is overridden by the fact that privacy coins are the safest way to conduct cryptocurrency transactions. These coins usually have Stealth addresses that help hide financial transactions on the blockchain ledger.
Is Any Privacy Coin The Best?
The debate over time about which privacy coin is the best takes new dimensions with the introduction of new coins with more innovative features as well as improvements in existing ones. As much as possible, to promote one particular privacy coin as the best amongst the pack might be a general prejudice unless we establish a laid down measure by which all existing privacy coins are subjected to. I, however, bring to us the following three privacy coins-that are topping the chart for their great innovations-for consideration.
Apollo coin is generally described as the fastest private coin available. Apollo is a new cryptocurrency built off the NXT platform. Apollo has been commissioned to become the most advanced, feature-rich currency available. Its main goal is to provide users with an effective all-in-one currency with which they can buy and sell with complete assurance of privacy. Apollo will be the first cryptocurrency to afford users the ability to buy, sell and receive invisibly. It is said to be on a privacy mission which it has been doing since it was launched. According to their whitepaper, Apollo coin allows in addition to what other cryptocurrencies have to offer, IP masking, Alias system, monetary system, asset system, coin shuffling, phased transactions and other feature-rich innovations that make it top the chart. There are over 21 billion coins in circulation and it currently sells for $0.0015 per coin.
Verge coin is a privacy coin with Wraith protocol (technology that allows users to switch between private and public ledgers) that brings blockchain into everyday life making it possible to get engaged in direct transactions. Verge coin also has some good feature that makes them a good privacy coin. Verge uses anonymity centric networks such as TOR and I2P. The IP addresses of the users are completely obfuscated and thus, transactions are completely untraceable. Verge coins employ the decentralized system and they enable private transactions, encrypted messaging, IP masking and working on the introduction of smart contracts. Verge coin has a market cap of $86,851,435, sells for $0.00572 per coin and is traded on 12 popular exchanges.
Dash presents a revolutionary monetary system meeting digital cash. Dash offers some privacy such as coin shuffling and multi-signature accounts. Although its privacy architecture is currently under questioning, it stands as one of the oldest privacy coins to be introduced. Dash coin has a market cap of $588,762,375 USD and currently sells for $68.31 USD.
Significance Of Privacy Coins
Privacy coins are new frontiers in reducing cryptocurrency linked thefts as has been recorded in times past. The anonymity provided by this coin would make preserve many crypto whales who are constantly been threatened by hackers. Furthermore, business, as well as personal financial transaction secrets, are best kept with the features made possible by these privacy coins.