Do you know that Bitcoin is very easy track user transactions and sums in users’ portfolios? What is the best anonymous cryptocurrency?
Privacy and anonymity are two important points in the world of cryptocurrencies. All the cryptocurrencies use cryptography to “hide” and “mask” users inside the blockchain, but this sometimes is not enough to guarantee anonymity.
In recent years, several projects have been born and the mission is to create an anonymous token that really respects and protects the privacy of users. Here is a list of the 7 Best anonymous cryptocurrencies you should know about.
1 Monero (XMR)
This is one of the most anonymous cryptocurreny ever, Monero (XMR) is an open source cryptocurrency created in April 2014 that focuses on fungibility, privacy and decentralization. Monero uses an obfuscatedpublic ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination. Monero uses a Proof of Work mechanism to issue new coins and incentivize miners to secure the network and validate transactions.
2 Zcash (ZEC)
Zcash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin. Transactions can be “transparent” and similar to bitcoin transactions in which case they are controlled by a t-addr, or can be a type of zero-knowledge proof called zk-SNARKs.
Dash is an open sourcecryptocurrency and is a form of decentralized autonomous organization (DAO) run by a subset of users, called “masternodes”. It is an altcoin that was forked from the Bitcoin protocol. The currency permits fast transactions that can be untraceable.
Dash was designed to allow transactions quickly and to have a swift governance structure in order to overcome shortfalls in Bitcoin.
PIVX offers privacy through the most advanced Zerocoin implementation on the market, instant transactions using SwiftX technology, and securely verified transactions through secure Zerocoin Proof of Stake (zPoS) consensus and masternode double-validation. PIVX’s zPoS is the first private staking system on the market and it’s one of many reasons PIVX is the leading Proof of Stake privacy coin.
5 Zcoin (XZC)
Zerocoin is a privacy protocol proposed by Johns Hopkins University professor Matthew D. Green and his graduate students (Ian Miers and Christina Garman) in 2013 as an extension to the Bitcoin protocol that would add cryptographic anonymity to Bitcoin transactions.
Initially, The Zerocoin protocol was planned to be integrated into the Bitcoin network.
6 Komodo (KMD)
Komodo (KMD) is a cryptocurrency project that focuses on providing anonymity through zero knowledge proofs and security through a novel Delayed Proof of Work (dPoW) protocol. The Komodo Platform was forked from Zcash by the SuperNET team and it is the evolution of the BitcoinDark cryptocurrency. Komodo is a new standard for cryptocurrency security and anonymity. Protected by Zcash Zero Knowledger proofs, users can make 100% untraceable transactions.
7 NAV Coin
NAVcoin is X13 POW/POS cryptocurrency that uses subchains and Community’s Foundation. When a transaction takes place, it is recorded on a decentralized public ledger called a blockchain. These transactions are peer verified by other users of NAV Coin through a process called mining. Anyone who opts into mining is rewarded with NAV Coin for their efforts.