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Top 10 Most Private Cryptocurrencies in 2020-21 :

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Most Private Cryptocurrencies

Due to various factors, cryptocurrency has gained incredible popularity, but the most important of these are privacy and anonymity features that allow users to hide their identity and transaction information. While people are increasingly concerned about data privacy, the cryptocurrency world is also beginning to worry about threats to user privacy.

Bitcoin was originally introduced as a decentralized and private payment method, but the latter has some problems.

When users conduct financial transactions on the Bitcoin network, they will leave two types of traces: traces left on the blockchain and traces other than that. The information on the blockchain discloses information that can connect user transactions with each other.

The information that associates user identities with their transactions is not left on the blockchain, but when users conduct transactions on the Bitcoin network, they receive/send money to an entity that knows who they are. The entity will then have knowledge outside the blockchain, linking the user’s identity to the transaction.

This fact and the fact that transactions can be linked to each other leads to motivated entities sometimes being able to find out how users use their bitcoins, how much they have, and from whom they send/receive cryptocurrency.

Every transaction added to the blockchain registry is open access, which means that anyone can track the movement of money from issuance to the current holder. This privacy policy is not suitable for many users, so in order to solve this problem, private cryptocurrencies with different algorithms and used to add transactions to the blockchain have been developed.

What is a privacy-centric cryptocurrency?

The openness of the blockchain registry has forced many cryptocurrency users to question its anonymity. With special services, hackers and even ordinary users can easily track any transaction, and can also figure out the identity of the holder when cashing out digital currencies.

As a result, many developers have turned their efforts towards creating truly private cryptocurrencies that will allow users to maintain maximum privacy. Privacy cryptocurrency is a currency that hides user data, their identities, and crypto assets traded and held in wallets.

These are peer-to-peer payment systems with settlement units. A high degree of confidentiality can be achieved through the use of encryption protocols, which make tracking transactions on the blockchain extremely complicated or completely impossible.

All privacy tokens are cryptocurrencies designed for transaction privacy. They can be used to send money secretly anytime, anywhere.

With the discovery of vulnerabilities in the encryption industry, a real race began among developers. They began to release new private cryptocurrencies and apply various protocols to achieve a high degree of confidentiality. Nowadays, there are several privacy cryptocurrencies with different methods of protecting user privacy.

There are many well-known cryptocurrencies, such as Bitcoin and Ethereum, which can make your transaction details publicly available. This means that anyone can look up the user’s wallet address and can easily track their transaction and payment history.

People are currently seeking to protect their privacy online, especially in the financial sector, and privacy currency is one of such forms of protection. In addition, all privacy currencies are a great way to avoid taxes, because the authorities cannot see your money and where you store it. The transaction volume of privacy currencies has reached millions of dollars, and this number is expected to grow.

The 10 best privacy-centric cryptocurrencies in 2020

For a long time, 2019 has been the most private year in the cryptocurrency field. In recent years, blockchain supervision has stripped away the myths about the anonymity of blockchains that cryptocurrency users once took for granted, so privacy-centric cryptocurrencies have begun to receive huge demand. Let’s take a look at the list of the best privacy cryptocurrencies in 2019 and 2020.

1. Monero

Many representatives of the crypto industry believe that Monero Cryptocurrency is most anonymous. Initially, it appeared due to the fork of Bytecoin (BCN). Monero uses hidden addresses and RingCT transactions to maintain the anonymity of transactions and users. Developers are constantly adding new features, such as Tails OS integration, to be one step ahead of those trying to gain access to personal information.

The project is completely focused on confidentiality, and sometimes availability can suffer as a result. The Monero privacy token has a variety of feature combinations, making it currently the most private cryptocurrency available. This is what makes Monero so private: stealth addresses, ring signatures, Kovri I2P implementation, and a first-class development team.

  • Price: $51.1
  • Market value: $885,570,323
  • Consensus type: Proof of Work (PoW)
  • Official website: https://web.getmonero.org/

2. Dash

 

Although Dash is slightly less anonymous than some of the cryptocurrencies on the list, it still has some exciting features. Developers have integrated a private transaction (PrivateSend) method in cryptocurrency, which allows anonymous sending of tokens to recipients.

To this end, the master node will mix the funds of different users sent through the network several times. As a result, the tokens become indistinguishable.

Dash is a fork of Bitcoin and has many unique characteristics of the latter.

  • Price: $56.67
  • Market value: $519,477,528
  • Consensus type: Proof of Stake (PoS)
  • Official website: https://www.dash.org/

3. PIVX (PIVX)

 

Puwei Coin is a branch of Dash. Puwei Coin is the abbreviation of Private Instant Verified Transaction. The cryptocurrency is based on a proof-of-stake algorithm and is designed for daily use. Puweicoin uses the Zerocoin protocol to hide addresses related to wallets and ensure the anonymity of transactions. Unlike its predecessors such as Dash or Zcash, this crypto currency is resistant to blockchain analysis while maintaining complete confidentiality for senders and receivers. To make an anonymous payment, you must first convert PVI to ZPIV (zPIV). Then, they are deposited in the required address in the form of ordinary Puwei currency. The Zerocoin Protocol allows you to protect transactions on the blockchain while keeping both parties anonymous.

  • Price: $0.192036
  • Market value: $10,904,012
  • Consensus type: Proof of Stake (PoS)
  • Official website: https://pivx.org/

4. Verge coin

Verge coin uses Tor IP anonymity program to conduct transactions while maintaining anonymity connected to the blockchain. In addition, transactions can also be carried out through another anonymous program I2P of the IP address. A distinctive feature of the Verge coin protocol is the ghost protocol. It allows you to trade through public and closed blockchains. In the second case, the transaction uses a hidden address (similar to Monero) in conjunction with the Tor anonymity program mentioned earlier.

  • Price: USD 0.003772
  • Market value: $60,595,581
  • Consensus type: Proof of Work (PoW)
  • Official website: https://vergecurrency.com/

5. Zcash

The anonymous cryptocurrency is based on the zk-SNARKs protocol. This is a mathematical algorithm that can confirm the accuracy of the transmitted information without revealing its content. As a result, all transaction data exists in an encrypted form. Like Dash, it is possible to increase user anonymity, but this is not the main goal. The Zcoin development team has not concealed the degree of confidentiality of its cryptocurrency. It is well protected, but the multi-signature is not encrypted, and the IP address is not blocked.

  • Price: $29.43
  • Market value: $232,672,152
  • Consensus type: Proof of Work (PoW)
  • Official website: https://z.cash/

6. Bitcoin Private (BTCP)

 

BTCP is a fork of Bitcoin and Zclassic (ZCL). The team’s goal is to create a cryptocurrency with the same security and identity as Bitcoin, while it inherits the method of maintaining the anonymity of Zclassic. Bitcoin and Zclassic owners can turn Bitcoin privacy into peer-to-peer sharing. In essence, Zclassic is a descendant of Zcash, but there is no Founder’s reward. In this way, Bitcoin Private inherits all the principles of Zcoin privacy protection.

  • Price: USD 0.109125
  • Market value: $520,423
  • Consensus type: Proof of Work (PoW)
  • Official website: https://z.cash/

7. Zcoin

The cryptocurrency Zcoin is not yet widely known. It uses the Zerocoin protocol to ensure payment confidentiality. In a typical transaction, a certain amount of Zcoin is “burned” (destroyed) to receive Zcoin that can be spent. During this process, a fee of 0.01 Zcoin will be charged. Since the tokens have just been mined, they have no history of operations. The zero leak certificate allows you to unlink the sender. Recipients of Zcoin know that they have received the money in their account, but do not know who it came from.

  • Price: $3.78
  • Market value: $33,522,226
  • Consensus type: Proof of Work (PoW)
  • Official website: https://zcoin.io/

8. NavCoin (NAV)

 

Like many other cryptocurrencies on this list, Nav Coin includes options for anonymous transactions. The completed transactions are carried out on the NavTech sub-chain. Instead of switching directly to sending encrypted currency to the recipient, it is better to encrypt it and move it to a sub-chain, which falls into a pool composed of many servers and encryption layers. Then, NavTech sends another set of tokens from the pool to the recipient.

  • Price: $0.074002
  • Market value: $4,939,037
  • Consensus type: Proof of Stake (PoS)
  • Official website: https://navcoin.org/en

9. Bytecoin (BCN)

Bytecoin was created in 2012. Some representatives of the currency circle believe that it is the first protected digital currency and the founder of the overall direction. As mentioned earlier, Monero originated from this. Bytecoin operates based on the CryptoNote protocol-a mixture of ring signatures and one-time hidden addresses. Each transaction uses a unique one-time public key, which is why it is impossible to track the operation history of a specific token.

  • Price: USD 0.000336
  • Market value: $61,838,203
  • Consensus type: Proof of Work (PoW)
  • Official website: https://bytecoin.org/

10. Particl (PART)

particl (PART) is a token created for use on its privacy platform, on which all transaction and payment data are transmitted through an autonomous distributed network.

Based on the latest version of Bitcoin, Particl is a practical token with extremely reliable privacy, and the protocol is enhanced through ring-signature transactions. Certain transactions are untraceable and the amount is not linkable. Unlike Monero, Particl returns privacy control to users. It can also provide multiple layers of privacy protection because it can seamlessly switch between public and private.

  • Price: 0.822088 USD
  • Market value: $6,633,821
  • Consensus type: Proof of Stake (PoS)
  • Official website: https://bytecoin.org

Best privacy coins 2020

We described the largest privacy-centric cryptocurrency above, but there are many small projects designed to maintain confidentiality and protect personal data. Good examples are the Hush coin, Sumokoin (SUMO), and Aeon (a branch currency of Monero).

In addition, some projects bring privacy at the platform level. For example, Wanchain has developed smart contracts compatible with different Blockchains, while Enigma allows you to create anonymous decentralized applications.

As the number of attacks in personal lives increases, the list of anonymous cryptocurrencies will only increase.

 

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