Initially, the cryptocurrency industry was poised to be anonymous digital cash, but this was not the case. For instance, the transaction ledger of bitcoin is openly available. While pseudonyms can be used for transaction wallet addresses, these addresses can be associated with specific entities or people.
In essence, there are mounting anonymity concerns in early cryptocurrencies. As a result, Crypto users have resorted to searching for cryptocurrencies that can guarantee anonymity and privacy. Luckily, we now have cryptocurrencies that have inbuilt privacy and security features focused on concealing the activities and identities of users.
Have a look at top anonymity-oriented cryptocurrencies.
The popularity of Monero has grown tremendously, thanks to its ability to anonymize users. This cryptocurrency uses stealthy addresses and ring signatures, making it taxing to trace transactions. These methods hide both the sender and receiver identities. Even better, it conceals transaction amounts using ring confidential transactions or RingCT hence taking privacy a notch higher. Today, Monero stands at number six in the list of largest cryptocurrencies.
Verge relies on the onion router, also known as TOR and Invisible Internet Project, to protect users’ identity instead of cryptographic techniques. The two methods work by enhancing communication anonymity. Thanks to its privacy feature, a popular adult website adopted the verge of making cryptocurrencies payments.
Zcash is yet another excellent cryptocurrency for anonymity. It has a cryptographic toll known as zero-knowledge proof that conceals transaction amount. It allows the user to shield transactions and transact without revealing their address. It is not a surprise that Zcash ranks top in the list of the largest cryptocurrencies with a market capitalization of $435 million.
Komodo is an offspring of Zcash as it borrows numerous privacy features from it. For instance, it preserves privacy using a zero-knowledge proof protocol. The main focus of this platform is to upscale transaction security. Among the features that make it stand out amid other cryptocurrencies is the atomic swap DEX protocol. Atomic swap enables users to exchange digital assets directly without using centralized control. This technology not only enhances privacy but also reduces security features.
Horizen, also known as ZEN, like in Bitcoin, uses Z-addresses and T-addresses to shield the users’ privacy. However, funds transferred from Z addresses to T addresses are visible. Horizen enhances anonymity by using a vast node network.
Anonymous cryptocurrencies use cryptography to conceal addresses. This means that no one will know your real address. Also, other people can’t see the transaction amount in respective blockchains. What’s more? They hide the IP of the transaction’s origin. Communication between different nodes is made through an anonymous 12P network.
These currencies aim to enable people to make a transaction without fear of being investigated. You can also exploit profitable trades and enjoy earnings by exploiting crypto markets on anon system official site. This does not mean that these currencies are tailored to promote criminal activities. The whole idea is it allows users to enjoy anonymity.