Bitcoin is *not* private. No one knows who is behind a particular Bitcoin address, but they sure can analyse everything about that address.
Through the use of blockchain auditing tools, people can pretty quickly draw up a picture of what a Bitcoin address has been up to.
Most blockchains these days are public. They are also censorship resistant which means once a transaction has been sent and timestamped.
1️⃣ Monero 1️⃣
Monero is a Peer to Peer electronic cash that was developed specifically for privacy. Given that their blockchain is completely hidden it means that XMR currency is fungible.
Through the use of stealth addresses, users are able to keep their unique Monero address while receiving inward transactions with a one-time public address.
This means that you can easily send an address to someone so that they can send a payment. However, no one else will be able to see that the end recipient of the payment is your address thanks to the use of these stealth addresses.
Ring signatures allow each transaction to be signed by a collection of other possible signers. Ring CTs hide transaction amounts and make it almost completely private.
These privacy features are mandatory for everyone who uses the network. They are not opt-in. All network participants are viewed equal and uphold the privacy for all on the network.
It has a pretty strong community of cypher punks and privacy advocates. It’s also community funded and these developers are constantly building new technology that keeps them one step ahead of those looking to break said technology.
2️⃣ Zcoin 2️⃣
Zcoin is a cryptocurrency that was built on the Zerocoin protocol.
However, given a number of vulnerabilities in the zerocoin protocol, Zcoin upgraded to a new protocol in July of 2019. This was called ‘Sigma’ and it achieves anonymisation through a process called ‘minting’.
Zerocoin also makes use of Zero Knowledge cryptographic proofs in order to sign transactions. Zcoin is also unqiue in that they removed the “trusted setup” which makes it less dependent on a particular event.
Zcoin is both a Proof of Work coin using the MTP algorithm but it also has a staking component with its Znodes.
3️⃣ Grin 3️⃣
Grin is a privacy coin that was built on the Mimblewimble protocol. Mimblewimble was a proposal developed that could theoretically increase Bitcoin’s privacy, scalability and fungibility.
It basically eliminates Bitcoin’s UTXO model. This is then replaced with a multisignature for all inputs and outputs.
These are confidential transactions that use a Pedersen commitment scheme where the parties will share a “blinding factor”.
Grin is able so scale mostly with the number of users and minimally with the number of transactions. This results in a large space saving compared to other blockchains.
It is a completely open source blockchain that was started with no pre-mine or ICO. There is no founder’s reward at all. Grin is also not controlled by any company or individual and is funded entirely by community donations.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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