An Intro To Anonymous Cryptocurrency : Monero, Dash & Zcash
The new era of fully anonymous cryptocurrency.
Bitcoin was the first cryptocurrency designed to enables peer to peer transfer without any need of intermediaries. Bitcoin stores transaction history in a public shared ledger called blockchain. Transaction history are partially anonymous but visible to public. Bitcoin publishes transaction history such as- send address,reciveer address with transaction time on a public shared leger. It was the first of its kind anonymous transfer method introduced in history of the computing, Transactions are hard to trace back in the bitcoin protocol, Because of bitcoin broadcast sender and receiver wallet address, which might linked to a username, open the possibility of tracing the sender/receiver. Mixers were introduced to deal with this problem, But now comes the real innovation- a fully anonymous cryptocurrency which has gained the huge popularity in the recent time, also had climbed at a huge market valuation. Dash,Monero and Zcash are three popular untraceable cryptocurrencies in this segment.
Monero – A cryptocurrency that uses ring signatures, a type of cryptography that enables untraceable transactions. It is extremely unlikely that a transaction can be traced to a particular user. Monero is based on the CryptoNote protocol and possesses significant algorithmic differences relating to blockchain obfuscation
DASH – rebranded from “Darkcoin” to “Dash” on March 25, 2015. Dashcoin is an anonymous cryptocurrency and the first automatically mutating cryptocurrency created with CryptoNote technology. It offers instant transactions (InstantSend), private transactions (PrivateSend) and token fungibility.
ZCash – is said to offer total payment confidentiality while still maintaining a decentralized network that runs on public blockchain. Zcash transactions hide the sender, receiver, and transaction value. One must have the correct view key in order to see a transaction. This cryptocurrency uses zk-SNARK, which allows a network to have a secure ledger of transactions without making the parties and amounts transferred public.
All three cryptocurrencies have been subject of good investment option in the recent time, saw 3x growth in last three months. Few more cryptocurrencies like pivx also surprised us with its huge growth and now it’s member of top 10 cryptocurrencies.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.