Humans are living beings who highly appreciate privacy. Most of the deepest hopes, ambitions, and memories of a man are stored under privacy. Considering some reasons such as ensuring security, people try to keep their revenue/commerce activities private up to a certain degree. Cryptocurrency is also considered legal currency. Therefore, anonymity is considered in virtual currencies as well. This is one of the reasons for the popularity of cryptocurrency. But some cryptocurrencies place a higher priority on privacy and anonymity than other cryptocurrencies. Perhaps, you might be familiar with some of these currencies. In this context, the most private cryptocurrencies that can be used are explained.
Monero (XMR)
Monero provides the ability to hide the identities of both peers who are involved in transactions. This is the main reason for the rising popularity of MXR. Because Monero is providing the ability to anonymize, the details of transactions cannot be easily traced. This privacy is oriented due to its algorithms and technologies. Different from general cryptocurrencies, MXR uses CryptoNight proof-of-work algorithm. Moreover, MXR uses ring signatures, stealth addresses, and Ring CTs (Ring Confidential Transactions) to ensure the privacy of the transaction. Especially Ring CT provides the capability to hide the transaction amount.
Verge (XVG)
Unlike other private cryptocurrencies, XVG does not depend on common cryptographic techniques. Verge uses technology that relies on the Onion Router (TOR) and the invisible Internet Project (I2P) to ensure anonymity between the users. TOR is a technology that is conducted by a set of volunteers and speedily spread through a network tunnel. On the other hand, I2P encrypts the user data before the transaction is initiated through the global network. Anyways, TOR and I2P provide a large contribution in hiding details of XVG transactions. The used technology and the anonymity of Verga have led to massive popularity.
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DASH
DASH has a special feature known as Privatesend. Because of this feature, dash users are having the ability to choose whether their transactions should be private or not. This feature proceeds through a decentralized network of servers which is known as master nodes.2. In some countries, there are some privacy policies and regulations for cryptocurrencies. The Privatesend feature allows the user to satisfy these regulation aspects as well. If the user prefers choosing private transactions, the transaction fee slightly raises.Â
Zcash (ZEC)
Zcash is a cryptocurrency that enhanced the security and privacy of the users. It has a cryptographical tool which is known as Zero-knowledge proof. Zero-knowledge proof acts as a shield for transactions. The participants are able to perform the transactions without revealing the identity.
Horizen (ZEN)
This currency acts similar to Bitcoin. The difference is, ZEN provides higher privacy. Horizen offers privacy shields that are known as Z-addresses (A fully private address) and T addresses (similar to bitcoin addresses). However, Horizen reveals the transaction amount; only the participant details are hidden and anonymized.