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Most cryptocurrencies offer users a level of anonymity not found with traditional currencies, however, there are a couple of cryptos that were designed specifically with enhanced privacy in mind. These cryptos allow users to perform transactions without revealing any information about themselves.
As the cryptocurrency market evolves, privacy remains a top priority for many users, especially in newer crypto presales. These presales often focus on providing anonymity for early investors, ensuring their identities and transaction details remain secure (source: https://99bitcoins.com/cryptocurrency/crypto-presales/).
Often called private coins, these digital assets prioritize user anonymity and offer completely confidential transactions.
1. Monero (XMR)
Monero (XMR) is the top pick for an anonymity-focused cryptocurrency. This coin was launched in 2014 and was instantly established as one of the most private and untraceable currencies on the market.
Monero uses advanced privacy features which makes it almost impossible to trace transactions back to specific users. There is no optional anonymity here, Monero mandates privacy as a default for all transactions.
This enhanced privacy is achieved through ring signatures, which obscure the user’s identity by combining several account keys. Monero also generates a unique address for each transaction, so that no transactions can be linked to a single wallet’s address. Lastly, Ring Confidential Transactions (RingCTs) are used to hide all transaction amounts as well as the identities of those involved.
2. Dash (DASH)
Dash (DASH) was designed for low-cost transactions that surpass borders. It was also launched in 2014 and was first based on Bitcoin’s code before it evolved to become a unique digital currency that focuses on fast transactions and privacy. Dash’s main goal is to make financial transactions accessible to everyone.
Dash incorporates a PrivateSend feature, which allows users to combine their transactions with others so that the origin of the transaction can’t be traced. All transactions are anonymous, ensuring complete privacy.
Dash also makes use of the InstantSend feature using the masternode network. Transactions take mere seconds to complete, making it the perfect solution for those seeking privacy and speed. Masternodes form part of Dash’s two-tier network structure, forming part of the decentralized governance system.
3. Zcash (ZEC)
Zcash (ZEC) was launched by scientists from some of the top institutions in the world, including John Hopkins and MIT. When it launched in 2016 it was first based on Bitcoin’s codebase, but since then the coin’s privacy has been improved thanks to cryptography.
Zcash makes use of Zk-SNARKs which is used to shield transactions. These transactions are completely encrypted on the blockchain, which offers users the ultimate level of privacy. Shielded transactions encrypt all information, including details of the sender, receiver, and value. What many like about Zcash is that it also has the option for transparent transactions, where all details are visible on the blockchain.
4. Oasis Network (ROSE)
The Oasis Network (ROSE) is a top pick for privacy-aware consumers. It allows users to have more control over their data by allowing them to select which information they wish to share.
The main feature that attracts consumers to the Oasis Network is its architecture, which has a strong emphasis on privacy. It uses secure enclaves and homomorphic encryption to protect data and keep transactions confidential.
5. Horizen (ZEN)
Horizen (ZEN) is a promising coin for those interested in anonymity. Like Zcash, Horizen also makes use of shielded transactions. However, privacy is taken one step further with the application of zero-knowledge proofs, which hides all transaction information, including the personal identities of those involved.
Horizen is incredibly user-friendly, making it a good option not just for those who are privacy-aware, but also new to the crypto sector. Thanks to the dApp platform, it offers more functionality than usual crypto transactions. dApps, or decentralized applications, are programs that run on the blockchain, offering ultimate privacy and security.
6. Beldex (BDX)
Beldex (BDX) is also a top contender for one of the most private cryptocurrencies. This privacy coin uses cryptography methods, like ring signatures and stealth addresses, to ensure all transaction information remains hidden. The identities of the sender and receiver also remain completely anonymous.
Beldex is a great option for beginners interested in crypto trading thanks to its simple user interface. The creators have emphasized both accessibility and privacy, making it a distinct coin in an often difficult-to-navigate industry.
7. Aleph Zero (AZERO)
Aleph Zero (AZERO) has more than deserved its place as one of the best privacy coins currently available. Like Horizen, it also makes use of zero-knowledge proofs, which ensures that each transaction remains confidential (including the identities of those involved).
Aleph Zero protects all personal information, allowing users to transact knowing that no details will be exposed to others.
8. Decred (DCR)
Decred (DCR) saw a rapid uptake in popularity because of its privacy features, cryptographic methodology, and secure transactions.
This privacy coin makes use of decentralized governance, allowing communities to make decisions and contribute to the currency’s development. However, Decred also prioritizes privacy, making use of advanced features like CoinShuffle++ and CoinJoin, mixing transactions so none can be traced back to a specific user.
9. MobileCoin (MOB)
MobileCoin (MOB) is not yet as popular as many other cryptos on this list, but it is busy gaining traction and has the potential to go mainstream. MobileCoin is unique as it not only focuses on privacy, but also emphasizes use on mobile devices, security, fast transactions, and reduced energy consumption.
Like many of the other cryptocurrencies on this list, MobileCoin uses zero-knowledge proofs and ring signatures to mix transactions, offering complete privacy.
10. MimbleWimble (MWC)
MimbleWimble (MWC) gives users total control over their preferred levels of privacy. All transactions are encrypted, so that the amount and addresses can’t be viewed.
All MimbleWimble transactions appear as random outputs and inputs, making it impossible to track user information.
Reviewed and edited by Albert Fang.
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Article Title: The 10 Best Cryptocurrencies For Privacy And Anonymity
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