Online transactions may be one of the most efficient methods of doing transactions in today’s world but we cannot deny the flaws and risks associated with it. Each transaction requires our personal details along with debit card/credit card details which are enough to make us a victim of online frauds and thefts.
Crypto-currencies like Bitcoin and many others help us do transactions in an anonymous way without involving card details to the marketers through Blockchain technology. But In spite of that, there are a few loopholes like the public ledger system of Bitcoin through which years old transactions can be traced putting our privacy at risk.
But now with the help of these 5 efficient Privacy Centered Cryptocurrencies, the online risks from thefts can be reduced ensuring us the best privacy level. So let have a look at the apps:-
Best Privacy Centered Cryptocurrencies
It is one of the best privacy centered Cryptocurrency focusing on decentralization and fungibility. It was created in 2014 by a group of 7 developers. The aim of this crypto-currency is to keep the transactions, secured, private and untraceable. The obfuscated public ledger system of Monero allows any user to send transactions but the source, location and amount of the transaction are unrevealed to outsiders.
Monero transactions in spite of displaying the recipients’ public address to the sender, prevents the sender from getting a view of the recipient’s holding. Whatever amount is sent to the recipient is totally unlikable and rerouted to the specific address created for that particular transaction. The excellent cryptography of Monero has made it one of the most popular Cryptocurrency in recent times.
Aeon can be called as the lightweight version of Monero. It is a mobile-friendly cryptocurrency using the Crypto-note protocol. The Aeon coins features have one-time keys, ring structure, and block-chain analysis resistance. The Ring Signature feature of the Aeon coins makes the transactions untraceable.
Generally, any kind of transactions requires one public key from the sender due to which it becomes easy to trace but with Ring Signature, one public key from the sender is further mixed with various other public keys making it hard to trace which particular address had done the transaction. The one-time key feature of Aeon coins, however, reduces the minimal risks too associated with ring signature.
It enables the sender to generate a common one-time key which he further mixes with the public address of receiver with some amount of data and creates the public key leaving the private part of the key to be encrypted only by the receiver.
This prevents anyone to view the set of incoming transactions through receiver’s public address which ring signatures fail to do. Aeon is making good progress in the market with is high-end security but still, some more improvements need to be done to make it bigger like Monero.
Dash is not that much efficient in privacy as compared to Monero and Aeon but since it is a very popular currency coin, it is, therefore, being used by millions of people. It was initially launched as Xcoin by Evan Duffield in 2014 but further, it has been renamed in 2015 as Dash coin which holds the significance of Digital cash.
Dash coins were created to fork the pitfalls of Bitcoin ensuring a faster transaction and swift governance. There are three important features of Dash coins which makes private and faster transactions. They are- Masternodes, PrivateSend, and InstantSend.
Unlike the Bitcoin service where a third party can get access to your public address, transaction amount and previous transaction details in Dash crypto-currency the PrivateSend feature solves the problem by making your transactions private, untraceable and keeping your identity unrevealed form the world. Dash crypto-currency is also fungible as the history of transactions cannot be traced.
It is another anonymous crypto-currency with excellent privacy protection. The anonymous networks used by Verge are TOR and I2P. The user’s IP address is completely obfuscated here with a Core-QT wallet having in-built TOR integration and SSL encryption enhancing the security to the next level.
Verge has been adopted by numerous users due to its Wraith protocol which allows cost-effective transactions in multiple platforms. Here the individuals have their own choice of options for sending and receiving payments.
They can do it publicly, privately and anonymously as per their wish. It gives complete control in the hand of individuals about their privacy. Faster transactions can be done with verge without waiting for any third party and after it is done the amount is transferred to the wallet and can be accessed immediately. The Wrath protocol technology of verge ensures the privacy of transactions with the help of stealth addressing services. The easy, accessible and perfect security of verge has made it popular with a great future ahead.
Zcash is an open source cryptography offering selective transparency for the transactions. Here the transactions are published on a public platform but the sender, amount and the recipient remain anonymous.
When transactions are made through Zcash, the cryptography uses a method called Zk-SNARK which maintains the ledger of balances securely without revealing any information about the individuals involved in the transaction and the detailed amount.
It also prompts the options for the individuals to choose their Zcash as public or private. Since it supports both transparent and shielded address so when payments are made to the transparent address the balance gets revealed which payments made from the transparent address to the receiver’s shielded address hide the amount.
The crypto-currency with its dual facilities gives the individuals an advanced security level making it immensely popular.
So now after the severe pitfalls of popular Bitcoin cryptocurrency, the list of above-mentioned crypto-currencies give us some of the best options to manage our transactions accordingly and make a correct choice based on their privacy features. After all, it’s about our money and that needs to have the highest privacy level as much as possible to be protected from the online frauds. With the help of these 5 Privacy Centered Cryptocurrencies, the transactions are more manageable now having greater security.