- Dash, Zcash, Grin, and Horizen support user privacy through cryptographic protocols
- Zero-knowledge technology powers anonymous transactions and verifiable computation
- These privacy coins offer distinct architectures tailored for secure, censorship-resistant usage
Blockchain is being used more widely across the world, and people looking for privacy in their dealings are turning to cryptocurrencies that value anonymity and security. They are developed with sophisticated cryptographic measures to make sensitive information private, allowing users more privacy than major transparent blockchains provide. Dash, Grin, Zcash, and Horizen are just a few of the privacy coins reviewed in this guide..
Dash(DASH): A Coin with Rapid, Private and Cheap Transactions
Source: CoinMarketcap
Dash is an open-source currency designed to give people convenient and cost-effective international payments. Dash was launched as a fork of Litecoin in 2014 and was created to help boost transaction speed and user privacy. The network relies on two layers, where incentivized masternodes look after governance and the advanced features of InstantSend and PrivateSend.
Mixing coins optionally in Dash through PrivateSend helps hide the identity of funds used in transactions. Thanks to ChainLocks, every Dash block is fixed into the network, preventing any 51% attack. The goal of the platform is to supply a digital currency that is both usable, secure and run without one central authority.
Grin(GRIN): A simple guide to privacy and scalability
Source: CoinMarketcap
Grin is built on Mimblewimble, a protocol that makes address and transaction details unavailable to everyone except the users. Grin’s design means that it stores transactions in a grouped manner, so specific details are hard to link to users. As a result, the system is both private and scalable compared to previous setups which needed much larger storage.
All the code for the project is public and the community leads it without the aid of a central authority or pre-mine. One coin is produced per second on Grin, according to a steady block time and emission rate. The purpose of releasing these coins all the time is to ensure the network’s safety and fairness in allocating coins over time. Development funding on crypto.org is provided by the community which reflects the platform’s decentralized style.
Zcash(ZEC): is designed for advanced privacy, but you can share your personal details if you like.
Source: CoinMarketcap
Zcash is an independent cryptocurrency that depends on zero-knowledge proofs called zk-SNARKs. It makes it achievable to confirm a transaction without showing the specifics of the transaction. In contrast to other cryptocurrencies, Zcash aims to hide who transacts, who receives and how much money is being sent in a transaction by default.
Those who are audited or required by law can share the required details using Zcash. Because Zcash has this dual function, it can be used well by both those who need privacy and by large organizations. Because of its good privacy features and innovation, ZEC has been widely recognized within the market.
Horizen(ZEN): is a set of zero-knowledge tools that support dApp development at scale
Source: CoinMarketCap
Horizen was founded in 2017, focused on keeping privacy and zero-knowledge technology at its core. Thanks to the new Horizen 2.0 version, the system now has full EVM support and added zkVerify, a module for confirming zero-knowledge proofs. As a result, zero-knowledge applications have lower costs and easier development.
Horizen’s architecture divides the main client and runtime environment using Substrate which results in a platform that is easy to change and works well at scale. Tezos gives developers the advantage of having certain contracts compiled that automatically manage the task of checking proofs. Horizen makes it possible for people to use decentralized identity, vote securely and have private access to DeFi services.