Privacy coins allow investors to keep their holdings out of the public eye and secure.
Privacy coins conceal trading information about their holders and identities. Unlike other cryptocurrencies that have their transactional information available to the public, privacy coins hide any information related to transactional data, including wallet addresses.
Below is the list of 5 potential privacy coins that could be good to be added to your watchlist in 2023.
1. Crypton (CRP)
Crypton (CRP) is the main privacy coin of the Utopia P2P ecosystem, available for internal mining. The CRP is the main monetary unit of the ecosystem that provides secure and anonymous transactions. Crypton is stored in the wallets of Utopia users. CRP is a promising cryptocurrency that is rapidly developing and growing in value. Therefore, this digital coin is suitable for long-term investments.
UUSD Stablecoin is the first anonymous stable currency of the ecosystem, designed for anonymous payments in the ratio of 1:1 to the US dollar. The coin is based on blockchain technology, which protects all transactions.
The main idea of CRP is to keep the income of all users without losses and function as a tax-free purchase system with the lowest commissions on the market. Everyone can buy, sell, exchange, and withdraw Crypton on the internal no-KYC Crypton Exchange.
So, CRP is suitable for those who want to keep their monetary assets without losses.
The other things to consider, Utopia P2P also offers an all-in-one platform for anonymous instant messaging, encrypted email, anonymous payment, private web browsing, and much more. Not only specifically for anonymous transactions like many other privacy-focused crypto projects.
BTW, they usually conduct events/campaigns with rewards in CRP coins on their official Twitter, almost every week. You can follow it on Twitter https://twitter.com/UtopiaP2P. You can also follow this tutorial if you want to mine CRP coins https://utopia-ecosystem.com/articles/3-1.html. For more details, you can visit Utopia P2P's official website https://u.is.
2. Monero (XMR)
Launched in 2014, Monero is an open-source cryptocurrency that uses zero-knowledge proofs, stealth addresses, and other methods to conceal the transaction information, addresses, and receipts of users who purchase and use Monero.
Transactions are validated using a proof of work consensus mechanism similar to Bitcoin. Monero has been used to launder money, purchase items from the dark web, and conduct tax avoidance in the past, although that is unavoidable, to some extent, with anonymous payment protocols.
International security companies and the Internal Revenue Service in the U.S have been on the lookout for contractors to help trace Monero transactions and develop tracing mechanisms. Despite that, it remains one of the top privacy coins available right now.
3. zCash (ZEC)
zCASH is built using the same infrastructure as Bitcoin and its main difference is that all transactions on zCASH are encrypted. To view a user’s transaction information, address, and amount of funds sent, the original sender must first give permission to the enquirer.
zCASH actively conceals sensitive information about the transactions between two parties from outsiders. Unlike Monero, zCASH allows users to choose who can view their transactional data. zCASH calls this ‘selective discourse’.
Using selective discourse, zCash users who are asked to comply with law enforcement and tax agencies have the choice to present their transaction data if need be. zCASH has said in the past that they did not intend zCASH to be used for illegal purposes.
4. Verge (XVG)
Concealing the IP addresses and locations of users who make transactions is Verge’s way of offering an anonymous way to trade on the blockchain. Originally called “DogeCoinDark,” due to it being a fork (copy) of the infamous Dogecoin, Verge went on to change its name in 2016.
Verge utilises the Invisible Internet project, also known as IP2, to conceal its user’s information. The Invisible Internet Project is a peer to peer anonymous network that encrypts data and scatters it around to avoid third parties from detecting it.
Verge is one of the only cryptocurrencies to not use cryptographic techniques to hide users’ information. However, its unique encryption method has helped it to become one of the best privacy coins available today.
5. Rose (ROSE)
Rose is a cryptocurrency that’s part of the Oasis Network, a privacy-focused platform that focuses on keeping data and financial transactions secure. Users who own Rose can earn rewards for staking, vote on governance decisions, and pay for transaction costs.
On the Oasis Network, users have the ability to create private smart contracts and to ‘tokenise’ their data. This allows people much greater control over their data, as well as the opportunity to make money from it.
Similarly, Oasis allows for the creation of private lending platforms, undercollateralized loans, and the ability to earn rewards paid in cryptocurrency. All this makes it one of the most adaptable privacy coins around.
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