Privacy has always been an important issue in the crypto world. Contrary to popular belief, crypto is pseudonymous, not anonymous. It is possible to see on-chain transactions. However, there are no names attached to wallet addresses. So how hard is it to add a name to this address? Therefore, there is more demand for privacy in crypto. Crypto expert Camille Lemmens has made a list for the best privacy coins.
The first line project is Oasis Network (ROSE)
Oasis Network is a privacy-focused Layer -1 Blockchain. It uses the Cosmos SDK or software development kit to do this. It promotes and ensures data privacy. The network also protects user privacy. It achieves this by separating the consensus and execution layers. However, there is also a built-in interface. This ties both together. This setup also allows for maintaining privacy calculations.
It uses PoS or Proof of Stake mechanism for reconciliation. On the one hand, it secures the network, and on the other, it can verify transactions. There are various ‘ParaTimes’ in the execution layer. These are parallel runtimes. To explain, they offer the specific calculations needed. In turn, each of these ParaTimes connects with the consensus layer.
The network uses Tokenized Data. In other words, these are digital assets. You give control of your data and get rewards by staking it. Oasis also unlocks a special digital identity. It also offers a scalable and private DeFi experience. The network has ROSE as its native token. token, cryptocoin.comAs you follow, it was released in November 2020. Token, for example, has three main uses.
- Paying for transaction fees.
- staking.
- Delegation at the consensus layer.
The maximum and total supply of the token is 10 billion tokens. 5 billion of them are already in circulation. Token has a 10-year release schedule. This period will expire in November 2030. Its market cap is currently $275 million. The current ROSE price is $0.054489.
Second on the list of privacy coins is Mina Protocol (MINA)
Mina Protocol is known as the lightest Blockchain. Its size is only 22kb. This is the same size as three tweets. This is pretty minimal, unlike Bitcoin or Ethereum, whose sizes are 499GB and 648GB respectively. Mina remains at 22kb. Although it can grow with use, not in size. Other blockchains continue to grow in size. So, you can download Mina on your phone. You also get a full node owner. Instead of downloading the entire blockchain, you take a snapshot of the latest block. The entire blockchain is in the background. So, now you keep repeating this process.
However, Mina is also an active member of privacy coins. They use zk technology for this. More specifically, zkSNARKs. These are Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge. In other words, you can prove something without revealing important information. In the whitepaper, Mina describes itself as a succinct Blockchain.
Mina may interact with websites in privacy. On the other hand, other Blockchains do not interact with the internet at all. So, this does not jeopardize your privacy. For example, Mina will never share sensitive or private data. It uses zkApps for this. SNARKS powers these decentralized applications. Mina, for example, offers special identities. It can also prove your net worth by showing that it controls your wallet. However, it will never reveal your wallet address or balance. The MINA token is the native token of the protocol and is inflationary. Annual inflation will fall from 12% to 7% over time. Staking and block generation are some examples of use cases. The image below graphically shows Mina’s size.
Latest project Secret Network (SCRT)
Secret is quietly being built in the background. Confidentiality is its key feature. As a result, it occupies the most important place among all privacy coins. It was launched in 2020. Since April 2021, IBC has been part of the Cosmos IBC network since its launch. Secret is one of 59 existing regions and is part of IBC. This is the ‘Internet of Blockchains’ by Cosmos.
So, Secret is all about privacy. They all have a small ecosystem of privacy-related apps. For example,
- Alter: A private and secure messaging app.
- Shade Protocol: Various privacy DeFi implementations such as Shade Bridge or Shade Swap.
- SiennaSwap: A cross-chain DeFi platform. Trade, lend and convert privately.
- SecretSwap: A front-running resistive cross-chain DEX. It has Ethereum, Monero and BSC bridges.
All smart contracts or ‘Secret contracts’ have a privacy default setting. These are Hidden Apps and they all protect privacy. They encrypt any input or output. As a result, even nodes do not have access to data. Here are some Secret contract examples,
- DeFi: This offers privacy and prevents front running.
- NFTs: Hidden NFTs selectively reveal content. They can also create hidden features.
Examples of use cases for the native SCRT token are staking, governance and confidential contracts. The SCRT token has an infinite supply and is inflationary. There are currently 207.6 million tokens in circulation. Its market cap is $103 million and its current price is $0.499397.
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