Of course, it is very important to know which ones are following in the Privacy Coin trend. Accordingly, for many, anonymity in the crypto industry is no longer enough. As a result, projects have been created over the years trying to add a layer of privacy. In this post, you will discover three coins that you should take a closer look at if you want privacy. These are Oasis Network, Aleph Zero and Secret Network. Let’s look at the details.
Privacy coin Secret Network
Secret Network is a blockchain protocol with smart contracts that protect privacy. It enables decentralized applications (dApps) to perform encrypted calculations. On the other hand, the privacy coin SCRT is the native cryptocurrency of the network. Secret Network was originally called Enigma and was founded by Can Kisagun and Guy Zyskind.
Can Kisagun worked as a Business Analyst at McKinsey & Company. He also holds an MBA from MIT. Guy Zyskind worked as a Research Assistant at the Media Lab after MA from MIT. He has an extensive background in blockchain.
Functionality and technical details
Secret Network enables the conversion of smart contracts into confidential contracts. The network encrypts and distributes user data among nodes in an encrypted form before storing it in a smart contract. Input data is hidden even from nodes verifying blockchain activity.
Blocks are created every six seconds and added with a soft limit of 22 transactions per second (TPS). According to the Secret Network team, the network can theoretically handle 10,000 TPS. Secret Network is built on top of the Cosmos SDK framework and leverages proof-of-stake (PoS) through Tendermint’s Byzantine Fault Tolerance (BFT) consensus algorithm.
Oasis Network
Oasis Network, on the other hand, is a proof-of-stake (PoS) blockchain network designed to function as a privacy-preserving platform. Oasis has the concept of tokenized data that allows users and developers to record and enforce usage policies with high integrity. In addition, Oasis supports secret ParaTimes that can be used to create confidential smart contracts, ensuring private user data remains private. The privacy coin ROSE is the native token of the Oasis Network. Accordingly, it is in use to pay transaction fees, delegate at the consensus layer, and stake by validating nodes.
Oasis Labs, the core developer behind Oasis Network, founded Oasis Network in 2018. It is led by Dawn Song, a professor at the University of California, Berkeley. Also Oasis Team, Apple, Google, Amazon etc. It has world-leading researchers, security experts, and privacy advocates with backgrounds from companies.
Functionality and technical details
Oasis Network is a scalable, privacy-enabled blockchain. It keeps users’ data completely confidential. It also allows them to share, unlock digital identity and private metaverse to generate revenue.
Oasis Network uses a PoS consensus algorithm. It can process up to 1,000 transactions per second (TPS). It has divided the consensus and computation processes into consensus layer and ParaTime layer. Each ParaTime tier allows anyone to develop their own ParaTime. Each ParaTime meets the needs of a particular application. The network’s sophisticated inconsistency detection makes Oasis more efficient than sharding and parachains. On the other hand, it requires a smaller replication factor for the same level of security.
Privacy coin Aleph Zero
Finally, Aleph Zero is an enterprise-ready, privacy-focused, proof-of-stake (PoS) Layer-1 public blockchain. The developers built Aleph Zero with Substrate scale, an open source technology kit. In addition, the project aims to solve the speed, scalability, verification time and security issues of existing blockchains. The privacy coin AZERO is the token of the project.
Functionality and technical details
Low transaction costs, high decentralization, high transaction speeds, privacy for businesses. cryptocoin.com Looking at it, Aleph Zero is unique due to its hybrid consensus protocol, multi-chain privacy layer (Liminal), decentralized file storage system and dynamic fee adjustment.
Aleph Zero uses a new peer-reviewed Directed Acyclic Graph (DAG) consensus protocol. Accordingly, there is a rotating committee of validators for the verification process. Also, the project combines PoS and DAG in its consensus mechanism.
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