An extra level of security in the form of privacy to secure financial information is the requirement of crypto users. The most popular ways for token holders to secure their valuable financial information are privacy coins and privacy-enhancing protocols.
Importance of Privacy coins and Coin mixing services
Privacy coins are those crypto assets that are built for privacy while the purpose of coin mixing services is to obfuscate the transaction data. It is difficult for chain analysis to determine the information related to crypto transactions such as the information of senders and receivers.
Obfuscation is the main job of privacy coins and obfuscation services. The leading privacy coins have often such kind of elements present into their codebase that provide obfuscation. The most popular privacy coins that provide maximum privacy are XMR, DASH, and ZEC. While the most famous coins mixing services such as Wasabi Wallet, Samurai Wallet, Cash Shuffle, and Cash Fusion offer users an extra level of security and privacy for crypto assets such as Bitcoin (BTC) and Bitcoin Cash (BCH).
XMR, DASH, and ZEC are the most popular Privacy Coins
The Privacy coin Monero (XMR) was launched in April 2014 as a fork of Bytecoin. According to the data from messari.io’s database, Monero is one of the most popular and leading privacy coins in the crypto market. In the last 24 hours, almost 6772 XMR transactions have been done while the volume for this time period is $20,856,173.59 as Messari’s data states.
While due to obfuscation the number of active addresses of Monero is unknown. Comparatively, the number of active addresses of Bitcoin can be seen because BTC is a non-privacy focused coin. The noted number of Bitcoin’s active addresses is 865,396. See the following chart to check the daily transaction volume of Monero.
Due to its Privatesend capability, DASH is another top privacy coin. According to the data from Messari, there have been 21,696 DASH transactions in the same 24 hours. However, these all are not private.
Zcash (ZEC) also enlists itself in the same category of popular privacy coins. This privacy coin boasts a huge market capitalization. ZEC has 3,329 transactions in 24 hours according to Messari’s data. Also, the privacy coin has 12,703 active addresses while the volume is $16,980,375.93.
Some of the popular Coin mixing Services
Along with privacy coins, there is also a variety of popular privacy-focused coin mixing services. One of them is the Wassabi wallet that is an open-source, non-custodial, privacy-focused Bitcoin wallet for Desktop. The number of users that have downloaded this wallet is over 117,000.
Samourai mobile wallet for Android is also included in this list. This wallet uses a different coin mixing system which is known as Whirlpool. A recent developed protocol Cashfusion provides bitcoin cash transaction levels of privacy. About this protocol, the Twitter user and Wasabi Wallet developer, @nopara73 said:
Another big name in these popular privacy-focused coin mixing services is Cashshuffle that is a coin mixing protocol for BCH users. From 27th March till now, the crypto users have almost shuffled almost 209,360 BCH.
The only thing that matters is privacy and these popular and leading privacy coins and coin mixing services provide a maximum level of security and privacy to users’ information.