Privacy on blockchains. That’s one of the big narratives in the crypto space. The competition in this sector is heating up, one project is a clear winner. During the next bull run, these tokens will do well!
In this article, I will highlight 4 privacy projects for you today, and I will also present you a winner. So, let’s dig in and find out whom I will be talking about. But most importantly, why did I pick this altcoin as the current top project?
#1: Privacy
So, what I like to do, is compare a few privacy projects with each other. The projects I have in mind are Tectum, Mina, Aleph Zero, and Secret. The first feature I like to look at is the most important one. That’s the privacy factor itself. I want to know how these four projects handle the privacy feature of their transactions. So, let’s take a look. Three projects keep the data on-chain. For instance:
- Mina uses zk-SNARKS. This stands for Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge. It means that it shields on-chain transaction details. But that’s for balances and transaction amounts only. Not for the sender or receiver.
- Aleph Zero is going to use Liminal. That’s their on-chain privacy-enhancing technology. However, this still needs to launch.
- Secret uses on-chain privacy-preserving technology. These are their Secret Tokens. It encrypts your data.
- Tectum, on the other hand, doesn’t store any user data at all. This wallet makes their transactions untraceable. General blockchain transactions are pseudonymous. However, Tectum boasts anonymous transactions. They offer off-chain transactions. And I don’t mean L2 or off L1, it is totally off-chain and private with their SoftNote Protocol.
In contrast to, for example, Aleph Zero, which hasn’t launched its privacy-enhancing tech, Tectum built theirs already. However, I also need to point out that Aleph Zero enhances privacy. That means any chain can integrate Aleph Zero and enjoy privacy. That’s slightly different.
So, if the sender info isn’t there, there is no info to protect. That’s the difference of what Tectum offers. This makes it different from Secret or any of the others that are shielding the info. Like Mr. Miyagi says in the Karate Kid movies. The best defense against a punch is to not be there in the first place.
#2: TPS
The next metric I want to take a look at is TPS (Transactions per second). It’s all in the name. This number states how many transactions a network can handle per second. As you may know, Bitcoin is not one of the fastest chains around. It has a TPS of around 7. But now let’s take a look at our four chains today:
- Mina has the lowest number, with 22 TPS.
- Secret can have a max of 10,000 TPS, but the ideal number is 4,000.
- Aleph Zero can handle up to 89,000 TPS under simulated circumstances.
- Tectum has a TPS of 1 million. It currently offers the fastest transaction speed available in the crypto space. SoftNote plays a big role in this.
So, that’s twice in a row now that Tectum beats its opponents. Tectum also saw their Onion/TOR node go live! That was only a few days ago. Besides privacy and anonymity, it also adds untraceable browsing. This is with SoftNote cash.
#3: SoftNote
So, it’s time to explain what SoftNote is all about. I have mentioned it already a few times by now. It’s easy and straightforward, SoftNote is a crypto certificate. Now, this certificate allows you to do a few things. For example, you can send it for free, instantly, private, and anonymously. And the best thing about it? You don’t need a crypto wallet. The only thing you need is a SoftNote wallet.
This is how it works. You start with minting a SoftNote. You use the TET token for this. This action creates a wallet on the target chain, and it adds a new SoftNote bill. The denomination is up to you to decide. Once you mint the SoftNote, you receive a reward whenever somebody spends your bill. That’s forever!
You can also fill SoftNotes with liquidity, in the denomination of your liking. Now, when somebody spends that liquidity, you, as a liquidity provider, get a reward. And guess what, that’s also forever. In short, SoftNote combines the best of digital and physical money systems.
To clarify this, SoftNote is transactionless. It doesn’t clog up any L1s. In contrast, they change hands by transferring wallet ownership and the keys. The retailers who accept SoftNotes, pay the associated fees. So, not the users. Here is a video to learn how to use it.
It’s also anonymous because complete wallets change owners, not coins. So, you create crypto that’s 100% backed, and you can redeem it for fiat. Currently, you can fill SoftNotes with 4 cryptos; BTC, ETH, LTC, or USDT
#4: Ease of Use
Here’s another metric I like to cover. That’s the ease of use. For instance:
- Mina is easy to use: You can carry it in your pocket, or on your phone. Since it’s the lightest blockchain around, each participant is also a full node. The Mina blockchain has a fixed size of only 22kb.
- With Secret, you need to swap the SCRT token into sSCRT if you want privacy. So, that’s not always convenient.
- For Aleph Zero, it’s a bit too early to say anything about this aspect. They will first need to launch Liminal.
- SoftNote doesn’t even need a crypto wallet. You create a Tectum wallet, and you’re all set. Now you can buy SoftNotes with the TET token.
So, another takeaway by SoftNote and the Tectum team. How do you like Tectum’s SoftNote? Is it a system you will use?
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by BYDFi. Copyright Altcoin Buzz Pte Ltd.
