Top 3 High Potential Privacy Coins

For many people, anonymity in the crypto industry is no longer enough. As a result, projects have been created over the years that attempt to add a layer of privacy.

In this article, you will discover three coins you should look closer to if you want privacy. They are Oasis Network, Aleph Zero, and Secret Network.

Oasis Network Aleph Zero Secret Network
Marketcap $242M $199M $81M
Parent Ecosystem Oasis Substrate Cosmos
Business Model users institutions dApps and users
Backed By Binance A16Z Master Ventures CoinFund Defiance Capital
Ecosystem Fund $235M $50M $400M
Projects in the Ecosystem YuzuSwap Blockchain Cuties Azero ID Abax Shade Protocol YOIU
Key Aspects Secret Network Oasis Network Aleph Zero
Smart Contracts Privacy-preserving High scalability with separate consensus and ParaTime layers Hybrid consensus with Dynamic fee adjustment
Native Cryptocurrency SCRT ROSE AZERO
Functionality Transformation of smart contracts into secret contracts Consensus layer and ParaTime layer Separation of compute and consensus operations Hub and Spoke Model with each institution or enterprise can become an independent spoke
Data Privacy Input data is kept hidden, and user data is encrypted before adding to the smart contract * Built-in privacy * confidential computing * Each ParaTime can be developed in isolation Multichain privacy layer (Liminal) with a Decentralized file storage system
Block Creation Every 6 seconds Every 5 seconds Every 0.9 second
Transactions Per Second (TPS) Soft limit of 22, the theoretical limit of 10,000 Up to 1,000 Up to 100,000
Framework Cosmos SDK Substrate SDK
Consensus Algorithm Byzantine Fault Tolerance (BFT) Proof of Stake (PoS) Proof-of-Stake (PoS) + Directed Acyclic Graph (DAG)

 

1) Secret Network

Secret Network is a blockchain protocol with privacy-preserving smart contracts. It enables decentralized applications (dApps) to perform encrypted computations. $SCRT is the native cryptocurrency of the network.

Founders:

  • Secret Network was initially named Enigma and was founded by Can Kisagun and Guy Zyskind.
  • Can Kisagun was a Business Analyst at McKinsey & Company and holds an MBA from MIT.
  • Guy Zyskind has an extensive history in blockchain, having earned his Master of Science at MIT and then as a Research Assistant at its Media Lab.

Functionality:

  • Secret Network allows for the transformation of smart contracts into secret contracts.
  • The network encrypts user data before storing it in a smart contract and distributes it in an encrypted format across nodes.
  • Input data is kept hidden — even from the nodes that verify blockchain activity.

Technical Details:

  • Blocks are created and appended every six seconds with a soft limit of 22 transactions per second (TPS).
  • The network can theoretically process 10,000 TPS, according to the Secret Network team.
  • Secret Network is built atop the Cosmos SDK framework and leverages proof-of-stake (PoS) via Tendermint’s Byzantine Fault Tolerance (BFT) consensus algorithm.

2) Oasis Network

On the other hand, Oasis Network is a proof of stake (PoS) blockchain network designed to function as a privacy-preserving platform. Oasis has the concept of tokenized data, allowing users and developers to log and enforce usage policies with high integrity.

Also, for the same, Oasis supports confidential ParaTimes that can be used to create confidential smart contracts, ensuring private user data remains confidential. ROSE is the native token of Oasis Network, used for paying transaction fees, delegation on the consensus layer, and staking by validator nodes.

Founders:

  • Oasis Labs, the core developer behind Oasis Network, founded The Oasis Network in 2018. By Dawn Song, a professor at the University of California, Berkeley.
  • The Oasis Team has world-leading researchers, security experts, and privacy advocates with backgrounds from Apple, Google, Amazon, etc.

Functionality:

  • Oasis Network is a scalable, privacy-enabled blockchain.
  • It allows users to share their data to earn income while keeping it totally confidential, unlocking digital identity and private metaverse

Technical Details:

  • Oasis Network uses a PoS consensus algorithm
  • It can handle up to 1,000 transactions per second (TPS)
  • It separated its consensus and computational operations into the consensus layer and the ParaTime layer.
  • Each ParaTime layer allows anyone to develop their own ParaTime.
  • Each ParaTime provides the needs of a specific application.
  • The network’s sophisticated discrepancy detection makes Oasis more efficient than sharding and parachains, requiring a smaller replication factor for the same level of security.

3) Aleph Zero

Finally, Aleph Zero is an enterprise-ready, privacy-focused, proof-of-stake (PoS) layer-1 public blockchain. Developers built Aleph Zero with the Substrate stack, an open-source technology kit.

Also, the project aims to solve the speed, scalability, validation time, and security issues of current blockchains. AZERO is the native token.

Functionality:

  • Low transaction costs, high decentralization, fast transaction speeds, privacy for enterprises
  • Aleph Zero is unique due to its hybrid consensus protocol, multichain privacy layer (Liminal), decentralized file storage system, and dynamic fee adjustment.

Technical Details:

  • Aleph Zero uses a novel, peer-reviewed Directed Acyclic Graph (DAG) consensus protocol.
  • There is a rotating committee of validators for the validation process.
  • The project combines PoS and DAG in its consensus mechanism.

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