Privacy has always been a hot item in the crypto space. Contrary to popular belief, crypto is pseudonymous and not anonymous. You can see on-chain transactions. However, there are no names attached to wallet addresses. But how difficult is it to add a name to that address? Hence, there’s a demand for more privacy in crypto.
So, let’s take a closer look at three top privacy coins.
I understand why @BCBacker is always high on privacy coins.
After the EU is trying to track all your transactions with your ID and Ledger allowing you to give your 24 seed phrases to a 3rd party with your ID linked shows clearly that privacy coins are going to be huge soon. pic.twitter.com/AjguJu901a
— 👑 𝕂𝕚𝕟𝕘 𝔻𝕠𝕘𝕘𝕠 👑 (@KingDoggoXRP) May 16, 2023
Oasis Network (ROSE)
The Oasis Network is a privacy-focused layer 1 blockchain. It uses the Cosmos SDK or software development kit to make it go. It promotes and offers data privacy. The network also protects user confidentiality. It achieves this by separating the consensus and execution layers. However, it also offers a built-in interface. This connects both. This setup also allows for maintaining privacy computations.
For consensus, it uses the PoS or Proof of Stake mechanism. On one side, it secures the network. On the other side, it can validate transactions. The execution layer has various ‘ParaTimes’. These are parallel runtimes. To clarify, they offer the specialized computation that’s needed. In turn, each of these ParaTimes links up with the consensus layer.
The network uses Tokenized Data. In other words, these are digital assets. It puts you in control of your data, and you receive rewards by staking them. Oasis also unlocks a private digital identity. Furthermore, it offers a scalable and private DeFi experience.
The network has ROSE as its native token. The token launched back in November 2020. The token has three main use cases, for instance,
- Pay for transaction fees
- Staking
- Delegation on the consensus layer
The max and total supply of the token is 10 billion tokens. Out of these, 5 billion already circulate. The token has a release schedule of 10 years. This ends in November 2030. Its market cap is currently $275 million. The current ROSE price is $0.054489. The following video gives you a brief introduction to the Oasis Network.
Mina Protocol (MINA)
The Mina Protocol is foremost known as the lightest blockchain. Its size is only 22kb. That’s the same size as three tweets. This is in contrast to, for example, Bitcoin or Ethereum. Their size is respectively 499 GB and 648 GB. Mina remains 22kb and can grow in usage, but not in size. Other chains keep growing in size.
So, you can download Mina on your phone. You also become a full node owner at the same time. Instead of downloading the complete chain, you take a snapshot of the latest block. The complete chain is in the background. So, now you keep repeating this process.
However, Mina is also an active privacy protocol. For this, they use zk technology. 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 its whitepaper, Mina calls itself a succinct blockchain.
Mina can interact with websites in privacy. On the other hand, other blockchains don’t interact with the internet at all. So, this doesn’t compromise your privacy. For instance, Mina will never share any sensitive or private data. It uses zkApps for this. SNARKS power these decentralized apps. Mina offers, for instance, private IDs. It can also prove your net worth by demonstrating it controls your wallet. However, it will never reveal your wallet address or balance. Did you know that you can buy all three coins mentioned here, on ByBit?
The MINA token is the protocol’s native token, and it’s inflationary. Yearly inflation will go from 12% to 7% over time. Here are some use cases, for example,
- Staking
- Block production
- Currency for the snarketplace. A marketplace where block and SNARK producers can buy and sell SNARK proofs.
The following picture gives a graphic display of Mina’s size.
Secret Network (SCRT)
The Secret Network is building quietly in the background. Privacy is its core feature. As a result, it takes a prime spot between all privacy coins. It launched in 2020. Since April 2021, it is part of the Cosmos IBC network since the IBC launch. Secret is one of the current 59 zones and part of the IBC. That’s the Cosmos ‘Internet of Blockchains’. See the picture below.
Source: Map of Zones
So, Secret is all about privacy. It has a small ecosystem, with apps that are all involved in privacy. For example,
- Alter – A private and secure messaging app.
- Shade Protocol – Various privacy DeFi apps, like their Shade Bridge or Shade Swap.
- SiennaSwap – A cross-chain DeFi platform. Swap, lend, and convert all in private.
- SecretSwap – A front-running resistant and cross-chain DEX. It has Ethereum, Monero, and BSC bridges.
All smart contracts or ‘Secret contracts’ have a privacy default setting. These are the Secret Apps, and all are privacy-preserving. They encrypt any input or output. As a result, even the nodes don’t have access to the data. So, here are some Secret contract samples,
- DeFi – This offers privacy and prevents front running.
- NFTs – Secret NFTs reveal content selectively. They can also create hidden features.
The native SCRT token has a couple of use cases, for instance,
- Staking
- Governance
- Execute secret contracts
The SCRT token has an infinite supply and is inflationary. Currently, there are 207.6 million tokens in circulation. Its market cap is $103 million, and its current price is $0.499397. Here’s a short introduction video to Secret.
Conclusion
We looked at three privacy coins. This included the Oasis Network with its ROSE token and Secret Network with the SRCT token. They are both in the Cosmos IBC ecosystem. Furthermore, we also discussed the Mina Protocol with its MINA token.
The ROSE, MINA, and SCRT privacy coins are available on a few exchanges, including Bybit. Did you know that Bybit is giving out up to $30,000 in bonuses & together with a brand new iPhone 14? Just click this link to find out more. If you already have a Bybit account (created without affiliate link) you can still join by clicking this link.
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