A lot of cryptocurrency users are always looking for more privacy or even anonymity when transacting online. The top cryptocurrencies do not provide this functionality, which is why privacy-oriented altcoins tend to do quite well. Below are a few interesting privacy altcoins which not even might be familiar with at this time. There is a lot more competition going on that one might think at first.
PirateChain (ARRR)
Albeit a lot of users initially assumed PirateChain would be another joke coin, the reality is seemingly very different. The project aims to position itself as a private and decentralized blockchain secured by Komodo dPoW. Every ARRR transaction is 100% private courtesy of its core protocol. That protocol cannot be compromised by other users active on the network, which makes PirateChain a very different project altogether.
Under the hood, it is worth noting PirateChain is based on ZCoin. The network should be safe from 51% attacks and double spends thanks to Komodo’s delayed proof-of-work. It is also one of the few privacy altcoins which do not provide users with an option to publicly send transactions. A very interesting alternative in the cryptocurrency world.
SpectreCoin (XSPEC)
Not to be confused with Spectrocoin, SpectreCoin is a project which focuses on privacy and anonymity. Interestingly enough, this project does not require proof-of-work, as it is completely based on proof-of-stake. This allows for fast transaction confirmations, which always benefit the end user. Ultimately, the goal is to build a viable anonymous digital cash ecosystem, albeit there is plenty of work to be done.
To make it all tick, SpectreCoin offers ring signatures to keep transactions private, Tor support, and IP obfuscation. There are also stealth addresses and stealth staking support to take note of. It is a rather ambitious altcoin project, although it is evident the $15m market cap shows there is a genuine interest in what this project can bring to the table.
DeepOnion (ONION)
With a name like DeepOnion, it is evident that privacy and anonymity are the main focus. This cryptocurrency project is also an official partner of the Tails project, which gives it a leg up over some of its competitors. There are many different layers of protection for users to enjoy including Tor support, Meek integration, stealth addresses, and the upcoming implementation of DeepSend. A lot of different aspects to take note of.
Another intriguing feature is how DeepOnion provides DeepVault. This notary service can store file validation credentials and protect the data by storing an immutable snapshot of the submitted data. This is a great use case for this blockchain itself, as the demand for secure data storage solutions has never been greater. It is also one of the altcoins distributed through airdrops, rather than a token sale.
Veil (VEIL)
The Veil team is confident they can offer the community privacy without any compromise. A lofty slogan, yet making it come true is a different matter altogether. The developers are currently working on providing always-on privacy, while still supporting proof-of-stake technology. It is expected anonymous staking will become a big part of this project in the future.
Under the hood, the Veil project aims to be as user-focused as possible. It is also a privacy altcoin which has native technology which allows the network to self-fund project developer. That in itself is not uncommon among altcoins, but it is something that will always spark some heated debates. There is a lot on the roadmap to look forward to, thus it will be interesting to see if the developers can make their vision come true.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
