Privacy digital currencies are considered key in the world of cryptocurrencies. Privacy coins are aimed at putting people in control of their fund without oversight or governmental interference. Today, there are lots of privacy digital currencies in the market, and the two most popular are Monero and Zcash. So the question is “among the two of them, which is a better privacy digital currency?”
What is Monero [XMR]?
Monero is a Proof of Work digital currency which was launched back in April 2014, and it utilizes the CryptoNote protocol. Monero emerged from Bitmonero, and it was originally referred to as Bytecoin. It obfuscates receiving and sending addresses, as well as transaction amounts.
What is Zcash?
Zcash is a Proof of Work digital currency which is capable of executing transactions privately, and it was launched back in October 2016. Zcash uses a public blockchain, but receiving and sending addresses and transaction amount are kept private. The privacy of the coin is optional, and it doesn’t come by default.
Key Privacy Features of Monero
- Ring Signature
- Ring confidential transactions
- Stealth addresses
Key Privacy Features of Zcash
- Zk-SNARK
Advantages of Monero
The digital currency of Monero – XMR, is fungible. This means that every coin is the same. For digital currencies such as bitcoin, every coin can be traced back via its history and it could be identified with illegal activities which might not be compatible with legal business requirements in relation to stolen funds. This is not the case of Monero [XMR] as no coin can be traced back to its origin by using a blockchain explorer.
Advantages of Zcash
There are lots of wallet support for Zcash including Trezor and Ledger, and there are also a lot of internet wallets available. This gives room for broad adoption as users are presented with several ways of keeping their coins secure.
Conclusion
Both digital currencies utilize advanced algorithms and techniques to facilitate private transactions. Based on their features and compromises, Monero [XMR] is presently the better privacy digital currency in light of all.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
