TOP PRIVACY COINS - Zcash vs Monero - Monero XMR Price Prediction - Zcash ZEC Price Prediction 2022
TOP PRIVACY COINS - Zcash vs Monero - Monero XMR Price Prediction - Zcash ZEC Price Prediction 2022
00:00 - Introduction to Privacy Blockchain
02:35 - Monero Price Data
02:56 - Zcash Price Data
03:16 - What is Privacy Coins
05:40 - What is Monero
08:04 - What is Zcash
11:08 - XMR & ZEC Price Prediction
12:33 - My thoughts
Many have speculated that 2023 will be the year of web 3.0 but that Privacy Coins take the crypto markets by storm. Whether due to stricter KYC requirements, political censorship, or physical safety, the need for a blockchain privacy solution has never been more urgent. And the following 2 reasons should prove my point.
Privacy coins such as Monero and Zcash each provide added layers of anonymity for users looking to transact over the blockchain. This is important given the rather transparent nature of the crypto sector overall. Just in case you are unaware of the fact that crypto transactions aren't fully anonymous. Users can pull up the wallet addresses of transacting parties (it's all public on the blockchain)
Should crypto regulation pick up, which would likely force crypto exchanges to report user information to the Treasury Department and allow for the government to peek into users' individual wallets, expectations are that privacy coins could see an uptick in usage. Many transact on the blockchain because they don't like the centralized nature of the traditional banking industry. Accordingly, privacy coins are coming into focus for many investors right now.
Monero
Arguably the most successful privacy-focused blockchain that still sees development and use today is Monero. Originally known as BitMonero, the network was deployed in 2014 and has survived due to its best-in-class anonymity, range of privacy-preserving features, and active developer community that still includes many early contributors.
Monero makes the identity of senders, recipients, and the amounts sent in transactions anonymous by disguising the addresses used by participants. The network hides transaction details through a combination of privacy-preserving methods, including ring signatures, zero-knowledge proofs, stealth addresses, and IP address obscuring methods.
Zcash
While Monero is the most popular privacy-preserving blockchain in use, it is not the only one. Another popular blockchain of choice among privacy enthusiasts is Zcash. Launched in 2016, Zcash uses zero-knowledge proofs to verify transactions without revealing the sender, receiver, or transaction amount.
Zero-knowledge proofs use advanced cryptography to let parties confirm the details of a transaction without revealing any of the specifics to one another. ZK-proofs achieve this through a special set of verifying keys that are shared among all the participants in the network. These keys let network participants cryptographically confirm changes on the Zcash ledger without revealing which addresses were involved or how many coins were transferred.
There’s one major difference between Monero and Zcash. While all Monero transactions must use the network’s privacy features, Zcash’s privacy features are optional and do not come as a default. While this system makes it easier to broadcast transactions publicly if needed, it has also had the unintended effect of compromising the privacy of those trying to hide their transactions.
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