As privacy coins stare at an inglorious end, let us take a look at some of the popular privacy coin platforms

SUMMARY

While popular cryptocurrencies based on publicblockchainnetworkssuch as Bitcoin and Ether are expected to survive the ban, the same will not be the case of private cryptocurrencies or privacy coins – coins issued by private platforms that allow users to transact without making the data public—are expected to suffer. Here is a look at some popular privacy coins:

By CNBCTV18.comNov 24, 2021 11:00:48 PM IST (Updated)

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks toban all private cryptocurrencies in Indiaand make way for an official digital currency to be issued by the Reserve Bank of India (RBI). While popular cryptocurrencies based on publicblockchainnetworkssuch as Bitcoin and Ether are expected to survive the ban, the same will not be the case of private cryptocurrencies or privacy coins –coins issued by private platforms that allow users to transact without making the data public—are expected to suffer. Here is a look at some popular privacy coins:

Dash, the pioneering privacy coin started out in 2014. It was initially called XCoin and later DarkCoin.

Monero, considered by many to be the best anonymous cryptocurrency in the market, comes with various powerful privacy features.

Launched in 2016,Zcash is headed by the Electric Coin Company and uses the energy-intensive PoW mechanism to confirm transactions.

Beammaintains privacy with the help of a novel anonymity blockchain calledMimblewimble. It also provides untraceable transactions through non-identifiable addresses.

Launched in January 2019,Grin, uses the same Mimblewimble blockchain technology to maintain privacy.