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Produced by Li Huohua | Vernacular Blockchain (ID: hellobtc)
In recent years, with the development of network technology, there have been endless incidents of personal privacy data being leaked.
Bitcoin is loved by some users who value privacy because of its anonymity; but in the eyes of other people, the anonymity of Bitcoin is still very weak, because all transactions of Bitcoin can be queried and tracked by everyone through data mining. , Mark the "contaminated address", it is still possible to find the corresponding owner behind a certain bitcoin address.
In fact, the U.S. FBI has locked many Bitcoin addresses associated with illegal activities and arrested many criminals through data mining. After the famous " Mentougou Incident " occurred, one of Mentougou's users, software engineer Nilsson, tracked the flow of stolen bitcoins, and finally successfully locked the criminals who had been hidden for several years.
In order to further enhance the anonymity of encrypted currency and protect the privacy of users, a new type of Token was born- anonymous currency .
At present, the more famous anonymous coins that have been tested for a long period of time in the market are Monero (XMR, Monero), DASH (Dash) and ZCash (ZEC, Zcash).
Below, briefly introduce how they achieve their own anonymity stronger than Bitcoin's anonymity.
1. Monero (XMR, Monero)
In terms of market value, Monero is currently the most popular anonymous currency. The main methods of Monero to protect user privacy are: 1. Protect the sender through ring transactions; 2. Protect the recipient by hiding the address; 3. Use the ring signature algorithm to hide the transaction amount.
In other words, on the blockchain browser, the transaction data of Monero is not public. No one can know what transactions your Monero has gone through before, nor can you query your Monero at this moment. To whom was the currency transferred.
It is worth mentioning that ordinary computers can also participate in Monero mining. Monero uses the CryptoNight algorithm, and mining with CPU is more efficient than mining with GPU. Therefore, no special professional mining machine is required, and ordinary computers can also mine Monero .
2. DASH (Dash)
Dash uses a technology called "coin mixing" to enhance anonymity. "Mixed coins" technology, in simple terms, is to mix coins from different issuing addresses and then send them out. This cuts off the one-to-one correspondence between the sender's address and the recipient's address, thereby better protecting privacy; the disadvantage is that compared with Monero, the transaction amount of Dash can be queried.
3. ZCash (ZEC, Zcoin)
Zcoin uses Zk-SNARKs, or zero-knowledge proof , a proof system that can verify transactions without knowing the transaction itself. Zero-knowledge proof was rated as one of the “Top 10 Global Breakthrough Technologies in 2018” by the Massachusetts Institute of Technology Review. The vernacular blockchain wrote specifically “ Anonymous coins with a price of more than 40,000, how to achieve anonymous transactions? "Introduction, I won’t repeat it here.
Famous anonymous coins, in addition to Monero (XMR, Monero), DASH (Dash) and ZCash (ZEC, Zcash) introduced above, there are also rising stars and Grin and Beam, which were very popular some time ago.
Litecoin founder Li Qiwei said: "interchangeability is Bitcoin and litecoin only thing missing sound money attribute since the size of the debate is over. The next battleground will be replaced and privacy ." In other words, as the forerunner of Bitcoin's new technology, Litecoin will continue to enhance user privacy protection .
Do you think Bitcoin needs to further strengthen user privacy protection and enhance anonymity? why? Please leave a message at the end of the article.
This article is reissued from an old one with slight adjustments
Original link: Bitcoin's anonymity is unreliable, so there is an anonymous currency that focuses on privacy protection
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