Privacy Coins Overview

There are a lot of privacy coins in the world of crypto, But today I'm going to give a quick overview of the top 3 privacy coins.

1. DeepOnion

This is one of the most recent introductions to the "crypto" space, designed on the TOR network.

As explained, TOR ("The Onion Router") is a global network of Internet-connected computers designed to route web requests through several "layers" of proxies.

The DeepOnion coin has received a large amount of hype typically because of the way it's been designed to provide users with a "completely anonymous" system through which to conduct financial transactions.

The system has been built off the back of having a system designed around 3 main pieces of functionality: DeepVault, DeepSend and VoteCentral. All of these combined together provide the system with complete anonymity.

DeepSend

Acts as a multi-layered "mixer" for transactions delivered through the system.

Whilst not entirely new in itself, it applies several technologies in a "new" way - essentially sending transactions through a number of levels of encryption in order to obfuscate the sender's IP.

This functionality has not been developed yet, but will use the TOR network and will cost a small fee. The benefits are that your transactions will be completely anonymous, allowing users to send/receive payments as required.

DeepVault

Part of the DeepOnion "wallet" - allows users to store files on the DeepOnion "blockchain" database, hashing them so they cannot be changed.

Used predominantly for the likes of legal documents & contracts, it could provide effective means through which users are able to determine the veracity of various documents.

This has been implemented for a long time, allowing users to make the most of the system and get their documents secured on the blockchain.

VoteCentral

System by which people are able to vote to determine how the "coin" is developed over time. Works based on weighted value of held "coins" provided to users to provide them with the ability to manage the future progress of the system.

2. Monero

Monero was the first "crypto" system focused on the vision of privacy / anonymity. It's now one of the top-10 "market cap", typically due to the way in which it actually provided a unique solution to the issue...

Founded in 2014, it was built on top of the "CryptoNote" protocol (counter to the majority of systems which focused on the "Bitcoin" network) - allowing for transactions to be obscured.

The system works by providing a ring-signature based system that allows you to "mix" transactions through a central set of temporary nodes. This routing mechanism is used by a growing number of privacy-based "coins" and essentially provides users with the ability to send and receive payments without actually giving up their information.

3. Verge (XVG)

Verge was released in 2014 and was the first "crypto" system to be built on top of the TOR network.

The major benefit of Verge is something called the "Wraith Protocol" (essentially the equivalent to Deepsend with DeepOnion) - allowing transactional data to be obfuscated.

If you're sending any sort of transaction through the "crypto" system, you'll be best placed to use the likes of Verge or one of the other "TOR" based services (there are a few now).

Not only do they allow you to get the most out of the system, but are able to give you the ability to remove any of the potential issues that the system may have.

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