The Russian invasion of Ukraine and the sanctions that followed are expected to lead to a spike of cybercrime. Most of these attacks will be on the financial sector and critical infrastructure like oil pipelines. As a result, demand for privacy coins is expected to rise since Bitcoin has shown its vulnerabilities. Here are the top privacy coins to buy.
Monero is the oldest and the biggest privacy token in the world. It uses advanced technologies to ensure that all transactions are protected. Users can decide on whether to post their transactions in the public or private ledgers.
Monero’s XMR token has a total market cap of over $3 billion, making it the 41st biggest coin in the world. Its price has dropped by just 0.7% in the past seven days, which is a better performance than most coins like Bitcoin and Ethereum.
Still, Monero faces a major risk in terms of its security. For one, users of one pool have grown their market share to about 45% in the past few months and there is a likelihood that they will get to over 50%. If this happens, it will lead to a possibility of 51% attacks, which will lead to more vulnerabilities.
Zcash is a leading privacy token that has gained a lot of popularity in the past few months. Its token is known as ZEC and has a market cap of over $1.8 billion. While most coins have crashed in the past seven days, it has jumped by over 13%. Investors believe that it has a better chance to dethrone Monero in the industry.
Zcash works in a relatively easy way. First, it allows private transactions, where a z-address transacts with a z-address. It also has a deshielding approach, where a z-address interacts with a t-address. Its t-address and z-address interact in what is known as a shielded transaction while a public transaction happens when a t and t addresses communicate.
Dash is another popular privacy token that has become popular among investors. It is a modified proof-of-stake token valued at over $1 billion. Like Zcash, it has been in a strong bullish momentum in the past few weeks as demand for privacy-oriented cryptocurrencies has risen.
Dash promotes privacy in how it is built. For example, it uses masternodes to verify transactions, which make it faster than Monero. There is a likelihood that the Dash price will keep rising if the demand for privacy tokens keep rising.