ZCash VS Monero: Which Privacy Coin To Use? - Global Coin Report
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ZCash VS Monero: Which Privacy Coin To Use?

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ZCash vs Monero

While Bitcoin and numerous altcoins are praised to be secure and capable of providing safe, private transactions, this is not completely true. Most of these coins are only partially private, and the same goes for their transactions. This is due to the fact that most cryptos promote transparency, which can be achieved through blockchain technology, and eliminate issues like smuggling, corruption, and alike.

However, on the internet, there is always the need for true privacy and anonymity, and so privacy coins came to be. Privacy coins can hide all details regarding the users’ transactions completely, including their identity. Because of this, the skeptics often try to undermine them by claiming that such coins are only good for criminals who pay for drugs and other illegal goods and services on the dark web.

While it is true that anonymity allows this possibility, this is certainly not all that they are good for. In fact, they have quite a widespread use in the modern world, especially when it comes to businesses that wish to keep their secrets hidden.

Now, with all of this in mind, users looking into privacy coins may wonder which one to choose? Upon research, numerous altcoins might pop up, but choosing the right one is all that matters. Since Monero and ZCash are among the coins with most supporters, we have decided to compare them and try to determine which one is better.

ZCash vs Monero

Monero (XMR) is a privacy coin that was launched back in 2014, as a fork of Bytecoin. ZCash (ZEC), on the other hand, is a younger coin from October 2016. It was created by highly skilled and experienced cryptographers and scientists. Both coins quickly became popular due to high levels of anonymity and privacy that they provided, and ZCash vs Monero rivalry has existed ever since.

Monero’s process sees each transaction split and/or divided into smaller bits of information and then sent to a specific destination via numerous artificial nodes. While this sounds like a pretty secure method of sending payments anonymously, there are some rumors that claim that the transactions can still be traced.

Zcash, on the other hand, seems to be more privacy-oriented than any other coin. Its ledger doesn’t hold data about senders or receivers, and instead, it only has information about the time when the transaction was made. Basically, no transaction carries any public address information with it, which makes ZCash almost entirely anonymous and secure.

Despite the rumors, Monero still remains highly popular. A lot of people wishing for private transactions have adopted the coin, and its community continues to grow. ZCash’s use of zk-SNARKS protocol makes the transaction untraceable through regular means. However, many believe that digging deeper can allow IP address tracking, which can then be compared with the time of the transactions, and connected to a specific payment. While this seems to be an issue at first, the use of VPNs or anonymous browsers like Tor can easily handle this issue.

Obviously, both coins are created to be used as currencies. This makes them different from other cryptos that have larger goals in mind, where their coins are to serve as a means of payment for their respective networks. Both are quite fast too, although Monero was reported to be slightly faster.

Both are also pretty popular, although ZCash is more economical due to exceptionally low fees. Monero fees are not exactly huge, but they are definitely larger, which is one of the only aspects that makes it slightly easier to make a choice when comparing ZCash vs Monero.

Both also have quite professional and capable teams, although the Monero team likes to keep their secrets, while ZCash’s team is more open. As such, ZCash can often be favored by new investors that develop a larger trust in the coin and its developers.

In the end, the choice in the ZCash vs Monero rivalry falls upon the user. Both coins are more than good and capable of providing private transactions, although the use of additional privacy tools is never a bad thing.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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Lotto Nation is Revolutionizing the Traditional Lottery Industry

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Lotto Nation

As the global economy continues to deal with the economic fallout due to the ongoing pandemic, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever.

Traditionally, when economies go through a severe downturn, companies adapt.  Those that maintain the status quo usually have great difficulty while those that adapt prosper and conquer.  One possible example of this is Lotto Nation.  Thanks to the entrepreneurial skills of Nils Thomson, the Founder and CEO of Lotto Nation, the company is attempting to completely modernize the traditional lottery industry.

Current Lottery Model is Severely Outdated

It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life.  These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025.  Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.

Perhaps the biggest problem is that traditional lotteries are centralized.  Because of this, there is essentially no oversight on what a lottery provider…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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