Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Privacy Coins Forum => Topic started by: ABCbits on January 22, 2024, 01:05:58 PM
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I see people mention many different coin they consider as best privacy coin. But in terms of privacy, is there are privacy coin which can compete with Monero? For example,
1. Zcash private transaction is optional. I recall there are research which break the privacy since there are so few private transaction, where researcher exploit when Zcash user move coin from Zcash address to Zcash private address and vice versa.
2. DASH offer CoinJoin as it's privacy feature. But it's also optional and people could just use Bitcoin along with CoinJoin wallet.
Your opinion or criticism is greatly appreciated.
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Meh, I look at Zcash and Dash as the mainstream version of private coins (they folded). Monero still holds it down but I'm reading about Piracy (PRCY)1 and Pirate Chain (ARRR)2. For comparisons with other privacy coins, Piracy came up with this https://comparison.prcycoin.com/ As much as I want to, I'm not the best one to discuss this on a technical level.
1 https://prcycoin.com/
2 https://piratechain.com/
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I don't understand some of the comparison variables mentioned on that link, such as Proof of Audit. Are they saying that their code has been audited independently by other parties? what's the difference between open-source projects where anyone can do the same? Some of the stats look very surprising though. $2 (I just checked and it seems $2k instead of $2) 24H volume certainly doesn't instill any confidence if the coin has been around for at least 3 years. It just shows that the market doesn't think they are competitive with other options regardless of how many green checks they have. CMIIW.
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Monero still holds it down but I'm reading about Piracy (PRCY)1 and Pirate Chain (ARRR)2. For comparisons with other privacy coins, Piracy came up with this https://comparison.prcycoin.com/ As much as I want to, I'm not the best one to discuss this on a technical level.
1 https://prcycoin.com/
2 https://piratechain.com/
Thanks for the links.
1. At a glance both Piracy (PRCY) and Pirate Chain (ARRR) looks good. Both require all transaction must be private. As for PRCY, i have concern about coin distribution and decentralization, but it's different topic.
2. The comparison is also interesting since there are more coins with mandatory privacy than i expected.
I don't understand some of the comparison variables mentioned on that link, such as Proof of Audit. Are they saying that their code has been audited independently by other parties? what's the difference between open-source projects where anyone can do the same?
I don't really understand either. The whitepaper talks about miners verify block created by staking node. But shouldn't all full nodes verify whether the block is valid or not?
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I expect soon that ZCASH will stop providing privacy features, especially since they are no longer important due to their removal from many exchanges and that the project from the first day was not aimed at privacy, and this privacy may lead to the #DevelopmentTeam being tracked.
Have you heard of GRiN[1] (THE MIMBLEWIMBLE BLOCKCHAIN,) where Grin has no amounts and no addresses. The only problem is the price and continuous development, which will be difficult for it to compete with Monero, but Mimblewimble can be integrated into some blockchains such as litecoin.
I think we need to have a serious discussion about Mimblewimble. If someone created a thread to discuss it, it would be a good addition to privacy.
[1] https://grin.mw/
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I expect soon that ZCASH will stop providing privacy features, especially since they are no longer important due to their removal from many exchanges and that the project from the first day was not aimed at privacy, and this privacy may lead to the #DevelopmentTeam being tracked.
I doubt it. Without optional privacy feature, Zcash wouldn't have any unique feature.
Have you heard of GRiN[1] (THE MIMBLEWIMBLE BLOCKCHAIN,) where Grin has no amounts and no addresses. The only problem is the price and continuous development, which will be difficult for it to compete with Monero, but Mimblewimble can be integrated into some blockchains such as litecoin.
I think we need to have a serious discussion about Mimblewimble. If someone created a thread to discuss it, it would be a good addition to privacy.
[1] https://grin.mw/
Yes, i'm aware of Grin coin. It's a shame Grin isn't popular, while Litecoin's Mimblewimble isn't mandatory feature.
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There are coins with better algorithms and privacy than monero but they have much lower liquidity and they are not decentralized like monero.
I know about Arrr Pirate chain, Dero and others but I cant say they can compete with price and popularity.
One privacy coin I would suggest avoiding is Zcash.
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There are coins with better algorithms and privacy than monero but they have much lower liquidity and they are not decentralized like monero.
I would question privacy of such coins if they're not really decentralized.
I know about Arrr Pirate chain, Dero and others but I cant say they can compete with price and popularity.
Dero seems interesting, since they claim they use homomorphic encryption (usually i only see this on research or very specific usage) with smart contract feature.
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There are coins with better algorithms and privacy than monero but they have much lower liquidity and they are not decentralized like monero.
I know about Arrr Pirate chain, Dero and others but I cant say they can compete with price and popularity.
One privacy coin I would suggest avoiding is Zcash.
Yeah, monero is the best privacy coinm.I see there is no competitor for it.
But zcaah and dash are also good privacy coins.
For now, Monero XMR is better and more popular.
But Let's see at the next few years, maybe we will see others privacy coins.
I think developers will build potential privacy coins at the future.
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But zcaah and dash are also good privacy coins.
In this thread i already mentioned weakness of Zcash and DASH. But do you mind sharing reasons why you think those coins are good privacy coins?
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I see people mention many different coin they consider as best privacy coin. But in terms of privacy, is there are privacy coin which can compete with Monero? For example,
Bitcoin + mixers or coinjoins.
I think sometimes fully anonymous is not desirable
Imagine a signature campaign where the manager can't show a transaction ID where you can see all the funds spend, the remaining balance, etc.
When you get other coins using a mixer, you privacy is nearly 100%.
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I see people mention many different coin they consider as best privacy coin. But in terms of privacy, is there are privacy coin which can compete with Monero? For example,
Bitcoin + mixers or coinjoins.
It's solid alternative, but i expect some people prefer coin with mandatory privacy feature.
I think sometimes fully anonymous is not desirable
Imagine a signature campaign where the manager can't show a transaction ID where you can see all the funds spend, the remaining balance, etc.
I don't know other privacy coin handle it, but on Monero you can share your view key and transaction key which used to check address and details of the TX.
When you get other coins using a mixer, you privacy is nearly 100%.
Probably yes, but don't forget you need to trust that mixer.
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When you get other coins using a mixer, you privacy is nearly 100%.
Probably yes, but don't forget you need to trust that mixer.
Indeed. This is a problem.
An smartcontract such as tornado cash would be amazing in bitcoin... but I don't see something like being implemented soon
Coinjoin allows some decentralization but I don't know exactly how much trust do you need. Wasabi coinjoin feature is somewhat centralized in their coordinator nodes
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An smartcontract such as tornado cash would be amazing in bitcoin... but I don't see something like being implemented soon
I don't think it's possible in first place due to lack of turing complete scripting and necessary cryptography.
Coinjoin allows some decentralization but I don't know exactly how much trust do you need. Wasabi coinjoin feature is somewhat centralized in their coordinator nodes
It depends on which implementation you use. JoinMarket somewhat decentralized, but not easy to use. Meanwhile, decentralized aspect on Whirpool (available on Sparrow and Samourai Wallet) is very new feature.
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It depends on which implementation you use. JoinMarket somewhat decentralized, but not easy to use. Meanwhile, decentralized aspect on Whirpool (available on Sparrow and Samourai Wallet) is very new feature.
I nerver tested those wallets.
Are those coinjoin more expensive than using a mixer?
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Litecoin with new Mimblewimble addresses starting with mweb sounds like interesting privacy alternative for Monero.
However, there are few problems with this since it's still early days, not many wallets support mweb address format (I think only Litecoin core wallet), and not many people are using them yet.
I would love to see this mimblewimble getting implemented in Bitcoin.
Litecoin mweb explorer:
https://www.mwebexplorer.com/
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It depends on which implementation you use. JoinMarket somewhat decentralized, but not easy to use. Meanwhile, decentralized aspect on Whirpool (available on Sparrow and Samourai Wallet) is very new feature.
I nerver tested those wallets.
Are those coinjoin more expensive than using a mixer?
TLDR: Usually it's cheaper.
For JoinMarket, it depends on fee set by maker.
One group of participants (called market makers) will always be available to take part in CoinJoins at any time. Other participants (called market takers) can create a CoinJoin at any time. The takers pay a fee which incentivizes the makers. A form of smart contract is created, meaning the private keys will never be broadcasted outside of your computer, resulting in virtually zero risk of loss (aside from malware or bugs). As a result of free-market forces the fees will eventually be next to nothing.
For Whirlpool, this documentation page state the fee depends on which pool you use, https://docs.samourai.io/whirlpool/basic-concepts (https://docs.samourai.io/whirlpool/basic-concepts). But it's probably written before decentralized Whirlpool exist where i haven't tried that feature.