Table of Contents
Introduction
Zcash (ZEC)
Up next on the list of top privacy tokens in 2023 is Zcash. This privacy token project was launched back in 2016 and it was created with the aim to provide users with a high level of anonymity and privacy in their financial transactions. Zcash uses its own set of advanced cryptographic techniques such as zk-SNARKs (zero-knowledge proofs) to shield transaction details, including the sender, receiver, and amount sent from prying eyes.
While Monero offers similar features, Zcash has the added benefit of giving users the option to choose between two types of transactions: private and transparent. Private transactions use their zk-SNARKs technique to obscure transaction details, while transparent transactions are similar to Bitcoin and other cryptocurrencies, and publicly record transaction details.
Thanks to its additional features, Zcash has become very popular in terms of usage across various platforms in the Web3 ecosystem and is being actively used in various applications, including payments to content creators, tipping on social media platforms, and other use cases where privacy is important – making it a very pertinent part of the list of top privacy tokens in 2023.
Dash (DASH)
The third on the list of top privacy tokens one needs to know about in 2023 is Dash. This was a project that was launched around the same time as Monero in 2014, and was originally called XCoin then changed its name to Darkcoin two weeks later before rebranding again to Dash in March 2015 in order to have a more positive nomenclature. This is another privacy-focused crypto project that aims to provide users with enhanced anonymity and privacy in their financial transactions. Dash uses its unique “Masternode” system to validate transactions and provide an extra layer of security and privacy to its users.
While privacy is a feature that a few other projects are offering, Dash is more known for its ability to process transactions at a much higher speed than others, and also charging lower transaction fees that are practically unmatched by other privacy-focused crypto projects out there. Thanks to these features, Dash has been adopted by various merchants and businesses as a payment method, including some travel and hospitality companies. Outside of its privacy crypto project, It has even launched various other products and services such as a mobile wallet and a debit card.
Read more: Top Cryptos with Lowest Transaction fees
Oasis Network (ROSE)
Up next is Oasis Network (ROSE). This is one of the more recent entrants into the privacy-focused crypto sector with its launch in 2018 and it was also designed to provide users with a decentralized, secure, and privacy-focused platform for building and deploying applications. Oasis Network uses advanced privacy technologies such as “confidential computing” to keep data private and secure, even when it is being processed by third-party applications.
One of the key differentiating features of the Oasis Network is its ability to support smart contracts that are both privacy-preserving and scalable at the same time. This allows developers to build decentralized applications (dApps) that protect the privacy of their users while maintaining high levels of performance and scalability. Thanks to these functionalities, Oasis Network has been adopted by various businesses and organizations as a platform for building decentralized applications and has received support from various investors and venture capitalists and thus is well-positions to meet the growing need of users and various businesses across the world for DeFi focussed dApps.
Decred (DCR)
Last but not least, in the list of top privacy tokens for 2023 is Decred. Decred is a privacy-focused crypto project that was launched back in 2016 and one of its unique features is that it was created as a hybrid between proof-of-work (PoW) and a proof-of-stake (PoS) consensus mechanisms, which allowed for increased security and decentralization in the network. It was designed to be a self-governing and community-driven cryptocurrency, where stakeholders have a say in the decision-making process.
One of the most differentiating features of Decred is its governance system. It allows stakeholders to vote on proposals and changes to the network. This ensures that the network remains decentralized and transparent, with decisions made by the community rather than a central authority. Decred also prioritizes security and privacy, with features such as privacy-preserving transactions and atomic swaps that allow for cross-chain interoperability. Thanks to its unique approach to governance and security and its laser-sharp focus on transparency, decentralization, and security – it features on the list of the top privacy tokens one needs to know about in 2023.
So, how can you invest in these privacy tokens?
Today investing in privacy tokens is extremely simple with the CoinDCX App! Just download the CoinDCX crypto investing app, enter the details required, and wait for your profile to get verified. Once done, fund your wallet and you can now invest in any privacy token of your choice!
Read more: Top Platform Tokens in 2023
Conclusion
There you have it! A compiled list of the top 5 privacy tokens that you need to watch out for in 2023. However, before investing in any of these projects, one must do thorough research and analysis on the token. This is a category that is slightly more vulnerable to governmental scrutiny and sanctions and thus can result in major losses. That being said, these projects are trying to solve a very real issue in the financial world and do hold the potential to change the future for good!
Values as on April 17, 2023.
