Bitcoin ($BTC) transactions provide a degree of anonymity, but BTC's transparent blockchain means that payments can easily be traced back to their original source. Monero ($XMR), the largest “privacy coin”, solves this problem by leveraging advanced cryptography to obscure senders and recipients on its blockchain, thus facilitating truly anonymous transactions.
XMR was launched in 2014 by a team of developers prioritizing privacy and security over ease of use and efficiency. Due to their censorship-resistant features, privacy coins have faced much regulatory scrutiny over the years – Monero recently made the headlines after regulators in the United Kingdom officially banned it from cryptocurrency exchanges.
Investor chatter regarding XMR proves there’s no such thing as bad press in the crypto space – Monero Mentions plummeted after the coin fell more than -50% in May 2021, but have surged to a new ATH in recent months.
Much of the regulatory scrutiny surrounding Monero stems from its hard-coded anonymity – Zcash ($ZEC) provides a flexible solution.
Thanks to ‘zk-SNARK’ zero-knowledge proof technology, the ZEC network is able to verify transactions without revealing any potentially sensitive information- All ZEC transactions are anonymous by default. However, Zcash provides users with the option to reveal transaction data for the purposes of auditing and regulatory compliance.
ZEC’s investor chatter is also at an all-time high level but not because it's banned in the UK...The team behind the second-largest privacy coin recently announced that ZEC would be transitioning from a Proof-of-Work (PoW) consensus to Proof-of-Stake (PoS).
The news caused the price of ZEC to double within a week. The massive influx of mention volume largely reflects the run higher.