Best Privacy Cryptocurrencies in 2022
Privacy coins may be the best crypto investment this year — Here is why…
Over the last few months, we have seen an increasing attack on personal freedom and censoring within the cryptocurrency space. From the blocking of cryptocurrency transactions by the Canadian government to many international exchanges blocking accounts of Russian citizens, more people are becoming aware their cryptocurrency transactions are not private (or safe).
The Ukraine-Russia conflict has also increased cryptocurrency adoption and usage, from $100 million in crypto donations to Ukraine to support the war and with Russians turning to cryptocurrency as a result of the financial sanctions imposed upon them. This has also sparked an increase in the use and adoption of private cryptocurrencies. In the last month, the top privacy coin Monero has increased in price by almost 30% while much of the rest of the market has dropped in value.
As more individuals begin to understand and value the importance of privacy within the cryptocurrency space, we will likely see a continued increase in the market share and use of privacy coins.
Top Private Cryptos in 2022
Here is our list of the best private cryptocurrencies with a high probability of performing very well this year.
Monero (XMR) #32
Over the last month, Monero (XMR) has gained a lot of popularity as the top-ranked private cryptocurrency. Monero has been the defacto standard when it comes to privacy and by many is regarded as the Bitcoin of privacy cryptocurrencies.
Launched in 2014, Monero is a solid privacy cryptocurrency with an active development team. Monero was the first privacy coin in the world with a focus on being untraceable and private.
It is a fork of Bytecoin and is currently one of the highest-ranked private cryptocurrencies and the most widely used cryptocurrency used in darknet marketplaces.
Monero has been the go-to privacy cryptocurrency and this will likely continue as more individuals and companies are looking to increase privacy for their cryptocurrency transactions.
ZCash (ZEC) #53
ZCash is favored by Edward Snowden and many venture capitalists as the next big privacy coin. It’s currently ranked second, behind Monero in market capitalization.
Zcash started as Zerocoin and has its roots in academia with a team of well-known computer scientists and cryptographers. The mechanism used is to “shield” ZEC transactions and this uses zk-SNARKs (the acronym stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge).
Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but if it’s not private, it’s not safe. — Edward Snowden
There is a recent increasing trend of venture capitalists and crypto investment firms buying up ZEC.
Secret Network (SCRT) #92
A newcomer to the scene and less than a year old, the Secret Network lets decentralized apps create privacy-focused smart contracts for handling sensitive data.
Deemed the data privacy platform for web 3, Secret Network is a blockchain platform that enables encrypted smart contracts. It improves on ‘traditional smart contracts’ by encrypting inputs and outputs at a protocol level and is a project focused on the privacy of information collected and stored in decentralized apps (DApps).
If Monero and Zcash are the privacy-centric evolution of Bitcoin then Secret Network’s smart contracts are the evolution of Ethereum’s smart contracts.
Secret Network is actively working towards future development that embraces interoperability with other blockchains. At the present, the lack of cross-chain compatibility is a limit to the Secret Network and keeps it from being as widespread or useful as the community developers intend it to be.
Secret Network has the potential to unlock hundreds of new and powerful use cases for Web3 and is a privacy coin I am watching with a keen eye.
Tornado Cash (TORN) #570
Tornado Cash (TORN) is a decentralized and non-custodial privacy solution built on Ethereum. Technically not a privacy cryptocurrency, Tornado cash is more of a tool (protocol) that allows users to send ETH and ERC-20 deposits through its smart contract service and the user can then withdraw the crypto through a new address. Once the asset is withdrawn by the new address, there’s no way to link the withdrawal to the deposit and this, in turn, creates a private transaction.
Tornado Cash essentially improves the privacy of transactions by breaking the on-chain link between a source and a destination address. Although this project is more of a ‘tool’ than a full ecosystem, it has the ability to be incorporated into other systems and as the need for privacy of ETH transactions increases, so will likely the use of this tool and the market price of TORN.
Sienna Networks (SIENNA) #3477
Sienna is a privacy-first and cross-chain decentralized finance platform where individuals can privately swap, lend and convert tokens into their private equivalent, built on the Secret Network.
The ecosystem includes a private lending platform, a private token swap platform with a vision to make privacy-first and scalable DeFi interoperable with some of the world’s biggest blockchain ecosystems, such as Ethereum, Polkadot, Binance Smart Chain and Cosmos.
This project is focused on making Web 3 projects private. It is very new to the market and has tremendous long-term growth potential.
Manta Network (MANTA) #NA
Not yet released, privacy network for Web3, DeFi and more. Manta Network is developing a cross-chain, privacy-preserving protocol for the entire DeFi stack on Polkadot.
Manta’s mission is to establish itself as the privacy token standard across the industry. As a standard, Manta will offer higher-level protocols and applications the plug-and-play privacy technology necessary to remove the complexity involved when achieving anonymity at scale. Manta Network services include a decentralized privacy payment protocol, a decentralized privacy token exchange protocol, and a decentralized privacy lending and synthetic asset protocol to be developed in the future.
Recently, Rarestone Capital, Polychain, Hypersphere, Three Arrows Capital, Multicoin Capital, Binance Labs, Advanced Blockchain AG and many others have already invested in the Manta Network.
There are not yet any details available on their public token release.
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