Top Cryptocurrency Projects Part 4.1: Privacy Coins
Top Cryptocurrency Projects Part 4.1: Privacy Coins
In this installment we’re going to take a look at privacy coins. There are a large number of ‘privacy coins’ on the market right now, most seem to be using the cryptonight algorithm, but we’re seeing a new breed of privacy coins that are looking to change the game. The trade mags and blogs are still talking about the big guns, Monero, Dash, ZCash, Verge, and of course some favorites like PIVX, and Horizen
a lot of coins from all over the crypto-sphere are toting one kind of privacy feature or another-
RingCT, Stealth Addresses, Private Send(Dark Send), Zero Knowledge Proofs, Tor, etc. What are these new generations of coins bringing to the table? Because there are quite a few, and I’ve been getting more suggestions along the way, this is going to a multi-part installment, starting with 4.1, and moving up in point installments (4.2, 4.3, etc.)
So far the list includes: Beam, Grim, Pirate, Veil, Komodo, TELE, Apollo. Of course, if anyone in the community has any suggestions, feel free to add them.
BEAM
Beam(and Grin) were both very hyped at the beginning of 2019 and saw exponential increases in mining in a very short period of time. Both coins seem to want to solve the same problem but with different roads to get there. Beam was founded in March of 2018 by a team of Israeli crypto-geeks who didn’t waste time with ‘community’ development, nor the pace it usually moves at, they sought out venture capitalists, and hired a dedicated team and got to it. This approach is the inverse of the Grin approach. But first, let’s talk about tech….
The algorithm behind both Beam and Grin is Mimblewimble. If the name sounds like something out of a Harry Potter movie, that’s because it is. In the books and movies, Mimblewimble is the name of a spell that stops you from speaking on certain topics, which works well if you happen to be a privacy focused cryptocurrency. Clever…. First envisioned in 2016 by a mysterious cryptographer whose is also loosely based on a Harry Potter character. Tom Elvis Jesudor, one of the many silly names for Voldemort.
Veil is an always-on privacy coin that is POW/POS, and utilizes RingCT, Zerocoin’s Zero-knowledge proofs, and like PIVX, has a basecoin, that can then be ‘minted’ into zerocoin, with the leftovers going to the mintable CT balance. Veil also utilizes bulletproofs, and has support for the dandelion protocol.
Veil is mineable( for about the next year) and is using X16RT, an improved version of the ASIC resistant Ravencoin algo X16R. So far mining has been smooth, and transactions seem to come through quickly. Hashrate is growing on this coin fast, as is the price. The value was around 21 cents, took a dip earlier this month, and made a quick recover back up to the 21 cent mark, with spikes to just shy of 24 cents.
I have never mined an X16R coin before, but I like the way this project is setup, so I got right into it, I took 4 cards( 2 8gb RX480, and 2 8GB RX 470) and with mostly stock settings, and setting the power limit at -25, I was able to mine around 6 Veil a day. Now, because this coin cycles through so many algorithms, the power usage and amount mined varies wildly. Power ranges from around 500 watts to around 730 watts. It does seems to stay more on the low side(at least the times I checked) so between 550-600, which is great if your trying to save money on your electric bill. I only pay around 0.08 per kw/h, but it still adds up.
Veil has a functional, and clean GUI wallet, that should allow you to do everything you need with your Veil.
Veil is also Proof of Stake, with staking being exclusive to Zercoin only.
Of the three coins I’ve reviewed so far, I think overall, Veil has been the smoothest experience. (With both grin and beam there were issues with the wallets(syncing issues, and router port settings issues)
So in addition to the other coins I mine, I’m adding Veil to that list. I also have traded in some coin to buy more Veil now before the inevitable rise in price I forsee coming in the near future.
Follow me on Twitter: https://twitter.com/TheRepublikid
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*DonationsEGEM: 0x40E791e1913bd6F308CDAfd769894f54eD14E983 (New, uncompromised address)
ETC: 0x5D975858Df91fc5Bbc538CF3c0801f08c60b8960
VERGE: DSfrhCH9r6LfvzQEzj4nAkjhQ6TVdx6LwP
TRON: TBmqG6Fn7EJbTpJuWst48FfvdoGUfs7WA8
ETH: 0xbACD3e61De447876049AdfCCa52Cc20Fa640b1f7
ERC-20: 0x47eECEeCb8893A91Bb856979994eeA57ceF528EC
BITCOIN: 18PhP1L2Jq94Qa69qxdyNjVtoeWKefq7F4
BCH: qqak4lnjrjn7j40q8rqux5fvduyaajayhyfqhpgsre
HORIZEN: znZUNNcMu23DwVC841978RTgTwHWXRUBk6W
DASH: Xe5TXVa9DnbqJ66VvbSwMB6zdqZQa47FaL
BANANO: ban_3p65kpfsb7agg9y7pk79m1k1wdo178qwu66fm4qc5echizf5yeeph6i9tuks
Source: https://www.republikid.com/2019/03/top-cryptocurrency-projects-part-41.html
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