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Monero vs Zcash. Full Analysis

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ZCash and Monero have a common principle of focusing on an enhanced privacy. Let us compare Monero Vs Zcash and see which one is better?

Monero vs Zcash: The duel for Anonymity.


Introduction

Many other cryptocurrencies have been developed apart from Bitcoin. Although Bitcoin is the first cryptocurrency it has its own set of very practical issues like scalability and anonymity. Hence in order to improve on these attributes, many other Altcoins have been developed. The altcoins employee better working paradigms and consensus mechanism, in order to preserve the integrity of the cryptocurrency, which was envisioned by Satoshi Nakamoto. Let us compare Monero Vs Zcash.

 

Monero vs Zcash vs Bitcoin

As Bitcoin provided higher anonymity than the Fiat currencies, they were actively being employed for the illicit activities on the darknet markets. However, with time people demanded crypto coins with further privacy and hence Monero and ZCash were developed. Litecoin, Ethereum, Bitcoin cash, Monero, ZCash, Dogecoin, etc are some of the most prominent Altcoins. However, ZCash and Monero have a common principle of focusing on an enhanced privacy.

 

Monero vs Zcash: Intro

Although anonymity and privacy is the pre-eminent concern of any trader in the darknet market, the privacy coins are actively being employed in the actual real world businesses too, for personal reasons of the owner.  The business corporation has the complete rights to safeguard its transactional information with an increased security by using privacy-focused coins like Monero and Zcash. The Bitcoin transactions do not provide higher amounts of privacy has its transactional ledger is public and accessible to everyone but in the case of these Altcoins, they employ various techniques to conceal this information.

 

Monero vs Zcash: Initiation

Monero was developed in the year 2014 as an official fork of Bytecoin. Bytecoin was highly under speculations for being too shady, as many coins were pre-mined and distributed to a selected group of members as well as stakeholders. ZCash is one of the most recent cryptocurrencies, developed in October 2016, by a suite of highly experienced and popular scientist as well as cryptographers. Having been developed by people of such caliber the cryptocurrency didn’t take much longer to become popular and join the list of top cryptocurrencies. It even reached the market capitalization of 2.5 billion dollars in 2018.

 

Monero vs Zcash: privacy coins

Confidentiality was introduced to Monero in 2017, with the usage of ring structures as a key part of the original protocol. In this mechanism, many senders were involved. Each transaction was split or divided and sent to its respective destination by passing through a number of intermediate artificial nodes. Nevertheless, speculations loom even here as the transactions can be traced.  ZCash seems to have an increased privacy than any other cryptocurrencies. In its working mechanism, the ledger doesn’t contain any information about the sender or receiver but only contains only the time that the transaction took place. In simpler words, no public address is attributed to a particular transaction.

 

Monero vs Zcash: further insights

Regardless of being developed on the Cryptonote algorithm of its predecessor Bytecoin, Monero is highly popular and adopted amongst the people. In many instances, it has been employed for the illegal activities. For example, the recent WannaCry ransomware attack incorporated Monero.  For its increased adoption by the masses, it was regarded as the best cryptocurrency in the year 2016 and also the best cryptocurrency in case of its illegal usage. ZCash uses the zk-SNARKs protocol, which in turn uses the zero-knowledge proof, which simply refers to the fact that the transactions can be verified by simple true or false statements.

 

Monero vs Zcash: Future

Monero has been criticized for providing lesser anonymity due to its traceability. It has been employed by a large number of people for a prolonged duration of time, even though they were exclusively used for the illegal activities. On the other hand Zcash is well known for its non traceability, but nevertheless, experts believe that the owners can be traced by tracking the IP addresses hence it is always preferred that all the Zcash transactions be taken place with an added internet layer security through the use of web browsers like Tor.

Conclusion

In a nutshell, it still remains unclear that which one of the cryptocurrency wins the battle to provide a better privacy, but in case of Monero vs Zcash, ZCash seems to have an upper hand, as the transactional information itself is truncated and the hacker would find it difficult to track the users. In the end, it is left to each individual to decide the best cryptocurrency based on their requirements.

#Bitcoin

Can Bitcoin be Traced?

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Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

To track the person who received the bitcoin, the address owner must be aware of it.

However, governments do not want bitcoin owners to be unknown, and they are trying to regulate bitcoin in a way that can be monitored.

It’s nothing new since people have been doing blockchain analysis and bitcoin tracking since bitcoin was used to exchange stuff on the internet.

 

Is Bitcoin Anonymous?

As Bitcoin has become more popular and some criminal activity has been disclosed on the Bitcoin network, many people have wondered whether their Bitcoin transactions are anonymous or whether there are some essential complexities that they should be aware of.

Bitcoin tumblers allow many different users to put their cryptocurrency in a “bucket” and then return the same bitcoin value to each user, but with bitcoins put into a bucket by other users.

Bitcoin is not entirely untraceable, but it is a common misunderstanding, as Bitcoin is well known for masking user identity.

 

Users who rely on bitcoin exchanges ( such as Bitfinex, Binance or Kraken ) to exchange money for bitcoin must disclose their personal information to such an account.

However, governments are beginning to introduce new rules that could force an anonymous Bitcoin exchange to verify the identity of a new user before allowing them to purchase Bitcoin with fiat currency.

Create multiple addresses so that bitcoin can be randomly distributed, making blockchain analysis more difficult and anonymous.

 

Bitcoin is often presented as an untraceable payment method that facilitates illegal activities by allowing criminals to make and receive payments without being monitored.

There are many ways in which the identity of a person can be exposed to bitcoin transactions.

 

Now you have your bitcoin clean; you don’t want to waste all the hard work of using it in a trackable transaction.

As such, if you can pay with bitcoin and rely on the trader not to keep any PII records, the purchase may be anonymous.

If you prefer to spend your bitcoin on other cryptocurrencies or cash, the easiest thing to do would be to go to the exchange.

Portfolios, currency exchanges, mixing companies, and P2P sites have all been used to cheat bitcoin users.

Keep in mind that bitcoin is still the most widely accepted cryptocurrency.

 

Bitcoin is the only virtual currency with enough people who want to buy it to become moldy.

Cybercriminals use the creation and monitoring of Bitcoin portfolios, which can be done automatically, helping them find out which victims have paid.

Bitcoin transactions are public and contain all the information we need to track ransom payments, provided that we know which wallets to look at.

In most cases, payment tracking is not as easy as cybercriminals move bitcoins through multiple wallets to avoid payment tracking.

 

So, if you’re still thinking about using Bitcoin for your transaction gateway, be careful that you can track it as well.

Most users use online bitcoin exchanges to exchange bitcoins for real currency, such as bitpay, coinbase, localbitcoins, etc.

As the number of pro traders is slightly lower in online markets, it is easy to look at the bitcoin transaction by going to their bitcoin address.

 

Oaktar can be used to collect much more than the information needed to identify and link someone to specific Bitcoin addresses and transactions and can do so without relying on cryptocurrencies.

As alarming as oaktar and its activities, no new information has recently emerged to indicate that the NSA has expanded its Bitcoin monitoring efforts to other cryptocurrencies.

These protocols include CoinJoin, Dark Wallet, bestmixer, io, sharecoin, and coinwap, all of which also offer Bitcoin and other cryptocurrencies the possibility of anonymizing their transactions.

In the meantime, the more direct and intrusive methods of the NSA are also based on the fact that crypto users unconsciously compromise their internet connections, which could not be expected to monitor all cryptocurrency transactions in mass.

 

Bitcoin, the Internet currency loved by computer scientists, libertarians and criminals, is no longer vulnerable.

But Bitcoin ‘anonymity is also a powerful tool for criminal financing: virtual money can keep shady transactions secret.

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#Blockchain

Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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#Blockchain

JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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